| 社会福利约束下高速公路PPP 项目最优股权结构研究 |
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| 引用本文： | 胡振,张瑶.社会福利约束下高速公路PPP 项目最优股权结构研究[J].工程管理学报,2020,34(3):73-078. |
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| 作者姓名： | 胡振 张瑶 |
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| 作者单位： | 西安建筑科技大学 管理学院 |
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| 基金项目： | 科技计划;教育部人文社会科学研究项目;西安市科协决策咨询课题 |
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| 摘 要： | 针对社会资本方在运营阶段进行成本创新造成的社会福利受损问题，以项目综合成本最低为决策目标，以最低社会福利水平为约束条件，考虑社会资本方运营阶段成本创新的投机行为，构建股权结构决策模型。结果表明:项目综合成本与社会资本方的持股比例呈U 型关系，同时社会福利水平会随着社会资本方持股比例的增加而降低。因此，政府应综合考虑社会资本方的成本优势、融资成本及社会福利水平，确定最优股权结构，以实现资金利用的帕累托效率，提升公共服务的供给质量和效率。
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| 关 键 词： | PPP 项目 综合成本 股权结构 社会福利 |
Study on the Optimal Ownership Structure of Highway PPP ProjectUnder the Constraint of Social Welfare |
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| HU Zhen,ZHANG Yao.Study on the Optimal Ownership Structure of Highway PPP ProjectUnder the Constraint of Social Welfare[J].Journal of Engineering Management,2020,34(3):73-078. |
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| Authors: | HU Zhen ZHANG Yao |
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| Affiliation: | School of Management，Xi’an University of Architecture and Technology |
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| Abstract: | Aiming at the social welfare damage caused by the cost innovation of social capital in the operation stage，this paperconstructs the ownership structure decision model with the purpose of the lowest comprehensive cost and constraint of the lowestsocial welfare level by considering the speculative behavior of the cost innovation in the operation stage of the social capital side.The results show that there is a U-shaped relationship between the comprehensive cost of the project and the shareholding ratio of thesocial capital, and the social welfare level will decrease with the increase of the shareholding ratio of the social capital. Therefore，thegovernment should consider the cost advantage，financing cost and social welfare level of social capital in a comprehensive manner，and determine the optimal ownership structure to realize the Pareto efficiency of capital utilization and improve the supply qualityand efficiency of public service. |
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| Keywords: | PPP project comprehensive cost ownership structure social welfare |
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