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    政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 >  Item 140.119/61542
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/61542


    Title: A Flexible Franchise Fee Scheme in a BOT Project
    Authors: 姜堯民
    Chiang,Yao-Min
    Contributors: 財管系
    Keywords: BOT;Franchise fee;Real options;Option pricing model
    Date: 2012.06
    Issue Date: 2013-11-11 09:35:17 (UTC+8)
    Abstract: The relationship between a government and a franchise firm in a build-operate-transfer (BOT) project is one that is wrought with incentive problems. It is well known that a contingent payment structure can help alleviate moral hazard problems. This paper provides a flexible franchise fee scheme from the perspective of a government which can charge a sufficient franchise fee and provide enough incentive for a private firm in a BOT project. This flexible franchise fee structure has option-like properties. A pricing model is derived in this paper to price this flexible franchise fee scheme. The closed-form pricing model that I have provided in this paper can help evaluate the effect of a flexible franchise fee on the performance of BOT projects. A numerical analysis shows that the proposed flexible franchise fee scheme is especially suitable for BOT projects with long investment horizons and revenue uncertainty.
    Relation: International Real Estate Review, 15(1), 127-139
    Data Type: article
    Appears in Collections:[財務管理學系] 期刊論文

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