基于实物期权理论的PFI项目投资评价研究.docVIP

  The Research of PFI Project Investment Based on Real Option Theory WANG Yanyan1, CHEN Zhijie2, XIAO Yuejun1** (1. School of Mechanics and civil engineering, China University of Mining and Technology, Liaoning Huludao 221116; 2. School of Business Administration, Liaoning Technical University, Jiangsu Xuzhou 125100;) Abstract: PFI (Private Finance Initiative) projects are often projected and paid by the government, so early approval process of PPP project are more strictly than other project. This paper attempts to analyze the characteristics of the PFI project, and then introduce the real options theory, establish a PFI project investment evaluation model with Geske compound option, and finally verify the feasibility by applying the model to PFI project,providing pre-project decision-making methods for the PFI project. Key words: PFI, Geske compound option, Investment evaluation 0 Introduction PFI (Private Finance Initiative, private finance initiatives) model originated in Britain, is the BOT after another optimization and innovative financing public projects, from 1992, has been proposed in the UK and other regions has been widely developed and applied, as government public works preferred investment project, the cumulative amount of financing has more than 32 billion pounds.[1] In China since the reform and development has been rapid development of private economy, the domestic private economy accounted for increasing the proportion of GDP, rising efficiency, good performance composite indicator to show strong potential for development. However, out of the market risk and volatility of control, private capital is also to improve their investment structure, investment direction and a more diversified investment channels. PFI project a good comprehensive income, and more robust, it is the private venture capital investment portfolio to stabilize a reliable way. At the same time, the rapid development of Chinas infrastructure, public welfare facilities to furth