CAJ | 학술논문

经营性高速公路的合理收益率是科学制定收费标准、促进社会公平的关键所在.本文从现实案例、随机变量和政府管理角度出发，将合理收益率界定为取值区间，以投资收益率来衡量.以成本的概念和价格管制理论为基础，分别将基准收益率和降低一个服务等级对应的收益率作为区间的下限值和上限值；论述了当经济利润为零时的收益，包括资金的时间价值和可能获得的最高收益，因此以CAPM模型结合WACC模型对基准收益率进行量化的理由是充分的；基于投入产出表给出了市场期望收益率参数的标定模型；在算例情况下，合理收益率为7.47%–10.1%，为制定和调整高速公路通行费率提供依据.
경영성고속공로적합리수익솔시과학제정수비표준、촉진사회공평적관건소재.본문종현실안례、수궤변량화정부관리각도출발，장합리수익솔계정위취치구간，이투자수익솔래형량.이성본적개념화개격관제이론위기출，분별장기준수익솔화강저일개복무등급대응적수익솔작위구간적하한치화상한치；논술료당경제리윤위령시적수익，포괄자금적시간개치화가능획득적최고수익，인차이CAPM모형결합WACC모형대기준수익솔진행양화적이유시충분적；기우투입산출표급출료시장기망수익솔삼수적표정모형；재산례정황하，합리수익솔위7.47%–10.1%，위제정화조정고속공로통행비솔제공의거.
The reasonable yield of profitable highway is critical to develop charges scientifically and promote social justice. From the perspective of the realistic cases, random variables and the government management, the paper defines the reasonable yield as an interval. On the base of the concept of cost and price control theory, the paper deduces that the minimum value of the interval is benchmark rate of return and the maximum value is the rate which corresponding to a lower service level. The paper analyzes and demonstrates the model of combining CAPM and WACC for calculating benchmark rate is reasonable for the benefits include the time value of money and the highest potential income when the profit is 0. The parameter calibration model for market expected rate of the return is demonstrated basing on the input-output table. In the calculation case, the reasonable yield is 7.47%–10.1%, as a basis of formulation and adjustment of charges.