Research On The Benchmark Yield Of Expressway PPP Project

Expressway is the industry that attracts the most investment in the field of infrastructure,and is one of the industries in which the government and social capital partnership(PPP)are most widely used in the field of infrastructure.Financial benchmark rate of return is an important parameter to judge the investment decisionmaking of Expressway PPP project,but the current documents issued by the government do not provide a feasible method to determine the benchmark rate of return,which is not conducive to the development of PPP project in the direction of standardization,high quality and sustainability.Therefore,based on the benchmark yield theory,this paper studies the benchmark yield of PPP project.First of all,this paper summarizes the research status of domestic and foreign expressway,benchmark yield,capital asset pricing model,fuzzy comprehensive evaluation method,principal component analysis and other aspects through literature research,points out the current research on benchmark yield of Expressway PPP project,and leads to the research ideas and content of this paper.Then,it analyzes the risk factors of highway PPP project.This part is the auxiliary work of the paper.Through literature research,it obtains the preliminary risk list of highway PPP project.Based on Delphi method,it selects 24 main risk factors,constructs the risk evaluation index system of highway PPP project,and lays the foundation for the project risk evaluation later.Then,based on the benchmark yield theory,this paper puts forward the benchmark yield model of Expressway PPP project.The model is divided into two parts.The first part is the measurement of the benchmark yield of equity capital.On the basis of the identification of the risk factors of Expressway PPP project,the risk of the project is quantified by principal component analysis combined with fuzzy comprehensive evaluation,and the capital assets are quantified according to the quantitative results The second part is to use the weighted average cost of capital method to calculate the return on equity capital.Finally,taking a highway PPP project in Anhui Province as an example,the benchmark yield calculation method of the highway PPP project proposed above is verified.The benchmark yield of the project is calculated to be 5.26%,and compared with the industry benchmark yield,which proves the operability and accuracy of the benchmark yield model of the high-speed highway PPP project proposed in this paper.The method proposed in this paper can provide the basis for the investment decisionmaking and subsidy standard setting of PPP project of expressway,which has certain theoretical guidance significance and practical value.