【作者】 麦兴鸿；

【导师】 李天志；

【作者基本信息】 西南农业大学 ， 金融学， 2004， 硕士

【摘要】 我国基础设施长期由政府垄断供给，不仅造成基础设施数量不足，运作效率低下，而且使国家财政不堪重负。BOT项目融资模式作为解决基础设施建设资金不足和提高运营效率的有效方式，早在上世纪八十年代，我国就开始将之作为引进外资弥补基建资金不足的重要手段，并进行了一系列试点项目。但是，实践表明，以引进外资为目的的外资BOT在我国的运用并不成功，且应用规模和范围都较小。随着国内经济的发展，基础设施的需求压力和国内资本积聚的投资冲动使内资BOT浮出水面。2001年以后，内资BOT受到社会各界的广泛关注，并积极应用于各个基建领域。但是内资BOT从出现到目前开始广泛应用，都体现了一种内在的自发冲动。这种自发冲动一方面说明了内资BOT符合我国现实需要，具有生存和发展的空间，另一方面也说明了内资BOT要想走得更好更远，也亟需支持、引导与规范。 本文以公共物品理论为基础，结合契约执行的制度安排和委托代理理论对内资BOT进行了研究：首先对我国基础设施供给不足这一大背景进行了展示，指出外资BOT模式在我国应用的局限性，从而导出了内资BOT运用的必要性和可行性；然后通过对BOT在发达国家(地区)和发展中国家应用的对比分析，在得出一些经验教训的同时再次突出了采用内资BOT的必要性、可行性和重要性：接下来，对内资BOT在我国应用的现状进行了介绍并指出制约其广泛应用的障碍和运作中存在的问题；此后对这些障碍和问题产生的原因进行了分析；最后在此基础上得出研究结论并给出相应的对策建议。 本文研究结构如下：第一章为总论，主要介绍问题提出的背景，研究的目的、思路、方法及论文的结构：第二章为BOT概述及理论思考，主要对BOT模式及其运作作简要介绍，并结合BOT特点进行相关理论分析：第三章从发达国家(地区)和发展中国家两个角度对BOT在国外的应用作了介绍和对比分析，并得出一些有益启示：第四章，在介绍内资BOT在我国运用现状的基础上，指出了制约内资BOT在我国广泛应用的障碍和运作中存在的问题：第五章对内资BOT应用中障碍和问题产生的原因进行分析；第六章，得出研究结论并针对障碍和问题提出促进内资BOT在基建中广泛应用的对策建议。 本文采用规范与实证相结合的分析方法，以实证为主，辅以归纳和对比，通过研究，得出了以下结论： 1．以政府为主导，以财政和政府负债为主体的传统基建投融资体制亟待突破。长期以来，我国基础设施供给的基本现状是存量不足、增量乏力、重复建设严重且运营效率低下，导致国家财政不堪重负，而资金缺口依然巨大，严重制约了经济的发展。究其原因，一是投资主体单一，主要靠政府：二是资金来源渠道窄，主要靠财政和银行贷款；三是垄断程度高，竞争的缺乏必然导致低效率的运营。冈此，突破政府垄断的格局，建立“政府引导，社会参与，市场运作”的多元化投融资模式势在必行。 2．内资BOT是适合我国国情的解决基建资金不足和基础设施运营效率低下的重要手段。 西南农业大学2004届硕士学位论文旦旦旦旦旦鱼鱼旦鱼旦旦鱼鱼鱼旦旦与大多数发展中国家一样，我国一开始就将BOT作为引进外资的方式。但实践证明，由于种种局限，外资BOT在我国运用有限。内资BOT正是在这样的背景和国内经济发展的推动卜浮出水面的。内资BOT与外资BOT在操作上并无本质区别，具有引入社会资本以弥补基建资金不足，促进基础设施市场化从而提高运营效率的BOT模式普遍优势。但是由于内资 BOT的主办者是国内企业，因而不存在外资BOT中面临的法律适用、外汇兑换、国家风险、高投资回报率保证等难题，同时有利于培育国内投资主体，合理引导国内投资，促进储蓄向投资转化。 3.内资BOT在我国广泛运作还存在诸多障碍。主要表现为:(l)民营投资者准入障碍; (2)信用障碍(包括经济学范畴和道德范畴两方面);(3)融资障碍(包括股本资金和债务资金筹集)，而这一障碍又突出体现于非国有投资者的融资问题;(4)投资回报的保证障碍。显然，非国有投资者在接入BOT项目中要面临更多障碍。这些障碍一定程度是计划经济和传统投融资体制的遗留。因此，如何处理政府和市场、政府与国有和非国有投资者的关系问题，是内资BOT应用中的重要课题。 4.内资BOT在实际应用中暴露出了不少问题。主要是:(l)政府部门为解决基础设施不足与财政资金紧缺的矛盾，在确定BOT项目时表现出较为草率的态势:(2) BOT项目主办者的选择方式不规范;(3)项目规模普遍较小而特许期限却一般较长;(4)风险分担不合理; (5)东西部应用不均衡，基础设施不足压力更大的西部地区采用内资BOT模式的数量远少于东部地区。这些问题表内资BOT在我国运作并不规范，巫需规范和引导。 5.诸多因素导致了障碍和问题的形成。主要是:(l)观念原因，主要表现为对非国有投资者的限制;(2)长期对内资BOT的忽视导致缺乏研究和引导;(3)政府财政状况不佳、职能不清、依法行政意识淡漠;(4)市场化的投融资体系尚未形成，具体表现为市场化的合格投融资主体缺位、投融资渠道和方式单一、市场化的投融资中及服更多还原

【Abstract】 The infrastructure supply in our country has been monopolized by the government for a long time, which resulting in shortage of infrastructure, low efficiency, and heavy financial burden. The BOT project financing mode, an effective method to provide fund and promote operation efficiency, had been used by our country as an important measure to introduce foreign capital to support infrastructure construction, and a series of experiment projects had been operated. However, the practices show that foreign investment BOT mainly for capital introduction didn’t work to the expectation, and the application scale was limited. Along with the development of domestic economy, the investment demand to easy the pressure of infrastructure construction and domestic capital accumulation lead domestic-investment BOT to appear obviously. Since 2001, domestic-investment BOT had received special concerns from various circles of society, and been applied to every capital construction field actively. But the domestic-investment BOTs wide application up to now, has reflected a kind of inherent and spontaneous reality in our country and has survived and strengthened such a developing impulse. It is proved on one hand that domestic-investment BOT accords with the needs of our country and that it still has a long way to go on the other hand, with wide supporting, correct guidance and rational regulation.Based on public good theory, this thesis, with contractual institution arrangement and principal-agent theory to study domestic-investment BOT: (l)to illustrate the supply deficiency of our infrastructures and the application the mode of domestic-investment BOT in our country; (2) to show the existing situation, obstacles, and problems of domestic-investment BOT; (3) to analyze BOT in both developed and developing countries, and to emphasize necessity, feasibility, and importance of domestic investment BOT.The conclusions are summed as follows:1. The traditional financing system of infrastructure supported by our government must be overcome.2.Domestic investment BOT is an important approach to settling our capital deficiency in infrastructure construction and low efficiency in infrastructure operation.3.Many obstacles still exist: (1) admittance obstacle for private investors; (2) credit problems; (3) financing obstacles; (4) security of investment yield. Thus, one of the most important things in the application of domestic investment BOT is how to deal with the relations between government and market, and between government and private investors.4.There are many problems during its practical application.5. A great deal of factors caused the obstacles and problems above.6.Because domestic-investment BOT is a new concept to most users, we should make it more easy to serve economic construction. Here are some countermeasures for application of domestically invested BOT mode in infrastructure construction:(l)to change ideas and to support the non-state-owned investor to get involved energetically; (2)to set up a normal method bid system; (3)to strengthen government credit and functions; (4)to share risk rationally; (5)to accelerate the market-oriented investment and financing system building and to propose setting up" BOT financing club" innovating; (6)to perfect the product pricing system of infrastructures and to set up investment and compensation mechanism; (7)to perfect relevant laws and regulations and related policy; (8)to train the qualified personnel in a specific field; (9)to facilitate trans-regional cooperation and to support the West Developing; (10)to take advantage of all kinds of BOT evolutive form.更多还原