经营性公路合理收益研究

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1、武汉理工大学博士学位论文经营性公路合理收益研究姓名：周晓航申请学位级别：博士专业：产业经济学指导教师：王仁祥20091001这种新的收益监管模式，既能体现经营期内政府与经营者双方对项目风险的合理分担，又可依据科学确定的合理收益率通过动态调整收费期限来灵活调控项目的收益水平，具有很强的可操作性与适用性。(五)对经营性公路基准收益率和合理收益率进行测算。首先，利用提出的资本资产定价模型(o心M)和加权平均资金成本法(、张CC)，在借助对13个上市公路公司数据分析的基础上，通过测算，确定经营性公路行业风险度系数为0．75，权益投资和全投资基准收益率分别为6．94％和5．75％，与相关行业的对比分

2、析验证了结果的合理性。其次，利用提出的降低服务等级测算法和最高价格上限法，借助于经营性高速公路项目，对合理收益率上限值进行了测算分析，建议经营性高速公路项目的合理收益率上限值确定为10．O％比较合适。测算结果为经营性高速公路项目的行业收益监管提供了依据。关键词：经营性公路，合理回报，收益率，资本资产定价模型，加权平均资金成本法，动态监管ⅡAbstractNowadays，thedifferenceofcommercialtollroadsonprofitisveryserious，includingsuddenhugeprofitsandseriousdefidt．Thisproblemn

3、otonlydamagesthesocialequityandindustryimagebutalsoinfractthepublicinterestandtransportationdevelopmenthealth．Therefore，weneedexplorethesereasons，scientificallydemonstratetheconnotationofreasonablerewardaboutcommercialtollroads，presenttheindex，standardandmeasuremethodofreasonablereward，andestablis

4、htheeffectiveprofitcontrollingmechanism．AsCallprovidefoundationforconstructionlawsandpolicies，andprovidetheguidanceformanagementofcommercialtollroadsstandardization．Ingeneral，thisarticleshowsmainresultsasfollows：1．Analysisofresearchfoundation．Firstly,someaspectsareintrouducedsystematicallyfromtheo

5、rypointofviewsuchastheattributeofcommercialtollroad，analysisofinvestmentrewardandgovernmentregulation．Secondly,someregulationsaboutreasonablerewardareconcludedbasedoncurrentlaws，forexampletollterm，tollpriceandreasonablereward，andSOon．Finally,attributesofcommercialtollroadsarediscussedwhichincludet

6、henaturemonopolyandthepre-publicgoodsattribute，andindustrycharactersalsoaredeeplyanalysedfrombotheconomyandmanagement．2．Theconnotationanddefinitionofreasonablereward．Firstly,connotationsofreasonablerewardarescientificallyelaboratedfromdifferentaspectssuchaswelfareeconomics，risk-sharingandpublicman

7、agement．Secondly,effectfactorsofmeasuringreasonablerewardarespecificallydiscussedincludingcommercialtollroadattributes，industrycharacters，capitaltimevalue，riskreward，investmentrequirementandsupplysituationofcapit