實(shí)物期權(quán)與PPP/PFI項(xiàng)目風(fēng)險(xiǎn)管理

前言

欣聞西南交通大學(xué)經(jīng)濟(jì)管理學(xué)院在學(xué)校學(xué)科發(fā)展工程基金的資助下，出版一套管理科學(xué)叢書，我備感高興并接受邀請(qǐng)為這套叢書作序。國(guó)內(nèi)不乏關(guān)于管理科學(xué)的著作，但此次一次性集結(jié)同一研究機(jī)構(gòu)不同研究人員近年來的研究成果以系列叢書形式出版，在國(guó)內(nèi)可以算是一次有益的嘗試。眾所周知，管理既是一門科學(xué)也是一門藝術(shù)。管理科學(xué)重點(diǎn)關(guān)注于管理中科學(xué)性的一面，強(qiáng)調(diào)綜合運(yùn)用經(jīng)濟(jì)學(xué)、運(yùn)籌學(xué)、心理學(xué)、人類學(xué)等多學(xué)科知識(shí)基礎(chǔ)以及研究方法，探索管理中的一般性規(guī)律，發(fā)掘經(jīng)過實(shí)證檢驗(yàn)的知識(shí)，為科學(xué)管理和科學(xué)決策提供借鑒與指引。西南交通大學(xué)經(jīng)濟(jì)管理學(xué)院擁有西南地區(qū)最早的管理科學(xué)與工程一級(jí)學(xué)科博士學(xué)位授權(quán)點(diǎn)以及管理科學(xué)與工程博士后流動(dòng)站，取得了眾多高水平的研究成果，在國(guó)內(nèi)管理科學(xué)與工程領(lǐng)域產(chǎn)生了較大的影響。此次出版的這套系列著作，擷取了學(xué)院教師近年來的研究成果，為國(guó)內(nèi)對(duì)管理科學(xué)感興趣的研究者提供了一次饕餮大餐。我國(guó)管理科學(xué)的研究近年來取得了較大的進(jìn)步，一些研究成果開始獲得國(guó)際學(xué)術(shù)界的認(rèn)可并發(fā)表在國(guó)際主流學(xué)術(shù)期刊上，但我們也應(yīng)看到，我們?cè)诠芾砜茖W(xué)領(lǐng)域和國(guó)際一流研究水平相比還有一定差距。

內(nèi)容概要

隨著我國(guó)經(jīng)濟(jì)的快速發(fā)展，大型基礎(chǔ)建設(shè)項(xiàng)目采用PPP／PFI等模式越來越多。基于傳統(tǒng)的現(xiàn)金流折現(xiàn)的決策理論與方法存在很大的局限，而實(shí)物期權(quán)理論充分考慮項(xiàng)目管理中的靈活性，給項(xiàng)目帶來資產(chǎn)價(jià)值增值，為正確決策提供更好的依據(jù)。本書引入實(shí)物期權(quán)理論，對(duì)PPP／PFI風(fēng)險(xiǎn)進(jìn)行分析，并采用三個(gè)典型的案例進(jìn)行實(shí)證研究。在此基礎(chǔ)上，本書總結(jié)了PPP／PFI項(xiàng)目中存在的期權(quán)形式，并提出基于實(shí)物期權(quán)理論的PPP／PFI項(xiàng)目風(fēng)險(xiǎn)管理模式。    本書可供管理類研究生、教師、科研人員和政府相關(guān)機(jī)構(gòu)決策者使用。

書籍目錄

前言PrefaceChapter 1  Theories of PPP/PFI and Real Option　1.1  Introduction to PPP/PFI　1.2  Risk Management Aspects of PPP/PFI　1.3  Real Option Theory and Application　1.4  SummaryChapter 2  Option Design Strategies for Infrastructure Projects　2.1  Interpreting Risks in an Alternative Manner　2.2  Risk Management Strategies at Firm and Independent Project Levels　2.3  Short Case Studies on Flexibility and Options　2.4  Option Design Strategies and Their Relevance to Risks　2.5  SummaryChapter 3  Major Case Study One. D~bhol Power Project in India　3.1  Background of the D~bhol Power Project　3.2  Real Options Embedded in the Project　3.3  Quantitative Analysis of the Project　3.4  SummaryChapter 4  Maior Case Study Two:The Malaysia-Singapore Second Crossing　4.1  Project Background　4.2  Conventional Financial Analysis and Cash Flow Models　4.3  Project Evaluation Using Real Option　4.4  Flexibility in Design and Execution　4.5  SummaryChapter 5  Maior Case Study Three:The Wastewater Treatment Plant in Southern China　5.1  Background of the Project　5.2  Details of the Transaction　5.3  Risk Factors Faced by the Concessionaire　5.4  Real Options Identified in the Project　5.5  Evaluation of the Transaction　5.6  Negotiation Band　5.7  Risk Comparison between the Two Bidding Scenarios　5.8  SummaryChapter 6  New Framework of Risk Management　6.1  Common Types of Options in PPP/PFI Projects　6.2  An Integrated Real Option--Risk Management Framework　6.3  Option Modeling　6.4  Real Option and Negotiation　6.5  Future Research DirectionReferencesAfterwords

章節(jié)摘錄

插圖：PFI is a means of using private finance and skills to deliver capital investment projects that are traditionally provided by the public sector.Instead of the public sector body directly procuring capital assets and subsequently owning，operating and regulating them，PFI generally involves the private sector owning and operating the facilities，with the public sector playing a larger role in regulating the sector（The Scottish Parliament，1999）.PFI allows the public sector tocontract with the private sector to provide quality services on a long-term basis.typically 25-30 years，So as to take advantage of the private sector’s managementskills incentivised by having private finance or capital at risk.In most PPP／PFI schemes，the private sector carries the responsibilitv andrisks for designing，financing，enhancing or constructing，maintaining andoperating the required assets or infrastructures to deliver product/service inaccordance with the public sector’s output specification.In some projects，thepublic sector may also pay for the proj ect through a series of performance orthroughout related payments，which cover service delivery and return oninvestment.Depending on the specific arrangement，the Central Government mavprovide payment support to public agencies（that are directly dealing with theprivate sector）through grants and other financial mechanisms.  Generally，projects that are clearly open to adopt PPP／PFI scheme Would include infrastructure proj ects such as toll roads，power plants，water treatmentplants and metropolitan transport systems（Mountain，1998）.

后記

The very special support of National Natural Science Fundation of China（70901065），Specialized Research Fund for the Doctoral Program of Higher Education from the Chinese Education Ministry（200806131019），the Scientific Research Foundation from State Education Ministry for the Returned Overseas Chinese Scholars（2009），provided important financial support to my research，for which I am very grateful.1 would have many thanks to Dr.Charles Cheah Yuen Jan，who is mysupervisor during my PHD study at Nanyang Technological University（NTU）.During the whole study，Charles gave me many helps with my research，Englishlanguage，etc.His precious guidance，diligence，patience，and especially his encouragement helped me in bringing this book to this final form.I also learnfrom him how to be a good teacher in a university.Thanks to the School of Economics and Management，Southwest Jiao tong University，which provided me comfortable working circumstance，and my colleagues gave me many supports both to my work and research.This book is dedicated to my parents，sister and brothers，who always stay with me in my life and give invaluable support to me.I also have many thanks to my wife who gives me great encourage ement.Of course，this book is to my lovely baby，Jacob.I hope that Jacob is happy every day.And my mother-in-law should also be the person 1 would thanks a lot，she gives many many support to bring up Jacob and then I can focus on my research.

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