# Study on Adjustment Mechanism for Concession Price of Traditional Village Conservation PPP Project

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6 Among them, Ps represents government subsdes, and t s necessary to mnmze subsdes to reduce government fnancal pressure. NPV represents net present value, ensurng maxmum return s the goal pursued by socal captal. P s the concesson prce, and the publc's goal s the lowest concesson prce. The bounds of the object attrbutes descrbed by many fuzzy concepts are not clear, and the degree of membershp of the fuzzy set elements to the fuzzy set can be represented by a value between 0 and 1. Let X be a collecton of all objects x wth a certan attrbute, then the fuzzy set A on set X s represented as:, A A x x x X Where μ A (x) s a membershp functon, ndcatng that the element x belongs to the fuzzy set A, and the value range s [0, 1]; μ A (x) = 0 means that x completely belongs to A, and μ A (x) = 1 means that x does not belong to A at all. Snce the optmal soluton sze requrements of dfferent targets are dfferent, some target hope varable values are larger as possble, and some target hope varable values are as small as possble. Therefore, the optmal soluton of multobjectve decson problems cannot be obtaned by smple mathematcal calculaton: mn/ max 1,2,3,, n f x x X (1) Where f (x) represents the value of the decson varable of the -th target, and f (x) [f S, f B ], the mnmum and maxmum values of f S and f B respectvely represent. Obfuscate the mult-objectve functon, expressed as: max (2) 1,2,3,, n f x x X Where f s the fuzzy set on set X = {x f S f (x) f B, x X}; μ f (x) s the membershp of x to f. For maxmzng the goal, the membershp functon s: f x f S f x B S f f (3) For mnmzng the target, the membershp functon s: f f x B f x B S f f (4) 603

7 The max-mn synthess algorthm can easly and effectvely deal wth fuzzy mult-objectve decson problems, and can avod the case where the non-nferor soluton membershp s the smallest, that s, the non-nferor soluton obtaned wll be superor to other alternatves. If there s only one non-nferor soluton, then the scheme s the optmal decson scheme; f there are multple non-nferor schemes, then the non-nferor scheme needs to be further appled to the fuzzy comprehensve evaluaton decson by the weghted average method. The optmal decson-makng plan. The formula for calculatng the non-nferor soluton usng the max-mn synthess algorthm s: x max mn x (5) j j j Where j = 1,2,3,, n s the number of adjustment schemes to be evaluated; ω s the weght of the -th target. The calculaton formula for the fuzzy comprehensve evaluaton decson usng the weghted average method s:,,, n j U u u u (6) 1 2 1m Where j = j 1, j 2,, j n s the number of non-nferor programs. Normalze U: mn 1, 2,, 1, 2,, n n n u j ' ' ' ' U u u u u u u 1 j1 (7) Accordng to the sze of u ( = 1,2,, n ), the order of each non-nferor scheme can be determned, and then the optmal decson scheme s obtaned. EMPIRICAL ANALYSIS A tradtonal vllage protecton project s mplemented usng the PPP model. The concesson perod s 30 years. The government subsdy standard for each vstor s 100 yuan, and the project dscount rate s calculated at 10%. In addton, the franchse agreement stpulates that the mnmum tourst quota for the project s 600,000. If the actual total number of toursts s lower than the mnmum standard, the government department wll use the mnmum standard as the subsdy. If the actual total number of toursts exceeds the mnmum standard, the government uses 604

8 the total number of toursts as the subsdy. Based on the project feasblty study report and smlar project nformaton, through the analyss of the current people's lvng standards, t s determned that the fee for the project s 50 yuan/person. The smulaton analyss of the project's revenue shows that the project can realze the dynamc nvestment of the project n the 15th year, but the franchse perod of the project s 30 years, and the proft obtaned by the project company s far hgher than the reasonable level, whch wll greatly damage the publc and the nterests of the government. In order to ensure the reasonable nterests of all stakeholders of the project, t s necessary to adjust the ncome. Obvously, the concesson perod of the project s too long, but only adjustng the concesson perod wll affect the wllngness of the project company to cooperate, and the reducton of government subsdes and concesson prces wll be more. It satsfes the nterests of all partes and makes the program more acceptable to all partes. Snce the government department and the project company dd not declare the feasble range of the net present value of the project when sgnng the franchse agreement n the early stage, the adjustment functon of the ncome decson can be constructed n the case where the actual ncome of the project n ths case s much hgher than the expected return. The government subsdzed 100 yuan/person as the benchmark value, n the rato of 8% to -24% ~ -8% (that s, the government subsdy prce adjustment rato s dvded nto -24%, -16 %, -8% three cases); also adjust the lcense prce wthn -20% to -5% at a rate of 5% (that s, the prce adjustment rate for toursts s dvded nto -20%, -15%, - 10%, -5% four cases); the project concesson perod s adjusted year by year wthn 25 to 30 years. In the whole system, by changng the nput value of one of the varables at a tme by the method of controllng the varable, the system dynamcs model s appled for smulaton, and the result s predcted by multple operaton operatons. As shown n Table II, the government subsdes, the concesson prce, and the multple adjustment plans of the concesson perod under dfferent ampltudes and ther correspondng project net present value levels.the 12 programs n the table are organzed as shown n Table III below: TABLE II. THREE-WAY LINKAGE ADJUSTMENT PLAN. [Concesson perod (year), net present value (ten thousand yuan)] Concesson prce (yuan/person) Government subsdy (yuan/person) 93(-8%) 84(-16%) 76(-24%) 45(-5%) 25, , ,602 40(-10%) 26, , ,488 35(-15%) 27, ,992 29,314 30(-20%) 28, ,836 30,80 605

10 (8) The membershp degree of adjustment scheme B8 s: ; ; (9) The membershp degree of adjustment scheme B9 s: ; 92 1; (10) The membershp degree of adjustment scheme B10 s: ; 102 1; (11) The membershp degree of adjustment scheme B11 s: ; 112 1; (12) The membershp degree of adjustment scheme B12 s: ; 122 1; In addton, accordng to the agreement between the government department and the project company, franchse prce, government subsdy and net present value weght are [0.4, 0.2, 0.4]. max mn ** j j j In max mn j max max mn j j summary, opton B7 s the optmal adjustment plan for government departments, project companes and the publc to determne the target weghts of 0.2, 0.4 and 0.4 respectvely, that s, when the lcense prce s 35 yuan/person, the government subsdy s 84 yuan/person. The 28-year concesson perod has the hghest degree of mult-goal satsfacton wth the lowest concesson prce, the least government subsdy, and the company's net present value. Therefore, the three major project partcpants can acheve the balance of nterests. 607

11 CONCLUSIONS Reasonable PPP project concessonary prce adjustment mechansm can not only allevate the fnancal pressure of government departments, but also enable the project company to mantan a certan level of ncome and mprove the nvestment enthusasm of the project company. Ths paper focuses on the nterests of the man stakeholders of the project, the project company and the publc, that s, the government subsdes are the least, the net present value s the largest, and the franchse prce s the lowest. The ncome adjustment target s constructed, and the quas-operatng PPP project concesson perod and lcense prce are constructed. The lnkage adjustment model of subsdes provdes a more accurate drecton for the adjustment of the lcense prce of tradtonal vllage protecton PPP projects. However, the adjustment scheme of the case n ths paper s only a smple enumeraton, and the obtaned B7 scheme s only the best among these adjustment schemes, and s not optmal among all the schemes. Wth the contnuous mprovement of relevant smulaton and calculaton software, as well as the further research, the adjustment scheme n the future wll be more effectve. REFERENCES 1. Sudong Ye Payment Model of BOT Project for Urban Waste Incneraton Power Generaton. Journal of Bejng Jaotong Unversty, 13(4). pp Shxa Duan, Qong Zhu, Yang Hou Structural Equaton Modelng and Analyss of Influencng Factors of PPP Project Franchse. Research on Scence and Technology Management, Volume 10. pp Ll Zhao, Qng Huang, Deqng Tan Research on Prce Adjustment Mechansm of Infrastructure BOT Projec. Forecast, 25 (2).pp Yeln Xu, Chengshuang Sun System Dynamcs (SD)-based concesson prcng model for PPP hghway projects. Internatonal Journal of Project Management. Volume 30. pp Martha E. Gross, Mchael J Garvn Approaches for Structurng Concesson Lengths and Toll Rates for Transportaton Infrastructure PPPs. Seattle, USA: The Amercan Socety of Cvl Engneers. 6. Shen L Y, Bao H J, Wu Y Z, et al Usng barganng-game theory for negotatng concesson perod for BOT-type contract. Journal of Constructon Engneerng and Management. Volume 5. pp Junpng Yang Research on PPP Project Prcng Mechansm Based on Systematc Vew. Chongqng Unversty, Chongqng, Chna. 8. Xaopeng Deng, Jngfeng Yuan, Qmng L Value Flow Analyss of PPP Project for Affordable Housng. Constructon Economy. Volume 12. pp Shxa Duan, Fang Xe, Study on Influencng Factors of PPP Project Prce of Urban Ral Transt Based on System Dynamcs. Industral Technology Economy. 33(7).pp

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