1、年年份份期期数数折折现现率率年年金金现现值值系系数数复复利利现现值值系系数数建建设设成成本本建建设设成成本本现现值值0 05.00%-201620161 15.00%0.95240.952420,000.0019,047.62201720172 25.00%1.85940.907020,000.0018,140.59201820183 35.00%2.72320.8638-201920194 45.00%3.54600.8227-202020205 55.00%4.32950.7835-202120216 65.00%5.07570.7462-202220227 75.00%5.78640.72、107-202320238 85.00%6.46320.6768-202420249 95.00%7.10780.6446-2025202510105.00%7.72170.61390.00-2026202611115.00%8.30640.5847-2027202712125.00%8.86330.5568-2028202813135.00%9.39360.5303-2029202914145.00%9.89860.5051-2030203015155.00%10.37970.4810-2031203116164.15%11.52440.5217-2032203217174.15%12.023、540.5009-2033203318184.15%12.50630.48100.00-2034203419194.15%12.96820.4618-2035203520204.15%13.41160.4434-2036203621214.15%13.83730.4258-2037203722224.15%14.24610.4088合合计计39,744.2839,744.2837,188.21运运营营维维护护成成本本运运营营维维护护成成本本现现值值 其其他他成成本本 其其他他成成本本现现值值资资本本性性收收益益资资本本性性收收益益现现值值-300.00259.15300.00246.81-304、0.00235.06-300.00223.86-300.00213.20-300.00203.05-300.00193.38-300.00184.17-300.00175.40-300.00167.05-300.00159.10-300.00151.52-300.00144.31-2,556.07-使使用用者者付付费费收收入入使使用用者者付付费费收收入入现现值值-年年份份期期数数折折现现率率年年金金现现值值系系数数复复利利现现值值系系数数所所得得税税所所得得税税现现值值行行政政所所得得税税0 05.00%-0201620161 15.00%0.95240.9524201720172 25.005、%1.85940.9070201820183 35.00%2.72320.86380.00201920194 45.00%3.54600.82270.00202020205 55.00%4.32950.78350.00202120216 65.00%5.07570.74620.00202220227 75.00%5.78640.71070.00202320238 85.00%6.46320.67680.00202420249 95.00%7.10780.64460.002025202510105.00%7.72170.61390.002026202611115.00%8.30640.584706、.002027202712125.00%8.86330.55681200.48668.472028202813135.00%9.39360.53031411.66748.632029202914145.00%9.89860.50511482.24748.632030203015155.00%10.37970.48101556.36748.632031203116164.15%11.52440.52170.000.002032203217174.15%12.02540.50090.000.002033203318184.15%12.50630.48100.000.002034203419194.7、15%12.96820.46180.000.002035203520204.15%13.41160.44340.000.002036203621214.15%13.83730.42580.000.002037203722224.15%14.24610.40880.000.00合计竞竞争争性性中中立立调调整整值值2914.372,914.37行行政政所所得得税税现现值值00项目具体内容数额（单位：万元）建设和运营净成本建设成本37,188.21运营维护成本2,556.07其他成本-资本性收益-使用者付费收入-小计39,744.28竞争中立调整所得税2,914.37行政审批费用60土地费用小计298、74.37风险调整转移风险4,769.31自留风险1,192.33小计5961.64合计初始PSC+竞争中立调整+风险调整48680.30年年份份期期数数折折现现率率年年金金现现值值系系数数复复利利现现值值系系数数股股权权投投资资建建设设成成本本现现值值0 05.00%-1,200.001,200.00201620161 15.00%0.95240.9524-201720172 25.00%1.85940.9070201820183 35.00%2.72320.8638201920194 45.00%3.54600.8227202020205 55.00%4.32950.783520212029、16 65.00%5.07570.7462202220227 75.00%5.78640.7107202320238 85.00%6.46320.6768202420249 95.00%7.10780.64462025202510105.00%7.72170.61392026202611115.00%8.30640.58472027202712125.00%8.86330.55682028202813135.00%9.39360.53032029202914145.00%9.89860.50512030203015155.00%10.37970.48102031203116164.15%11.10、52440.52172032203217174.15%12.02540.50092033203318184.15%12.50630.48102034203419194.15%12.96820.46182035203520204.15%13.41160.44342036203621214.15%13.83730.42582037203722224.15%14.24610.4088合合计计44,081.8744,081.8712001200运运营营补补贴贴运运营营补补贴贴现现值值自自留留风风险险成成本本现现值值配配套套投投入入配配套套投投入入现现值值-3,790.553,274.423,963.811、83,261.094,145.873,248.404,336.973,236.314,537.613,224.804,748.293,213.834,969.513,203.395,201.793,193.445,445.673,183.975,701.763,174.955,970.653,166.366,252.983,158.186,549.433,150.39-41,689.5441,689.541,192.331,192.330 0年年份份期期数数折折现现率率复复利利终终值值系系数数复复利利现现值值系系数数社社会会资资本本方方建建设设成成本本0 05.00%-201620161 1512、.00%1.05000.952418,800.00201720172 25.00%1.10250.907020,000.00201820183 35.00%1.15760.8638201920194 45.00%1.21550.8227202020205 55.00%1.27630.7835202120216 65.00%1.34010.7462202220227 75.00%1.40710.7107202320238 85.00%1.47750.6768202420249 95.00%1.55130.64462025202510105.00%1.62890.6139-20262026111113、5.00%1.71030.58472027202712125.00%1.79590.55682028202813135.00%1.88560.53032029202914145.00%1.97990.50512030203015155.00%2.07890.48102031203116164.15%1.91670.52172032203217174.15%1.99620.50092033203318184.15%2.07910.4810-2034203419194.15%2.16530.46182035203520204.15%2.25520.44342036203621214.15%2.3414、880.42582037203722224.15%2.44630.408838,800.0000静态利润：22,602.95合理利润率8.00%静态利润率：58.26%第第n n年年社社会会资资本本建建设设成成本本：n n指指支支付付财财政政补补贴贴的的第第n n年年，第第一一年年开开始始支支付付，n=1,n=1,以以此此类类推推。20172017年年末末社社会会资资本本方方建建设设成成本本运运营营期期现现值值 社社会会资资本本方方年年均均建建设设成成本本（含含合合理理利利润润）-19,740.0020,000.003,301.47693,301.47693,301.47693,301.47615、93,301.47693,301.47693,301.4769-3,301.47693,301.47693,301.47693,301.47693,301.47693,301.4769-39,740.000042,919.20第第n n年年社社会会资资本本建建设设成成本本 每每年年运运营营维维护护成成本本 每每年年运运营营维维护护成成本本（含含合合理理利利润润）使使用用者者付付费费收收入入-3,466.55300.00324.003,639.88300.00324.003,821.87300.00324.004,012.97300.00324.004,213.61300.00324.004,416、24.29300.00324.004,645.51300.00324.004,877.79300.00324.005,121.67300.00324.005,377.76300.00324.005,646.65300.00324.005,928.98300.00324.006,225.43300.00324.00-61,402.953,900.004,212.00当当年年运运营营补补贴贴支支出出数数额额运运营营补补贴贴现现值值等等额额本本息息补补贴贴支支出出数数额额等等额额本本息息现现值值0.00-3790.553,274.424,893.004,226.753963.883,261.094,17、893.004,025.484145.873,248.404,893.003,833.794336.973,236.314,893.003,651.234537.613,224.804,893.003,477.364748.293,213.834,893.003,311.774969.513,203.394,893.003,154.075201.793,193.444,893.003,003.885445.673,183.974,893.002,860.835701.763,174.954,893.002,724.605970.653,166.364,893.002,594.866252.9818、3,158.184,893.002,471.306549.433,150.394,893.002,353.610.00-0.00-0.00-0.00-0.00-0.00-0.00-65,614.9541,689.5463,608.9541,689.54-项目PSC项目PPP初始PSC39744.28股权支出1200.00竞争中立调整2974.37运营补贴41689.54风险调整自留风险1192.33风险承担1192.33风险调整转移风险4769.31配套投入0.00总计48680.30总计44081.87VFM=PSC-PPP 4598.43VFM（%）9.45年年份份期期数数折折现现率率复复19、利利终终值值系系数数复复利利现现值值系系数数 政政府府年年均均风风险险分分担担值值 第第n n年年社社会会风风险险分分担担0 05.00%-201620161 15.00%1.05000.952454.196756.91201720172 25.00%1.10250.907054.196759.75201820183 35.00%1.15760.863854.196762.74201920194 45.00%1.21550.822754.196765.88202020205 55.00%1.27630.783554.196769.17202120216 65.00%1.34010.74625420、.196772.63202220227 75.00%1.40710.710754.196776.26202320238 85.00%1.47750.676854.196780.07202420249 95.00%1.55130.644654.196784.082025202510105.00%1.62890.613954.196788.282026202611115.00%1.71030.584754.196792.692027202712125.00%1.79590.556854.196797.332028202813135.00%1.88560.530354.1967102.202029221、02914145.00%1.97990.505154.1967107.312030203015155.00%2.07890.481054.1967112.672031203116164.15%1.91670.521754.1967103.882032203217174.15%1.99620.500954.1967108.192033203318184.15%2.07910.481054.1967112.682034203419194.15%2.16530.461854.1967117.352035203520204.15%2.25520.443454.1967122.222036203621222、14.15%2.34880.425854.1967127.302037203722224.15%2.44630.408854.1967132.58合合计计年年份份x x值值公公共共预预算算支支出出股股权权投投资资运运营营补补贴贴风风险险分分配配配配套套投投入入201620167333,792.901,200.0056.91201720178386,284.4059.75201820189442,364.103,790.5562.742019201910502,032.003,963.8865.882020202011565,288.104,145.8769.172021202112632,1323、2.404,336.9772.632022202213702,564.904,537.6176.262023202314776,585.604,748.2980.072024202415854,194.504,969.5184.082025202516935,391.605,201.7988.2820262026171,020,176.905,445.6792.6920272027181,108,550.405,701.7697.3320282028191,200,512.105,970.65102.2020292029201,296,062.006,252.98107.3120302030224、11,395,200.106,549.43112.6720312031221,497,926.400103.8820322032231,604,240.900108.1920332033241,714,143.600112.6820342034251,827,634.500117.3520352035261,944,713.600122.2220362036272,065,380.900127.3020372037282,189,636.400132.582010937092011126943201215728520131992982014239255本本项项目目财财政政支支出出本本项项目目支25、支出出占占政政府府财财政政支支出出比比例例(%)(%)1,256.910.38%59.750.02%3,853.290.87%4,029.750.80%4,215.040.75%4,409.590.70%4,613.870.66%4,828.370.62%5,053.590.59%5,290.070.57%5,538.370.54%5,799.090.52%6,072.840.51%6,360.280.49%6,662.100.48%103.880.01%108.190.01%112.680.01%117.350.01%122.220.01%127.300.01%132.580.01%Chart 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