Application Research Of Real Option Method In Value Evaluation Of Infrastructure Franchise Right

Infrastructure construction has a major impact on international people’s livelihood.A single government investment cannot meet the huge demand for infrastructure for economic growth,and a single non-competitive supply will result in a lack of efficiency.In order to alleviate the financial burden and improve the efficiency of public services,China has vigorously promoted franchising in the field of infrastructure,introducing market mechanisms and financing society.In the development process of infrastructure franchise in China for more than 30 years,on the one hand,it promoted the good development of the national economy,but it also exposed problems such as unreasonable policy planning and incomplete consideration of the interests of franchisees.One of the keys to solving these problems is Correctly evaluate the value of infrastructure franchise rights.This paper first sorts out the status quo of infrastructure franchise and the status of franchise evaluation,and classifies and identifies infrastructure franchise projects in combination with economic product service theory.Secondly,the value of different types of public infrastructure franchise The formation mechanism is analyzed.Combined with the current status of infrastructure franchise evaluation,it is found that the traditional income method ignores the uncertainty of risks and opportunities,options and management flexibility in the operation of infrastructure franchise projects,and cannot cover all franchise rights.The value of the real option;in the uncertain situation,the real option method is introduced,and the mathematical model of the model Carlo simulation is applied to the real option parametervolatility determination,and the income method is combined with the real object.A modified evaluation model of the option method to compensate for the deficiencies in the traditional assessment method.Finally,through the example evaluation,analyze the advantages of the constructed model,enrich the value evaluation theory of infrastructure franchise,and provide a reasonable value reference.