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首页> 外文期刊>Transport Reviews >Tolls, Terms and Public Interest in Road Concessions Privatization: A Comparative Analysis of Recent Transactions in the USA and France
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Tolls, Terms and Public Interest in Road Concessions Privatization: A Comparative Analysis of Recent Transactions in the USA and France

机译：特许权私有化中的通行费，收费条款和公共利益：美国和法国近期交易的比较分析

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摘要

Recent concessions in France and in the USA have resulted in a dramatic difference in the valuation placed on the toll roads; the price paid by the investors in France was 12 times current cash flow whereas investors paid 60 times current cash flow for US toll roads. In this paper, we explore two questions: what accounts for the difference in these multiples? and what are the implications with respect to the public interest? Our analysis illustrates how structural and procedural decisions made by the public owner affect the concession price. Further, the terms of the concession have direct consequences that are enjoyed or borne by the various stakeholders of the toll road.
机译：法国和美国最近的让步使得收费公路的估值出现了巨大差异。法国投资者支付的价格是当前现金流量的12倍，而投资者支付的美国收费公路的价格是当前现金流量的60倍。在本文中，我们探讨了两个问题：是什么导致这些倍数的差异？对公共利益有何影响？我们的分析说明了公有所有者做出的结构性和程序性决定如何影响特许权价格。此外，特许权的条款具有直接的后果，收费公路的各个利益相关者都享有或承担这些后果。

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