污水处理项目tot 融资模式转移定价研究.doc

污水处理项目TOT融资模式转移定价研究
邵颖红第一作者:邵颖红,女,1968年生,博士,副教授,主要从事技术经济评价与决策及投融资管理专业领域的研究。
叶明海周增华
(同济大学经济与管理学院,上海 200092)
摘要中国很多地方酝酿以TOT模式转让污水处理厂的经营权,为防止国有资产流失,必须合理确定经营权转让的价格。总结分析了影响污水处理项目经营权转移定价的各种因素,具体包括污水处理水量、资产的现有价值、回报率、特许期结束的转让残值、富余职工的安置计划以及风险等,并从经营权转让期间预计的受让双方经营收益现值角度出发,建立了经营权转让定价模型,给出了经营权转让价既定的情况下污水处理单价测算公式,最后举例展示模型的实际应用。
关键词污水处理项目 TOT模式转移定价
Research on transfer pricing by TOT financing mode of wastewater treatment projects Shao Yinghong,Ye Minghai,Zhou of Economics and Management,Tongji University,Shanghai 200092
Abstract: In our country many local governments are planning to transfer the operating right of wastewater treatment plant by TOT financing mode. In order to prevent the losing of state assets, it is needed to decide the transfer price fairly and factors impacting transfer pricing of operating right of wastewater treatment projects are summarized,which are sewage quantity, assets value, return rate of investment, salvage value, risk etc. Through analysis of the relative factors, the operating right pricing model of wastewater treatment projects is built according to the present value of both accept-give sides’ net e during the concession period. After that, an expression for calculating the unit price of wastewater treatment is delivered on the premise that the operational right price has been fixed on. Finally, an example proves the