In the public-private partnership projects(PPP),governments share risks with investors by providing guarantees so as to increase their investing confidence. On the basis of large-scale infrastructure projects in PPP mode and the theory of risk-sharing and real options,option values of MRG(minimum revenue guarantee)and RCS(revenue cap sharing)are estimated. Numerical analysis shows that the MRG provided by government can reduce investors’ uncertainty of future revenue. Correspondingly, according to the principles that the risk undertaken should be equal to the income gained,the government has the right to share the excess revenue. This option value could effectively reduce financial pressure of government.%在公私合营项目（PPP）中，政府往往通过提供担保的形式为投资方分担风险从而增强其投资信心。以PPP模式的大型基础设施项目建设为背景，在项目风险分担以及实物期权理论的基础上，对政府向投资方做出的最低收益担保以及政府参与投资方超额收益分享的期权价值进行了估算。通过数值分析说明了政府提供最低收益担保可以降低投资方将来收益不确定性，且依据风险承担应与所得收益相当原则，政府分担了风险就有权分享超额收益，这一期权价值的获得可有效降低政府的财政压力。
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