Research On Value Evaluation Of Franchise Rights Of Sewage Treatment Project Based On Real Option Method

With the continuous deepening of the economic system and the reforms,our quality of life has been continuously improved,and the environment in all aspects of food,clothing,housing and transportation has been continuously improved.But the rapid economic growth has made the environment worse and worse,especially the pollution of water resources.At present,the state is paying more and more attention to the construction of water pollution treatment.There are more and more BOT models in wastewater treatment projects.Urban sewage treatment has three characteristics in the operation process,namely,huge capital investment,long operating period and uncertain future income.China’s infrastructure construction is in the process of regional perfection.With many challenges,how to accurately assess the value of franchise rights under the BOT model has become one of the top priorities.The BOT model wastewater treatment project has many uncertain factors,and with a lot of flexibility value,there is still a lack of scientific and reasonable models to price the franchise rights under the BOT model.The traditional pricing methods have many limitations and cannot be To accurately determine the flexible value of franchise rights in BOT mode,this paper introduces the Black-Scholes option pricing model,which fully considers the opportunity value.The value of franchise rights in wastewater treatment has typical option characteristics,while the BS pricing model has solutions.Based on the superiority of real option pricing,this paper considers the impact of macroeconomic development speed and water business development factors in the wastewater treatment industry,corrects the original BS pricing model,introduces new impact parameters,and utilizes adjusted BS pricing.Model to solve new ideas for the valuation of franchise rights.Finally,taking QY sewage treatment plant as an example,the value of the franchise rights of QY wastewater treatment enterprises is evaluated,and the revised B-S model is used for pricing,taking into account the opportunity value and the value change of the franchise rights caused by technological progress.At the end of the paper,the main conclusions and shortcomings of the article are expounded,and relevant suggestions for the evaluation of the value of the franchise rights under the BOT model are provided.This paper mainly studies the method of franchise management,and combines the speciality of the sewage treatment industry to use the revised BS option pricing model to priced the franchise under the BOT model,which will not increase the value of the effluent and improve the sewage treatment industry.The accuracy of the pricing of franchise rights in the future can be used as reference for the pricing of franchise rights in the sewage treatment industry.