A Study On The CAPM-MOP-GT Based Pricing Model For Integrated Pipe Corridor PPP Projects From A Tripartite Perspective

As a municipal infrastructure,the underground integrated pipeline corridor can unify planning and centralize management of urban pipelines,alleviating the problems of repeated excavation,traffic congestion and pipeline accidents caused by the traditional direct burial method,greatly improving the urban environment and ensuring sustainable urban development.However,compared with traditional direct burial pipelines,the construction cost of integrated pipeline corridors is high,and it is impossible to build integrated pipeline corridors on a large scale with financial resources alone,so the PPP model needs to be introduced to attract social capital and relieve financial pressure.However,there are many parties involved in the integrated pipeline corridor PPP project,and the pricing of its charges has a huge impact on the interests of social capital parties,pipeline units and the government,which is one of the key factors for the success of the integrated pipeline corridor PPP project.Therefore,considering the interests of the social capitalists,pipeline units and the government,a pricing model for the integrated pipeline corridor PPP project is established to balance the interests of the three parties and maximise the objectives of the three parties to help the success of the integrated pipeline corridor PPP project.Firstly,the definition,classification,characteristics,necessity and operation mode of integrated pipeline corridor and integrated pipeline corridor PPP project are introduced,and the relevant theories such as capital asset pricing(CAPM),multiobjective planning(MOP)and game theory(GT)required to build the pricing model of integrated pipeline corridor PPP project are briefly described.Secondly,based on the positioning and demands of stakeholders,pricing principles,influencing factors and revenue sources of the project,the pricing influencing factors of the integrated pipeline corridor PPP project are analysed from four aspects: social capitalists,pipeline units,government departments and the project environment,and the causal relationship between the influencing factors is mapped using Vensim PLE software.Then,the improved CAPM model is used to measure the investment return of the social capitalist,and the multi-objective planning method(MOP)is applied to balance the interests of the social capitalist,the pipeline unit and the government department,based on which the Shapley value and asymmetric Nash negotiation in game theory(GT)are applied to apportion the reimbursable royalty of the pipeline unit to establish a three-party The CAPM-MOP-GT based pricing model for the integrated pipeline corridor PPP project is developed from a three-party perspective.Finally,an application study is conducted to verify the feasibility and practicality of the constructed model,and suggestions for the implementation of the pricing model are made based on the results of the application study.The research results show that the CAPM-MOP-GT based pricing model for integrated corridor PPP projects from a tripartite perspective can protect the interests of social capitalists,pipeline units and government departments in the construction process of integrated corridors,alleviate the problems of integrated corridors due to the difficulty of financing during the construction period and the low rate of corridor entry during the operation period,and help the steady and rapid development of integrated corridors.