| With the significant improvement of residents’ living standards,urban residents’ requirements for public infrastructure are also increasing.How to make scientific and rational use of underground space and slow down the phenomenon of "zipper road" needs to be solved urgently.The underground comprehensive pipe gallery is an effective way to solve the problems of unreasonable utilization of underground space and "zipper road".In recent years,the government has issued a number of policy oriented documents on the underground comprehensive pipe gallery,and China has entered the golden period of the construction of comprehensive pipe gallery.At the same time,the problem of the reasonable rate of return of social capital under the government compensation mechanism has become increasingly prominent.A reasonable rate of return can not only improve the enthusiasm of social capital parties to participate in the construction of the comprehensive pipe gallery and promote the sustainable development of the comprehensive pipe gallery PPP project,but also provide a basis for the calculation of the feasibility gap subsidy of the government in the construction and operation of the comprehensive pipe gallery PPP project,avoid the government financial burden caused by the high rate of return,and ensure the quasi public product attribute of the comprehensive pipe gallery.However,according to the investigation and research,there is no clear calculation method for the yield of the integrated pipe gallery PPP project in China,which only stipulates that it is in line with the average level of the industry without pursuing huge profits,which makes the government and social capital lack reference basis when financing the integrated pipe gallery project,thus delaying the construction of the pipe gallery.This paper mainly analyzes the research status of the rate of return of PPP project,comments on the current mainstream rate of return calculation methods,compares and selects the existing rate of return from the calculation methods,and finally establishes an application basic model suitable for the calculation of the rate of return of social capital of the comprehensive corridor PPP project based on CAPM and combined with the risk characteristics of the comprehensive corridor PPP project.Firstly,considering that the PPP project of the integrated pipe gallery as an entity project cannot carry out diversified investment and its non-systematic risk cannot be dispersed,a modified CAPM model of non-systematic risk compensation is proposed.Therefore,through literature analysis,combined with the PPP project of the comprehensive pipe gallery,this paper extracts quantifiable non-systematic risk factors such as stage risk,scale risk and operation risk,constructs the non-systematic risk compensation model combined with the factor analysis method,and modifies the CAPM model.Secondly,the risk of the comprehensive pipe gallery PPP project is not entirely borne by the social capital party,so the risk sharing coefficient is proposed to modify the risk coefficient,in which the risk sharing coefficient is calculated by the combination of analytic hierarchy process,fuzzy analytic hierarchy process and grey cluster evaluation method.Finally,taking the comprehensive pipe gallery project of Hong ta Avenue(Fu xian Road Railway Station)in Yu xi City as an example,this paper expounds the calculation process of the rate of return calculation model in detail.The revised rate of return calculation model of social capital has a high degree of fit with the existing rate of return scheme of the project.After that,the calculation results of the yield of the comprehensive pipe gallery PPP project in the PPP project library are calculated,and compared with the calculation results of the yield of CAPM model and the yield mentioned in the PPP project library in multiple dimensions to verify the reliability,practicality and superiority of this model compared with the CAPM model. |
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