CAJ | 학술논문

SBOT（Subsidize in Building-Operate-Transfer）作为一种新的BOT（Build-Operate-Transfer）模式,在城市轨道交通项目建设中被推广采用。特许期是SBOT项目特许权协议中的一个关键决策变量。本文利用实物期权和不对称Nash协商理论,提出了一种新的特许期计算方法并依据此方法构建了轨道交通SBOT项目的特许期决策模型,其决策过程分为两步：首先,利用实物期权理论构建了不确定收益下公共部门和私营部门的投资决策模型,求解出特许期的可行域;在此基础上,以特许期为决策变量,结合双边议价机制发展了实物期权模型,构建了特许期的Nash协商模型,并求解出模型的均衡解。最后,对轨道交通SBOT项目特许期决策模型均衡解的性质进行了讨论。
SBOT（Subsidize in Building-Operate-Transfer）작위일충신적BOT（Build-Operate-Transfer）모식,재성시궤도교통항목건설중피추엄채용。특허기시SBOT항목특허권협의중적일개관건결책변량。본문이용실물기권화불대칭Nash협상이론,제출료일충신적특허기계산방법병의거차방법구건료궤도교통SBOT항목적특허기결책모형,기결책과정분위량보：수선,이용실물기권이론구건료불학정수익하공공부문화사영부문적투자결책모형,구해출특허기적가행역;재차기출상,이특허기위결책변량,결합쌍변의개궤제발전료실물기권모형,구건료특허기적Nash협상모형,병구해출모형적균형해。최후,대궤도교통SBOT항목특허기결책모형균형해적성질진행료토론。
SBOT（ Subsidize in Building-Operate-Transfer） as a new Build-Operate-Transfer procurement model has been adopted in the construction of urban rail transit projects. Concession period is a key decision variable in the arrangement of a SBOT-type contract. This paper provides a methodology to determine an optimal concession period in urban rail transit SBOT projects using real option and asymmetric Nash negotiation theory. The optimal concession period can be identified through two procedures： First,real options theory is used to construct decision-making model between public sector and private sector on investment in SBOT projects under dynamic uncertainty arising from the volatility of the operational revenue,and an effective interval for concession period is determined. Furthermore,the research sets concession period as a decision variable,develops the real option model within a bilateral bargaining setting,and puts forward to Nash negotiation model. Then, the paper derives the Nash equilibrium solution. Finally, the research discusses the equilibrium solution＇s properties of concession period in urban rail transit SBOT project.