论文部分内容阅读
构建了一个基于实物期权的公共文化设施动态边际融资模型,探讨公共文化设施的最优边际融资决策及风险因素对其影响。研究结果表明:首先,社会资本融资可降低公共文化设施的融资成本,但会增加其财务风险,促使资金清算时间提前到达。其次,通过社会资本融资的公共文化设施市场价值大于仅通过银行贷款融资的文化设施价值,且前者的融资阈值小于后者。最后,公共文化设施边际融资决策阈值的大小受6个风险因素影响,即政府投资者的谈判能力、公共文化设施折合现金流波动率对最优边际融资阈值具有负向影响;银行贷款的资金到达率、地方政府的融资风险对其具有正向影响;而资金清算成本、公共文化设施的增长潜力与其关系则是非单调的。
A dynamic marginal financing model of public cultural facilities based on real options is constructed to discuss the influence of the optimal marginal financing decision of public cultural facilities and risk factors. The results show that: First of all, social capital financing can reduce the financing costs of public cultural facilities, but it will increase its financial risk and prompt capital liquidation time to arrive earlier. Second, the market value of public cultural facilities financed through social capital is greater than the value of cultural facilities financed only through bank loans, and the former has a smaller financing threshold than the latter. Finally, the size of marginal financing decision-making threshold of public cultural facilities is affected by six risk factors, namely, the ability of government investors to negotiate, and the discounted cash flow volatility of public cultural facilities has a negative impact on the optimal marginal financing threshold; Rate, the financing risks of local governments have a positive impact on them; and the capital clearing costs, the growth potential of public cultural facilities and its relationship is non-monotonic.