项目融资中的BOT方式探讨

项目融资中的BOT方式是项目建设中重要的资金筹措手段。此系统分析了项目融资中BOT方式的特点和方法，以及BOT方式存在的问题及融资理念，并对BOT方式在我国的发展提出了一些建议。     

BOT项目融资风险的模糊综合评价方法研究

BOT是一种新兴的项目融资模式，其本身的特点决定项目公司必然会承担较大的风险。在项目投资决策中，风险的分析与评价是关键。此文分析了BOT项目风险的来源并运用模糊理论建立模糊综合评价模型，为项目公司在选择BOT项目时进行科学的投资决策提供参考。     

深圳轨道交通 4 号线二期工程设计特点

深圳轨道交通4号线二期工程是国内第1条以BOT模式建设的轨道交通线。阐述该项目的四大设计管理特点:业主和设计联合体互动,开展专题研究和专项设计,采用车站建筑一体化综合设计,在国内首次引入"轨旁设备"专业和两阶段"CSD(综合管线)/SEM(预留孔洞)"设计。总结出该项目九方面的工程设计特点:国内首次采用"轨道+物业"的发展模式;国内首次引入"车站周边规划"专项设计;国内首次采用π型高架三层岛式车站方案;国内首座预留"通过线路换边实现同台换乘条件"的高架车站;国内首次实现轨道交通车站与国铁站房屋顶有机融合、一体化设计,打造了深圳北站综合交通枢纽;建成国内目前最集约利用土地的龙华车辆段;高架景观及环境效果领先;国内首次采用"车站群"的运营模式;国内首次采用RAMS系统保证管理。     

对 BOT 项目收益模型的帕累托改进

在委托-代理理论框架下，建立了BOT目中政府和项目公司双方的传统收益模型．对该模型的分析表明，代理人（项目公司）在特许权期内运营项目时不会选择对委托人（政府）最有利的行动，原因是在传统的收益模型中委托人向代理人支付报酬的合同不满足参与约束．对原收益模型进行帕累托改进后，使参与约束得到满足，进而在代理人的收益不受影响的同时，使代理人选择能增加委托人收益的行动．     

Selection bias in build-operate-transfer transportation project appraisals

Recent empirical studies have found widespread inaccuracies in traffic forecasts despite the fact that travel demand forecasting models have been significantly improved over the past few decades. We suspect that an intrinsic selection bias may exist in the competitive project appraisal process, in addition to the many other factors that contribute to inaccurate traffic forecasts. In this paper, we examine the potential for selection bias in the governmental process of Build-Operate-Transfer (BOT) transportation project appraisals. Although the simultaneous consideration of multiple criteria is typically used in practice, traffic flow estimate is usually a key criterion in these appraisals. For the purposes of this paper, we focus on the selection bias associated with the highest flow estimate criterion. We develop two approaches to quantify the level and chance of inaccuracy caused by selection bias: the expected value approach and the probability approach. The expected value approach addresses the question “to what extent is inaccuracy caused by selection bias?”. The probability approach addresses the question “what is the chance of inaccuracy due to selection bias?”. The results of this analysis confirm the existence of selection bias when a government uses the highest traffic forecast estimate as the priority criterion for BOT project selection. In addition, we offer some insights into the relationship between the extent/chance of inaccuracy and other related factors. We do not argue that selection bias is the only reason for inaccurate traffic forecasts in BOT projects; however, it does appear that it could be an intrinsic factor worthy of further attention and investigation.     

基础设施BOT投融资模式的难点及建议

通过BOT投融资模式,政府能够合理引导民间资本对基础设施的直接投资。但是,目前应用BOT模式在政策准入和法规、BOT项目选择、政府信用和公共基础设施产品定价等方面还存在一些问题。为更好地推进BOT模式,政府要通过加快基础领域改革,为非公有制经济进入基础领域提供良好社会保障;明晰投资管理,加快基础领域投资主体转换;改革投资管理方式,创造平等竞争规则,实行产业投资收益补偿、政府投资信用约束等一系列制度,以完善民营投资权益保护环境。BOT投融资模式的成功应用,在黄浦江越江工程案例中得到了充分的体现。     

Modeling the impact of government guarantees on toll charge,road quality and capacity for Build-Operate-Transfer (BOT) road projects

Government guarantees are frequently used to attract private investors’ participation into Build-Operate-Transfer (BOT) road projects. In this paper, we investigate the impact of government guarantees on toll charge, road quality and road capacity by taking perspective of the private investor. The main results are: (1) Minimum traffic guarantee increases toll charge while decreasing road quality. Under a low guarantee level, minimum traffic guarantee has no impact on road capacity. However, it improves road capacity when a high guarantee level is performed. (2) Under minimum revenue guarantee, if the guarantee level is sufficiently high, the optimal toll charge will be sufficiently large, but road quality and road capacity will approach zero. (3) Price compensation guarantee decreases toll charge and increases both road quality and road capacity. This paper further investigates the impact of government guarantees when the contract is auctioned. We find that auction reduces the impact of government guarantees on toll charge while failing to affect the impact of government guarantees on road quality and capacity. Some policy implications are also derived from our model results.     

铁路BOT项目筹划与运作相关问题探讨

BOT（建设-经营-移交）作为一种国际流行的公共基础设施投资建设经营模式，已在世界一些国家和地区的基础设施建设中得到成功应用，对推动公共基础设施建设发挥了重要作用。铁道部在《关于鼓励支持和引导非公有制经济参与铁路建设经营的实施意见》中明确提出，要研究借鉴包括BOT在内的多种公共基础设施投资建设经营模式。BOT项目筹划与运作过程复杂，风险较大。借鉴国内外一些BOT项目运作的经验，分析铁路实施BOT模式将会遇到的风险控制、聘请专业顾问、融资协调、运价制订、非商业补贴以及运营管理等方面的问题，提出相应的建议。     

BOT融资模式在我国高速公路建设中的应用探讨

BOT作私人资本参与基础建设的一种实现方法，被普遍认为是非常适合于公路等公有部门的建设项目，但在我国的高速公路建设项目中却还处在尝试引入阶段。故促进BOT融资模式在我国高速公路建设项目中的广泛应用，是当前一项十分紧迫的工作任务。     

在我国城市轨道建设中采用BOT模式的探讨

结合我国城市轨道建设现状,分析了BOT融资模式的特点,对其在城市轨道交通建设中的应用进行探讨。