环保基础设施BOT项目特许权期的期权博弈分析

针对环保基础设施BOT项目的期权特性。以特许权期作为政府决策变量．采用期权博弈方法分析项目公司在政府确定特许权期条件下对BOT项目的投资行为．建立了特许权期决策模型以及环保设施建设成本投入决策模型。结果表明，增长期权的引入使得特许权期的确定更合理．项目公司为保证自身利益而提高建设成本投入，从而延长政府对环保基础设施的运营期。

Option Game Analysis of Concession Term for BOT Projects in Environmental Protection Infrastructure

Aiming at the option characteristic of environmental protection infrastructure BOT project,this paper sets the concession term as a government's decision-making variable and uses option game method to analyze the investment behavior of the project company under the condition that the government makes the concession term certain,and establishes the decision making models of the concession term and the investment of cost of environmental protection infrastructure.The result indicates that growth option makes the concession term more reasonable,and the project company enhances investment of construction cost for benefiting themselves.Consequently,the time of government operating the environmental protection infrastructure will be lengthened.