经营性高速公路合理收益率的界定及计算方法

发布时间：2018-03-26 19:20

本文选题：交通运输经济　切入点：合理收益率　出处：《交通运输系统工程与信息》2014年06期

【摘要】：经营性高速公路的合理收益率是科学制定收费标准、促进社会公平的关键所在.本文从现实案例、随机变量和政府管理角度出发,将合理收益率界定为取值区间,以投资收益率来衡量.以成本的概念和价格管制理论为基础,分别将基准收益率和降低一个服务等级对应的收益率作为区间的下限值和上限值;论述了当经济利润为零时的收益,包括资金的时间价值和可能获得的最高收益,因此以CAPM模型结合WACC模型对基准收益率进行量化的理由是充分的;基于投入产出表给出了市场期望收益率参数的标定模型;在算例情况下,合理收益率为7.47% 10.1%,为制定和调整高速公路通行费率提供依据.
[Abstract]:The reasonable rate of return of the operating expressway is the key to make the charge standard scientifically and promote the social fairness. This paper defines the reasonable rate of return as the value interval from the point of view of realistic cases, random variables and government management. Based on the concept of cost and the theory of price regulation, the return rate corresponding to the reduction of a service grade and the benchmark rate of return are taken as the lower and upper limit values of the interval respectively. The paper discusses the income when the economic profit is 00:00, including the time value of the capital and the highest possible income, so the reason of quantifying the benchmark rate of return with CAPM model combined with WACC model is sufficient. Based on the input-output table, the calibration model of the expected market yield parameters is given, and the reasonable rate of return is 7.47% / 10.1, which provides the basis for formulating and adjusting the toll rate of expressway.
【作者单位】：长安大学经济与管理学院;
【基金】：教育部人文社科基金项目(10YJA790184) 教育部博士点基金项目(20100205110006) 中央高校基本科研业务费专项资金重点项目(Z1101)
【分类号】：F542;F540.58;F224

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