Research On The Value Evaluation Of PPP Project Income Right Based On The PPP Project Of L Expressway

In recent years,with the vigorous support of policy,PPP,namely the Public-Private Partnership,has solved the problem of financing in the development of infrastructure construction by local governments in China.The scale and geographical scope of PPP projects have been rapidly expanded,and the related evaluation has gradually increased.This is not only new opportunities but also new challenges for the asset assessment industry.There are few professional and open evaluation experiences in China and professionals who are familiar with PPP projects in the asset assessment industry.Moreover,PPP has not yet been legislated,only "Management Measures for Assessment of State-owned Assets" and "Operational Guidelines for Asset Evaluation of PPP Projects and Related Consulting Business" are used for reference now,which result in the difficulty for appraisers to evaluate PPP projects.Therefore,it becomes more and more important to study the value evaluation of PPP project deeply so as to help appraisers evaluate PPP project value better.At present,the relevant researches on PPP project value mainly focus on the evaluation methods,and few theoretical studies on the influencing factors of value evaluation of income right.The purpose of this paper is to provide reference for appraisers through the research on the value evaluation of PPP project income right,especially on the influencing factors of value evaluation of PPP project income right.In theoretical research,this paper summarizes the research situation of value evaluation of PPP project income right at home and abroad,elaborates the relevant theories of PPP project,and separately analyses the traditional evaluation methods and real option method,and then establishes the model of value evaluation of PPP project income right.In case study section,this paper chooses national and provincial demonstration projects cases from the PPP project database of the Ministry of Finance,as well as typical cases of the PPP project of the National Development and Reform Commission,to analyze the relevant contents of the PPP project,which mainly summarizes the main thirteen influencing factors of the value evaluation of the PPP project income rights,based on the special contract terms of the PPP project from the cases of PPP project database of the Ministry of Finance.The case "PPP Project of Luxi-Mile Expressway in Honghe State(abbreviated as ‘L Expressway PPP Project')" is selected to evaluate the value of income right.After analyzing the influencing factors of value evaluation of project income right,the traditional evaluation method and real option method are used to evaluate the value of project income right,and the model results are analyzed.At the same time,to help potential project privates and governments determine the boundaries of influencing factors on the value of PPP project income rights,this paper selects three influencing factors and two evaluation methods,with the project net present value as the key index,to design the sensitivity interactive analysis tables to compare the NPV of the project when the influencing factors change differently and judge whether these three factors are sensitive factors of NPV.At the same time,the tables are used to query quickly the corresponding parameters of NPV of the expected project to help investors make decisions.According to the case analysis results,this paper draws three conclusions: firstly,the NPV of the project under the real option method is different from that under the traditional evaluation method.Secondly,when evaluating the NPV of the PPP project,besides the basic parameters of various evaluation methods,the special contract terms agreed by the government and private should also be taken into account;The sensitivity interactive analysis tables of influencing factors can not only analyze the sensitive factors of NPV of PPP projects,but also carry out rapid query of corresponding parameters of expected NPV of projects.Finally,in view of the PPP project identification and preparation stage,this paper puts forward some suggestions to the government and private to help them make investment decisions smoothly.