Research On PPP Project Income Ceiling Level And Excess Income Distribution

PPP(Public-Private Partnership)model,as a new financing model,has been widely used in various fields since its introduction in China.Through the promotion of PPP projects in China over the past 30 years,the PPP model has formed three relatively stable profit models:the government payment model,the feasibility gap subsidy model,and the user payment model.In the practice of these three models,PPP projects that use the user-pay model are more likely to generate excess revenue.This is because the benefits obtained by this return model are related to the demand of the project,and there are many uncertainties in the demand of the project,which will cause some projects to obtain higher returns than expected.This is contrary to our country's principle of "profitable but not profitable" PPP projects.Therefore,this article has carried out research on how to determine the reasonable upper limit of the PPP project's income and how to allocate the government and social capital when excess income is generated.Based on the basic concept of the PPP model,this paper finds that using the real option theory can unearth the "flexible" value of the project based on the traditional investment decision-making method,making the actual value of the project more accurate.Then through the analysis of the government's income restriction behavior,it is found that it has the nature of call options.Through the real option pricing model,a value model of the PPP project's income limitation behavior is constructed.Then,based on the principle of symmetric returns and risks,a bargaining game model was introduced to construct a PPP project excess income distribution model.Then,combining the constructed revenue limit value model and the excess revenue distribution model,a decision model of the PPP project revenue ceiling level is constructed.Finally,the constructed model is substituted into the actual PPP case to verify the feasibility and rationality of the model.The research of the thesis shows that the real option method can be used to evaluate the value of PPP projects more comprehensively and make the upper limit of the income obtained more reasonable.And the distribution of the excess income generated avoids the social capital from obtaining huge profits,and makes the development of PPP projects more healthy and standardized.It is hoped that the research in this paper can provide relevant theoretical basis for determining the upper limit level of PPP project income and the proportion of excess income distribution...