Research On Asset Value Management Of Expressway

Since the 80s of last century,China’s highway construction has made the largest stateowned assets in the field of infrastructure in China.Among them,the freeway is the most valueadded state-owned asset.Therefore,it is a matter of concern for the sustainable development of the highway industry to study the value management of the highway assets,to effectively check the assets of the expressway,to make full use of the value of all assets,to keep the value of the highway,and to keep the value of the highway.This paper analyzes the shortcomings of traditional value management methods.This paper analyzes the net present value method,the internal rate of return method and the payback period method,which are usually used to manage the assets value of expressway projects.The results show that the prediction of the future cash flow is incomplete when the traditional method is used to calculate the value of the highway assets.Usually,the high discount rate is usually chosen.The change of the investment changes may be produced during the operation cycle of the expressway,which will bring new value-added opportunities for the expressway assets,but the traditional method does not consider the asset.Value added effect;at the same time,once investors make mistakes in decision-making,traditional assessment methods can not compensate for the losses caused.Usually,the value of assets calculated by traditional methods is often less than their real value,thus revealing the limitations and security problems in their scope of use.The idea of real option can judge the uncertainty of the project,reduce the economic and time loss caused by the adverse factors,and give the uncertainty of the project value,so as to effectively calculate the potential value of the project.On the basis of the above analysis,this paper sets up a project value evaluation method which conforms to the characteristics of the expressway construction project,in order to avoid the drawbacks brought by the traditional valuation method and determine the model parameters of the project.In this paper,the feasibility of the application of real option method for the value management of Expressway assets is determined by combining the characteristics of the expressway assets and the theoretical application characteristics of the real option idea.In this paper,the real option theory is introduced into the value management of expressway project,and the differential equations are constructed on the basis of Black-scholes model.Through the model construction,differential equation derivation,parameter determination and applicability analysis,the value management model of expressway is constructed,which is the value management method of the expressway construction project.Further research provides a theoretical basis.This article uses the traditional value management method and the Black-scholes model based highway asset value management method to compare the two groups of cases respectively,and compares the results obtained by different methods.The results and comparison results of the two groups show that the real option method takes into account the uncertainty and flexibility of the highway project,and the value of the calculation is obviously higher than that of the traditional method.The value management method based on the real option thought has a scientific comprehensive evaluation and management on the parameters of the project and the flexible value and so on.It has an irreplaceable advantage.It can more accurately assess the asset value of the highway project and provide an effective method for quantifying the potential value of the project.