Assessment Of The Value Of The Franchise Under The BOT Model On The Western Coastal Highway Service Area Of Shangchuan

With the accelerating process of urban-rural integration in China,the expressway as infrastructure construction plays a key role in information communication,material circulation and industrial structure adjustment along the line.Highway service area is an important part of basic traffic construction,but its investment in the construction process is relatively large.With China’s economy entering a new normal,in recent years the pace of domestic economic development has continued to slow down,infrastructure construction is facing greater financial pressure.In order to solve the financing needs of public infrastructure construction,the PPP model of government and social capital cooperation emerged as the times require.The PPP model effectively attracts social capital,solves the financing problem of government infrastructure,and improves the efficiency and efficiency of public infrastructure construction.Taking Shangchuan service area of the Western Coastal Expressway as the main research object,this paper deeply analyzes the research background and research results at home and abroad,and combines the construction background and planning conditions of the expressway service area project,determines the management mode of the service area,that is,using BOT mode to invest and construct.Based on the traditional cash flow discount method,this paper calculates the economic indicators of Shangchuan service area project under different conditions during the operation period through the forecast of vehicle flow,driving rate and passenger consumption.Considering the applicability of DCF and real option method,it is considered that the traditional DCF method underestimates the value of project franchise,so the option value evaluation is brought into the evaluation system and the real option model of franchise in Shangchuan service area is established.At the same time,it points out the limitation of applying the traditional cash flow discount method(DCF)to the project,and calculates the real option value of the franchise in Shangchuan service area based on the B-S model,and amends the traditional DCF method which does not consider the real option value.The paper evaluates the value of the project franchise,optimizes the government’s income while ensuring the investors’ income,makes the project proceed under the most reasonable condition of resource integration,and provides feasible reference for building a win-win situation for the government and investors.