关键词: 系统工程, 收益调节, 实物期权, 收费公路PPP项目, CPI

Abstract:

CPI is an important factor that influences the earnings of toll road public private partnership (PPP) projects during the operating period. In order to ensure both government and private partners’incomes and achieve the win-win cooperation, it is necessary to analyze how CPI influence projects’incomes and make the income adjustment regulations to adjust the insufficient and excess income influenced by CPI based on the risk sharing and revenue sharing principle in the negotiation. This paper analyses the way that the CPI influences the operating incomes in the toll road PPP projects. This paper also puts forward the income adjustment model aimed to adjust income oriented to CPI influence, which reflects the requirements of income compensation and excess income sharing in return of investment mechanism of PPP projects. Moreover, the income adjustment model is evaluated by real option method. The empirical results show that this income adjustment model can protect the private partners’earnings in toll road PPP projects and provide reference for decision making of the government and private sectors, which makes a win- win situation of both sides.

Key words: systems engineering, income adjustment, real option, toll road PPP projects, CPI