Non-competition Guarantee Value Model Research based on Real Option

摘要：

In infrastructure financed projects,in order to attract private investors,host governments often provide some guarantees. This paper develops a value model of noncompetition guarantee with real option theory. The model is applied to infrastructure financed projects using the noncompetition guarantee under derivation. The derivation results indicate that,there is incentive effect to investors when the noncompetition guarantee is used by governments. Noncompetition value increases with a bigger growth rate of traffic flow. And its value decreases with a bigger volatility of traffic flow.

关键词： non-competition guarantee option game investment threshold

作者: Guoxing Zhang Guorong Chai Ju-e Guo Peng Wang Yong Xue

作者单位: School of Management,Lanzhou University,Lanzhou,730000,China School of management,Xi’an JiaoTong University,Xi’an,710049,China

会议类型: 国际会议

会议名称: The Third International Conference on Business Intelligence and Financial Engineering(第三届商务智能与金融工程国际会议 BIFE 2010)

会议地点: 香港

会议语种:英文

页码: 174-178

在线出版日期: 2010-08-17（万方平台首次上网日期，不代表论文的发表时间）