华东经济管理
華東經濟管理
화동경제관리
East China Economic Management
2013年
6期
98~100
,共null页
基础设施项目 政府最低收益保证 私人融资 风险决策
基礎設施項目 政府最低收益保證 私人融資 風險決策
기출설시항목 정부최저수익보증 사인융자 풍험결책
infrastructure project; government minimum revenue guarantee; private financing; risk decision
文章基于资本资产定价模型分析了政府最低收益保证对私人投资基础设施项目的债务成本、权益成本、预计权益收益率和净现值等财务指标的影响，并进行了风险评价和算例分析。研究表明，最低收益保证可以降低债务成本，还可通过杠杆作用增加或减少权益成本，并能提高NPV和预计权益收益率，使得原本不可行的基础设施项目得以实施。
文章基于資本資產定價模型分析瞭政府最低收益保證對私人投資基礎設施項目的債務成本、權益成本、預計權益收益率和淨現值等財務指標的影響，併進行瞭風險評價和算例分析。研究錶明，最低收益保證可以降低債務成本，還可通過槓桿作用增加或減少權益成本，併能提高NPV和預計權益收益率，使得原本不可行的基礎設施項目得以實施。
문장기우자본자산정개모형분석료정부최저수익보증대사인투자기출설시항목적채무성본、권익성본、예계권익수익솔화정현치등재무지표적영향，병진행료풍험평개화산례분석。연구표명，최저수익보증가이강저채무성본，환가통과강간작용증가혹감소권익성본，병능제고NPV화예계권익수익솔，사득원본불가행적기출설시항목득이실시。
The paper discusses the influence of government minimum revenue guarantee on cost of debt, cost of equity, expected return on equity and net present value of private infrastructure projects. And then risk assessment and example analysis are brought up. The resuhs show that the presence of a guarantee reduces the cost of debt, promotes or reduces the cost of eq- uity through leverage level and promotes the expected return on equity and net present value. Thus the infeasible infrastructure project could be implemented favorably. Definite evaluation index formula and risk analysis in this article can help provide decision reference for government departments and private investors.
