在PPP项目中,政府部门为私人投资者所提供的政府担保将变成政府未来的或有债务。相对于直接提供资金的担保方式来说,政府部门更加希望能够提供不需要直接资金支持的担保方式,而私人部门面对诸多的不确定性则更加希望能够得到政府部门的直接担保。为解决上述矛盾,本文提出了将政府担保转化为特许期延长的模式,利用实物期权理论计算出政府担保的价值,然后再将其转换为具体的特许期延长,最后利用实际案例进行验证,为政府担保方式提出了新的思路。

In the PPP projects, the government guarantee provided by government department to private investors will become the government’s debt in the future, so relative to the direct funds guarantee way, the government departments like to be able to offer the guarantee which don"t need direct financial support, but in the face of many uncertainty the private sector hope to receive direct guarantee from the government department, in order to solve the above contradiction, this paper puts forward the government guarantee into concession period extended model, using the real option theory to calculate the government guarantee value, and then convert it to the specific concession period extended, finally using the actual case to test the mode, this way puts forward new ideas for the government guarantee mode.

国家自然科学基金（青年基金）项目“基于实物期权的PPP/PFI项目风险管理研究”（70901065）； 教育部新世纪优秀人才支持计划项目“基于实物期权的PPP项目特许期决策研究”（NECT—10—0703）； 四川省科技厅软科学研究项目“代建制模式的关键成功因素及其作用机理研究”（2013ZR0045）