Research on Growth Option-Based Value of Government Multi-period Franchise Granting Promise
In the financing model of multi-participation of urban infrastructure supply, Governments can improve the enthusiasm of other participators involved in the urban infrastructure supply, by providing franchise granting promise to other participants. As a result of the regulation of the maximum period of franchise in Chinas policy, practical projects often appear to the situation of franchise grant ing by two or more periods, so, in this paper the growth option theory of real option theory has been introduced to establish the option pricing model of Governments multi-period franchise granting promise in the infrastructure project, and provide a systematic method to determine the value of the Governments multi-period franchise granting promise. Finally, an analysis of example shows the results that, on one hand the Governments multi-period franchise granting promise can improve efficiency, quality and stability of infrastructure supply; on the other hand, it can raise the project companys future income, maybe change its initial investment decision, and eventually raise the level of public benefit.
multi-period franchise value growth option
FEI Yuesheng WANG Yaowu
School of Management, Harbin Institute ofTechnology, Harbin, China Department of Construction and Real Estate, Harbin Institute of Technology, Harbin, China 150001
国际会议
2009 International Conference on Construction & Real Estate Management(2009建设与房地产管理国际会议)
北京
英文
142-145
2009-11-05（万方平台首次上网日期，不代表论文的发表时间）