【作者】 李晓晔；

【导师】 李春杰；

【作者基本信息】 华北电力（北京）大学 ， 技术经济及管理学， 2002， 硕士

【摘要】 开发建设项目，就需要资金的支持。但由于各方面的原因，项目发起人本身可能并不具备相应的经济实力来独立完成项目的建设。在这种情况下，就需要通过项目贷款来完成对项目在资金上的支持，这就可以简单理解为对项目进行的融资。 项目融资的方式有多种，但对于电力项目而言，最常用的还是BOT 方式（及其扩展方式，如BOO），即对项目进行建设并完成初步运营，最后将整体完成的项目交至项目发起人（业主）手中，从而完成一个项目融资过程。 BOO项目融资在程序上较为复杂。由于其看重的不仅仅是借款人的资信和偿债能力，而且更加重视项目本身的经济强度，即项目自身的资产价值和发展潜力。在融资过程中，所有涉及项目发展的方方面面都要纳入融资者的考虑范围，包括：发展势头、经济实力、还本付息、投资回报、法律、保险、政府支持等。但与直接融资相比，项目融资由于在可独立运作产生经济效益（独立法人，独立现金流）、投资者有更大权力控制资金流向和有限追索等方面存在较大优势，其在中国经济建设，特别是基础产业建设中发挥的作用会越来越大。 中国在加入WTO 后将与世界的联系更加紧密，特别是相关法律、法规将更加向国际标准靠拢。因此，合理、有效、高质量地运用BOO项目融资对中国经济的发展将起到巨大的推动作用，也必将会得到越来越多的认可和使用。更多还原

【Abstract】 Developing construction project needs financial support. But because of all sorts of reasons, initiator may not have the according economic power to complete the construction project independently. For this case, project loans are essential to support the project, which can be thought simply as Project Financing.There are many methods for project financing, but as far as electric power projects are concerned, the most commonly used is BOT (and its outspread methods, for example BOO), that is creditors are responsible for the construction and basic operation, at last transfer the project to the issuer (owner) to complete the project financing process.The process of BOO is quite complicated, because it emphasizes not only borrower’s financial credit but also the project’s economic intensity, which is its financial value and developing latent. In the financing process, all kinds of things concerned with the project are to be considered by the loaner, which includes: developing trend, economic power, repayment ability, law, insurance and government’s support etc. But compared with direct financing, item financing has its great advantages in economic profit brought by independent operation (independent principal, independent capital flow) and investor’s stronger power to control the capital flow and limited right of recourse, it will play a more and more important role in China’s economic construction, especially for its infrastructure.China will be related to the world more closely after its entry for WTO, especially relevant law and rules need to conform to international standards. So proper, efficient application of BOO project financing will greatly promote China’s economic development and will be more and more accepted and applied.更多还原