Valuation of Associated Businesses and Analysis of Financing Contracts in BOT Projects
Date Issued
2004
Date
2004
Author(s)
Tang, Li-Yu
DOI
zh-TW
Abstract
In the executed projects of BOT╱BOO╱OT, the Government often employs tax-reducing and many kinds of associated businesses, such as land-development or business-operating-right beyond the concession, as tools of auction mechanism design. By means of these tools, the Government can heighten the expected payback ratio and strengthen the aspiration of private companies to involve in public works and services. However, people cannot probe into the motivating effects or policy efficiency without valuing the concessionaire’s subjective values of these tax-reducing or saaociated businesses quantificationally. To leave these effects out of consideration may cause serious bias during auction process.
My dissertation focuses on the case of BOT projects with land-development as the associated business, and applies the Asset Pricing Theory, Barrier Option Theory, Mechanism Design Approach, and Real Option Theory to set up a quantificational model to analyzing the subjective value and mechanism effect of ‘with land-development as the associated business.’ I will also discuss the economical meanings of the mechanism of the associated business and analyses further about the optimal project-financing contract between the concessionaire and the lender.
Subjects
關卡選擇權理論
民間參與公共建設
機制設計
資產訂價理論
實質選擇權理論
BOT╱BOO╱OT
Mechanism Design
Barrier Option Theory
Asset Pricing Theory
Real Option Theory
Type
thesis
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