基于实物期权的 PPP 项目政府担保与收益限制水平决策研究

The Mode of Government Guarantee and Toll Revenue Cap ofPPP Projects Based on on Real Option model

How to confirm the minimum revenue guarantee and toll revenue cap depends on the relevant experience of decisionmakers in PPP projects. But there is no effective standard because minimum revenue guarantee and toll revenue cap areoften subjective and thus leads to the unreasonable risk distribution in PPP projects. Based on the real option theory and PPP case，this study established a government’s minimum purchase guarantee level model to determine the government minimum purchaseamount in PPP projects，and developed a revenue ceiling model to clarify the corresponding revenue ceiling. The findings arevaluable to the interest distributing and risk sharing of PPP projects，so as to improve the project performance and promote thesuccess of the project.