Research On The Reasonable Rate Of Return Of The Social Capital Side Of The PPP Project

In order to broaden the financing channels of the project,the PPP model has been vigorously developed in China.The PPP model can not only ease the government's financial pressure,open up new investment fields for the social capital,but also improve the operational efficiency of the project,with a multi-faceted effect.With the advancement of the PPP project,many problems have gradually emerged,and the representative is the problem of reasonable return on social capital.Up to now,China's definition of the PPP project yield is very vague,and it is in line with the industry's average level without pursuing violence.However,there is no clear definition of the industry's rate of return and return indicators,and there is no detailed calculation method..Based on this,this paper conducts the following research on the reasonable rate of return of social capital parties in PPP projects:First of all,combing PPP mode related theory,project management theory,game theory theory,provide theoretical basis and direction for subsequent research.Then,through a simple analysis of the static and dynamic indicators of project yield,the PPP project common rate of return indicators are discussed in depth,which lays a foundation for the calculation of the reasonable rate of return of PPP projects,and analyzes the influencing factors of the reasonable rate of return of PPP projects,and explores the reasonable rate of return of PPP projects.The necessity.Furthermore,combing the relevant policies of the reasonable rate of return of China's PPP projects,and clarifying that the probability that the value of the reasonable rate of return falls within a certain range is greater than an arbitrarily small positive number,thus constructing the upper and lower limits of the reasonable rate of return.Among them,the weighted average cost of capital method(WACC)combined with the capital asset pricing model method(CAPM)to measure the lower limit of reasonable rate of return,using the service level reduction method combined with the cash flow discount method to measure the reasonable rate of return.Finally,introduce a road project,substitute a specific data validation model,and calculate a reasonable yield range for the case.The research proves that using the upper and lower limits of the reasonable return rate of PPP project can balance the interests of government and social capital,and provide reference for realizing the reasonable rate of return of PPP projects.