【作者】 邸雅婧；

【导师】 孙新强；

【作者基本信息】 山东大学 ， 国际法学， 2010， 硕士

【摘要】 在过去五十年来,国际资本市场迅速发展,在此背景下,越来越多的国家对基础设施建设放宽了规则限制以及私有化程度,金融融资项目日益成为一种新兴的私有财团投资模式。通常BOT项目的运作模式可以简单描述为：贷款方以某个将要建成的金融项目的收益为抵押,并以一段时期内对所建成后的金融项目的使用收益权的占有为手段,来完成其贷款的回收及收益。由于其融资模式的灵活性及筹集资金的优越性,它的推行与发展,不仅为私人投资提供了更为广阔的空间和舞台,更解决了众多发展中国家政府扩建基础设施项目上资金紧张的困难。然而,由于BOT项目是由政府与私人投资者,私人投资者与承包商等多方通过签署合同与协议完成合作,其中存在的风险管理与规避一直在该项目顺利运行的过程中扮演者举足轻重的角色。本文试图通过分析BOT项目中的风险分配、规避,及政府保证等法律问题,结合我国BOT项目发展现状,对我国的BOT立法提出相关建议,以期完善我国相关立法体系,更好的发展我国的BOT金融模式。本文的第一章主要对BOT项目的基本构成进行一个概念性的陈述。文章通过介绍BOT项目的基本概念,运行流程和其所具备的四个基本特征,从较为概括的层面为读者要进一步了解BOT项目提供背景知识。本文第二章主要讲述了BOT项目中所面临的主要法律问题。文章从BOT项目的法律性质切入,进一步分析了BOT项目中可能包含的各种法律协议,并逐一进行分析其法律性质。其中,由于特许经营协议是BOT项目的主协议,它不仅是BOT项目运行的基础,更是政府保证的法律依据,笔者着重分析了特许经营协议的法律性质,力图为后面的分析扫清模糊概念的障碍。本文第三章对BOT项目进行了风险管理分析。BOT作为一个庞大的金融融资项目,风险的分担与规避在整个项目的运作中至关重要。笔者首先对BOT项目可能面对的风险进行了论述和分类。接下来分别就BOT项目要面对的建设运营风险、外汇风险及政治风险分别进行了论述。除此之外,笔者还介绍了他国成功运作BOT的可借鉴经验。整章的目的是希望通对风险识别和分析,投资双方可以以有效的法律手段,对可预见性的风险提早进行规避和分担,按一般的分担原则确定风险由最有能力的方承担,以最低的成本,科学化得实现对BOT项目可预见风险的规避,打消投资双方的顾虑,更好的运行BOT项目。本文的第四章对BOT项目的政府保证及相关法律问题进行了分析。由于BOT项目大多是发达国家私人财团对发展中国家基础设施建设项目投资,发展中国家的政治稳定状况也成为投资者对投资安全考虑的一大重点。如笔者在上一章论述过的政治风险,政府保证不仅东道国对规避政治风险所要做出的法律保障,也是投资者对政治风险规避的法律依据。由于签订政府保证协议的双方分别是国家政府与私人投资方,该协议的内容及性质对BOT项目的运行都有着极为重要的意义。另外对政府保障法律性质的分析也有利于解决其法律适用问题。笔者在本章主要论述了政府保证定义内容及法律性质,并介绍了可借鉴的他国成功经验。本文的第五章作者通过对我国BOT实施现状,介绍了外国投资者在我国可能会面临的相关风险,并列举了相关案例。通过对我国现存的问题描述,笔者对我国BOT项目实施现存的法律障碍提出立法建议,以期解决上述问题,使得BOT项目在我国的以后的运行道路更为平坦。更多还原

【Abstract】 The global capital market witnessed dramatic improvement in the last fifty years, under this situation, more and more countries lightened up their restrictions on infrastructure constructions and privatization. Project finance has become a new investment option for private equity groups. Usually, the way BOT projects work out can be described simply:creditors seek to realize a return on their investment through demanding the usufruct for a certain period of time after the financed project has been built, while requesting the profits generated from such project as collateral. Since the way project finances usually work offers great flexibility, the development of this business model not only provided private sector investors a bigger platform, but also helped solve budget difficulties in many developing nations when they sought to enhance their infrastructure construction projects. However, since BOT involves many contracts and cooperation between government and private sector investors, and other contracts between private sector investors and contractors, the mitigation and management of risk is critical in the successful operations of such projects. Considering the current development status of China, and based on a thorough analysis of legal issues such as risk mitigation, risk management, and government guarantees in BOT projects, the author will give recommendations for the legislation of BOT laws in China, hoping this would complement relevant legislations, therefore further develop our BOT finance model.The first chapter of this thesis mainly focuses on a brief explanation of the structure of BOT projects. It provides overview and background knowledge for readers to further understand BOT projects through introducing the basic concepts, current status, and the four main hallmarks of such projects.The second chapter discusses the legal issues faced in BOT projects. It begins with an explanation of the legal nature of BOT projects, followed by a thorough analysis of various kinds of legal agreements possibly involved in the projects, and a one-by-one analysis on the legal nature of each individual agreement. Amongst all these agreements, concession agreements are the most important, they are not only the foundation of the operations of BOT projects, but also the legal basis of government guarantees. The author of this thesis emphasizes an analysis of the legal nature of concession agreement in order to clear the way to understand the more in-depth analysis in later chapters.The third chapter discusses risk management analysis. Since BOT are usually large-scale projects, risk mitigation and management are critical for a smooth operation. The author first explains and categorizes different types of risks involved in BOT projects, then moves on to construction and operational risk, foreign exchange risk, and political risk. Furthermore, the author introduces experiences of successful operations of BOT in other countries. The purpose of the thesis is to, through identifying and analyzing risks, with effective legal measures, based on common risk-sharing principles, all parties of the project finance could scientifically avoid or manage foreseeable risks at the lowest costs, thus minimizing unnecessary concerns of each party, and assuring the smooth operation of BOT projects.The fourth chapter analyzes government guarantees and relevant legal issues of BOT projects. Since most such projects are infrastructure investment from private equity groups in developed countries to developing countries, the political stability in developing countries is also an important factor when investors are considering the safety of their investments. Considering the political risks explained in the third chapter, a government guarantee is not only a legal promise from the host country to the creditors in order for the later party to avoid and manage risks, but also a legal basis for the investors to avoid and manage such political risks. Since the signing parties of government guarantee agreements are host country governments and private sector investors, the content and character of such agreement is extremely important to the smooth and successful operation of BOT projects. In addition, an analysis of the legal nature of government guarantee agreements would be helpful when there are any issues regarding the application of the law. The author addresses the definition and legal nature of government guarantee agreements, and introduces applicable and successful experiences from foreign countries.The fifth chapter is based on the current status of BOT project operations in China, lists various kinds of risks that foreign investors may be exposed to in China, and offers examples. Through a discussion of current relevant legal controversies, the author makes legislative recommendations to remove legal obstacles for the practice of BOT projects, hoping the solutions proffered would mark a clear path for the future implementation and operations of BOT projects in China.更多还原