Research On The Decision-making Of The Concession Period Of PPP Projects In Science And Technology Park Based On Real Options

PPP,as a financing mode that can effectively relieve the pressure of capital shortage of government departments in the construction of public facilities,has been playing an important role in improving the level of public services in China in recent years.The concession period in the PPP contract is also an important part of the PPP contract,which determines the boundary between the social capital and the public sector operation time,and directly affects the success or failure of the PPP project.Firstly,based on the analysis of PPP model,concession period,real option and other related theories,this paper summarizes and analyzes the domestic and foreign research scholars' research on concession period decision-making.On this basis,a real option-based decision model of PPP project concession period is proposed.Secondly,combining with the actual situation of a science and technology park in Yun Nan,the author calculated the concession period with real at present,the development of science and technology parks is very fast,and all cities want to respond to the national call and join in the construction of science and technology parks.However,science and technology parks need a lot of investment,which has become a difficult problem for local governments to deal with.The emergence of PPP model has found a suitable answer to the problem of local governments.However,there are many problems in the application of PPP mode,including the decision-making of concession period.Aiming at the current concession decision problem,this paper proposes a real option-based concession decision model for PPP projects in science and technology parks.This article has done some research:option value and compared it with the concession period without real option value by using the PPP project concession period decision-making model based on real option.Finally,the calculation results show that the technology park increases the value of the project when the guaranteed option is considered,so that the social capital can recover the expected investment return in a short time.Real options are rarely used in PPP projects,let alone PPP projects in science and technology parks.In this paper,real options are introduced into the concession period decision of PPP projects in science and technology parks,and the influence of real options on concession period decision is systematically analyzed,which providesa theoretical method for the concession period decision of PPP projects in science and technology parks,and also enrichs and develops the application of real options.