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中文摘要：
浮动投资回报率担保是吸引基础项目融资的有效方式。本文基于浮动上下限投资回报率担保，构建基础项目非政府投资者收益模型，证明非政府投资收益是浮动担保上下限的增函数，以及交易成本对非政府投资收益产生的负效应，并在非政府投资者收益最大化的条件下给出了最优政府浮动担保水平。最优政府浮动担保水平指出政府过度担保会抑制基础项目融资，进一步导致基础项目产业的内在扭曲。
英文摘要：
Float return guarantee is an effective way for infrastructure finance in China. In dynamic content, float return guarantee can be applied to infrastructure finance, and also can cause market failure. The paper models the float return guarantees and the optimal float return guarantees are analyzed based on the model. The paper al- so points out that high risk and market failure are the two main reasons for government guarantees in infrastruc- ture finance. Overqualified government support does not benefit the project, but causes distortion in infrastructure industry further.
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