摘要
政府和社会资本合作模式(PPP)项目周期长是主要特征,其中社会资本的退出问题是关键。文章从社会资本角度,在分析了影响社会资本退出的关键变量的基础上,用现金流折现模型评价退出的财务可行性,并分析关键变量对退出时机选择的影响;对比传统的指数型折现与准双曲线型折现,考虑了PPP项目长期折现率递减的规律,建议社会资本可以有计划地主动退出,并通过降低交易成本等方式,使PPP二级市场的退出空间逐渐成熟。
Long project period is the main feature of PPP（ Public-Private Partnership） projects. From the aspect of social capital, this paper based on the analysis of the key variables which will influence social capital withdrawal, and utilized dis-counted cashflow model to judge the financial feasibility and analyzed the influence on key variables of withdraw timing choosing. Compared traditional exponential discountingwith quasi-hyperbolic discounting and considered the rule of PPP projects’ long-term decline of discounting rate, the conclusion is that social capital should withdraw with a comprehensive plan, and develop the PPP secondary market withdrawal space to a sound one by transaction cost reduction.
作者
孙慧
刘思
王宇宁
Sun Hui;Liu Si;Wang Yuning(College of Management and Economics, Tianjin University, Tianjin 300072 , China;College of Urban and Environmental Science, Tianjin Normal University, Tianjin 300387 , China)
出处
《天津大学学报（社会科学版）》
2018年第3期210-216,共7页
Journal of Tianjin University：Social Sciences
基金
国家自然科学基金资助项目(7127143)
国家自然科学基金资助项目(51608363)
