In order to clarify the investment return mechanism of the urban underground integrated pipe gallery PPP project and establish a reasonable investment return level guideline, firstly, the feasibility gap subsidy mode is determined as the main investment return mode, and then explore the factors that affect the social to obtain a reasonable return on investment, including the cost of construction of integrated pipe gallery, financing costs, industrial policies, inflation risks, and government financial ability to pay. On the basis of clarifying that the fund structure of the PPP project in urban underground integrated pipe gallery is composed of debt funds and equity funds, this paper combined with the weighted average cost of capital method (WACC) and the capital asset pricing model (CAPM), the reasonable benchmark return on investment of the urban underground integrated pipe gallery PPP project is determined. Finally, through the stock data of 10 listed companies in the industrial cluster industry chain, the parameters of the return rate on investment calculation model constructed in this paper are solved and verified.
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