政府补偿情景下考虑私人损失规避的PPP项目投资决策模型

发布时间：2018-04-02 02:24

本文选题：PPP项目　切入点：政府补偿　出处：《系统管理学报》2016年04期

【摘要】：基于PPP项目的准公共物品属性,考虑损失规避型私人投资者在政府补偿情景下的投资决策问题。通过引入项目运营收益的相对补偿指数来定量描述政府补偿的契约问题;针对私人投资行为的损失规避特征,借助前景理论,以私人投资要求的特许收益作为其决策参考点,构建私人损失规避的效用函数,从而建立基于政府不同补偿情景的私人投资决策模型,并研究模型解的存在性及性质。最后,通过数值分析对所获结论进行验证。研究结果表明,私人在政府补偿情景下对项目的最优投资与其损失规避度并非一般意义上的正相关或负相关,而是取决于政府事前对补偿契约参数的不同设计。
[Abstract]:Based on the quasi-public goods attribute of PPP project, the investment decision of loss averse private investors in government compensation scenario is considered.The contract problem of government compensation is quantitatively described by introducing the relative compensation index of project operating income, aiming at the characteristics of loss aversion of private investment behavior, with the help of prospect theory, the franchise income required by private investment is used as the decision reference point.The utility function of private loss avoidance is constructed, and the private investment decision-making model based on different government compensation scenarios is established, and the existence and properties of the model solution are studied.Finally, the conclusion is verified by numerical analysis.The results show that the optimal investment of private individuals in the government compensation scenario and the degree of loss aversion are not positive or negative correlation in general sense, but depend on the different design of the compensation contract parameters in advance by the government.
【作者单位】：南京财经大学会计学院;南京大学工程管理学院;南京工业大学经济与管理学院;
【基金】：国家自然科学基金面上项目(71571099,71471084,71271112,71071075);国家自然科学基金重大项目(71390521);国家自然科学基金青年项目(71301070,71301073,71501094) 国家社会科学基金一般项目(15BJY160) 中国博士后科学基金面上项目(2012M521053)
【分类号】：F283

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