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政大典藏 > College of Commerce > Department of Finance > Periodical Articles > Item 140.119/61542

Please use this identifier to cite or link to this item: https://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:	[Department of Finance] Periodical Articles

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