【作者】 周虹；

【导师】 刘晓平； 游涛；

【作者基本信息】 长沙理工大学 ， 港口、航道及近海工程， 2008， 硕士

【摘要】 由于我国交通基础工程建设需求大、投资高、周期长,国家投资有限,不能满足我国基础建设发展需要。为了快速发展我国经济,扩大我国基础设施建设的投资来源,丰富其投资主体,BOT作为一种新型的项目融资模式在我国交通基础设施建设领域的应用越来越广泛。但BOT项目在实际操作过程中仍有许多的问题有待研究。特许权期限的确定是特许权协议中最关键的内容之一,能否合理的确定特许权期限是保证投资者与政府双方利益的关键。根据传统项目融资理论,项目的收益主要取决于与项目有关的一系列不确定因素,对特定的工程项目产生的影响是可以避免的,通常情况下风险投资在进行投资决策时更关心非系统风险对特许权期限确定的影响,因此,本文研究BOT项目的非系统性风险对特许权期的影响更具有理论与现实意义。本文针对BOT项目非系统性风险对特许权期类型选择和参数确定进行了分析研究,构建了考虑非系统风险影响下的特许期计算公式,并以实例进行了验证,得出的特许权期长度很好的符合了实际工程情况。更多还原

【Abstract】 The limited state investment can not meet China’s infrastructure development needs in the infrastructure construction area because of huge requirements, high investment and long construction cycle. In order to rapidly develop China’s economy, expand the infrastructure investment sources and enrich its investors, BOT projects, as a new financing model, have more extensive application in China’s infrastructure projects construction. However, there are still many issues to be considered in the practical operation of BOT projects.The concession period determination is one of most important contents in the concession agreement, the determination of a reasonable concession period is the key to ensure the interests of both investors and the government. According to the traditional theory of project financing, the proceeds profits of the project depends primarily on a series of uncertainties, the impact on the entire industry’s economic situation and political factors and other factors could be avoided in some projects. Under normal circumstances, investors are more concerned about non-system risk effect on concession period when venture capital investment decisions are made, so the research of non-system risk effect on concession period in BOT projects have practical meanings in this paper.In this paper, we have quite thorough research of Non-system risk effect on the concession period limited. At the same time quantitative analyses are made to the impact of the risk and consideration to build a non-systemic risk factor of the concession period under the formula. the theory and methods are applied in the case analysis, the calculated length of the concession period matches well with that in the real situation.更多还原