Research On The Value Of BOT Environmental Protection Project Based On Fuzzy Real Option Method

After years of exploration,the development of PPP projects in China have become mature,but many urgent problems also have been exposed.Among them,the reasonable value evaluation of PPP projects is difficulty.BOT mode is one of the PPP modes,this paper has done the following research work on BOT project value evaluation:Firstly,by comparing the applicability of traditional evaluation methods and fuzzy real option method,the latter is found more suitable for the value evaluation of the BOT project under uncertainty;Again,based on the theory of environmental benefits,it is found that the environmental benefit can be measured by cost-benefit analysis and reflected in the value of the project;Finally,this paper constructs the BOT project valuation model based on fuzzy real option method,and a complete case analysis has been done.The case analysis shows that the ratio ? of the present value of environmental benefits to the present value of environmental costs is greater than 1.Therefore,the BOT project has significant environmental benefits;The environmental benefits of BOT projects measured by environmental taxes and environmental protection inputs are 162 million yuan;The value of real option evaluated by fuzzy real option method is 32 million yuan;the value of the BOT project is 295 million yuan.The case analysis in this paper reflects the feasibility of the evaluation idea and the applicability of the model.This paper has certain theoretical and practical significance for the value evaluation of the BOT project and environmental benefits.