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Study on Investment Decision of PPP Projects Considering the Government Support

Author: HeJia
Tutor: MaoYiHua
School: Zhejiang University
Course: Project Management
Keywords: PPP projects Investment decisions Government support Monte Carlo simulation
CLC: F283
Type: Master's thesis
Year: 2010
Downloads: 326
Quote: 2
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Abstract


PPP is a special project financing model, the policy concept of public-private cooperation in the project level. The history of public-private partnerships for a long time, but the overall concept of the PPP project financing until the 1990s. PPP mode profound origin, rich in content, is a powerful means of investment funding gap of governments around the world to solve the government to increase the supply of social public goods and services, or to improve the social and public product or service quality and operational performance. China, as a developing country infrastructure and other public goods supply a huge gap, to attract non-state capital investment in infrastructure projects became solve the capital bottleneck of China's infrastructure, expand financing channels, improvement of infrastructure investment and financing system of an important issue. PPP mode as an emerging and constantly improve the project financing mode in China has a great prospect. Since the reform and opening up, the power of private capital in China continue to grow and develop the PPP project investment subject from early to FDI, gradually inward capital expansion. PPP projects in China are usually large-scale infrastructure projects, investment, long construction period, the slow return on huge risks for investors, PPP projects, the investment decision-making problems to be solved. The purpose of the investors to invest in PPP projects in order to obtain a reasonable return on investment. PPP project as a special project, the level of return on investment depends largely on the government's efforts to support the project. Compared with the earlier model, the PPP model is now more emphasis on the benefits of government support. Therefore, the investment decision-making process, the quantitative calculation of the benefits of government support is an important investment decision-making reference. PPP projects, government support in various forms, common guarantees, subsidies given the right to develop new projects in the future and so will investor gains a positive impact on the role of government called for government support. A variety of government support in the form, directly or indirectly, have an impact on cash flow, and ultimately reflected in the yield of the investors. PPP project risk analysis based on the angle of incentives from the income of the various forms of government support is divided into three levels, the level of protection for investors income increasing at each step, gradually increasing investor incentives large. On the basis of qualitative analysis, from the point of view of the standing private investors, the establishment of the own funds of the internal rate of return IRR evaluation index, quantitative calculation using Monte Carlo simulation method, the benefits of government support . The expected rate of return than the interests of the different form of government support and strength combination of IRR and CAPM model derived provide the basis for investment decisions.

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CLC: > Economic > Economic planning and management > Infrastructure the economy > Infrastructure investment and economic benefits
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