实物期权与PPP/PFI项目风险管理

出版时间：2010-7  出版社：科学  作者：刘继才  页数：144  

前言

欣闻西南交通大学经济管理学院在学校学科发展工程基金的资助下，出版一套管理科学丛书，我备感高兴并接受邀请为这套丛书作序。国内不乏关于管理科学的著作，但此次一次性集结同一研究机构不同研究人员近年来的研究成果以系列丛书形式出版，在国内可以算是一次有益的尝试。众所周知，管理既是一门科学也是一门艺术。管理科学重点关注于管理中科学性的一面，强调综合运用经济学、运筹学、心理学、人类学等多学科知识基础以及研究方法，探索管理中的一般性规律，发掘经过实证检验的知识，为科学管理和科学决策提供借鉴与指引。西南交通大学经济管理学院拥有西南地区最早的管理科学与工程一级学科博士学位授权点以及管理科学与工程博士后流动站，取得了众多高水平的研究成果，在国内管理科学与工程领域产生了较大的影响。此次出版的这套系列著作，撷取了学院教师近年来的研究成果，为国内对管理科学感兴趣的研究者提供了一次饕餮大餐。我国管理科学的研究近年来取得了较大的进步，一些研究成果开始获得国际学术界的认可并发表在国际主流学术期刊上，但我们也应看到，我们在管理科学领域和国际一流研究水平相比还有一定差距。

内容概要

随着我国经济的快速发展，大型基础建设项目采用PPP／PFI等模式越来越多。基于传统的现金流折现的决策理论与方法存在很大的局限，而实物期权理论充分考虑项目管理中的灵活性，给项目带来资产价值增值，为正确决策提供更好的依据。本书引入实物期权理论，对PPP／PFI风险进行分析，并采用三个典型的案例进行实证研究。在此基础上，本书总结了PPP／PFI项目中存在的期权形式，并提出基于实物期权理论的PPP／PFI项目风险管理模式。    本书可供管理类研究生、教师、科研人员和政府相关机构决策者使用。

书籍目录

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

章节摘录

插图：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）.

后记

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.

编辑推荐

《实物期权与PPP/PFI项目风险管理(英文版)》是扬华管理科学丛书之一。

用户评论 (总计2条)

•   里面的案例对我帮助非常大，很有意义
•   要注意哦，是英文的。