交通BOT项目建设期提前终止的补偿研究

发布时间：2018-04-11 21:18

本文选题：BOT + 建设期终止　；参考：《深圳大学》2017年硕士论文

【摘要】：各国都在大力推进基础设施与公用事业建设,将BOT模式应用于其中可有效缓解政府的资金压力,提高项目运作和管理效率,同时也给私人资本提供了获得合理报酬的机会。然而,在实践中存在大量的BOT项目面临特许协议重新谈判或提前终止,甚至有些BOT项目面临建设期终止的问题。科学合理地确定补偿额,有助于避免政企双方的争端,提升政府回购项目的效率,使双方获得尽可能多的经济利益或尽量避免损失。关于BOT项目提前终止补偿的研究,大多是针对运营期终止的,针对建设期终止的研究却很少。本文围绕BOT项目建设期提前终止补偿的确定展开研究。首先,总结了国内外BOT项目提前终止的影响因素以及责任分担结果,综述了回购补偿的支付方式以及现有研究在补偿构成和补偿确定原则等补偿决策上的相关观点。同时,分析市场法、成本法、收益法对于交通BOT项目建设期提前终止补偿的适用性。其次,针对现有成本法具有计算程序复杂的不足,在提出相关假设的前提下,从项目建设期终止的角度出发,核算已发生投资,并按照项目投资回报率来计算已发生投资的回报,构建建设期回购补偿的成本法模型。同时,根据已发生投资占项目投资的股权比例,在计算项目特许期内NPV值的基础上,构建适用于建设期回购补偿的收益法模型。在模型中,投资回报率及折现率的测算是通过资本资产定价模型(Capital Asset Pricing Model,缩写为CAPM)及加权平均资金成本(Weighted Average Cost of Capital,缩写为WACC)模型的结合运用确定的。最后,以一个经营性公路BOT项目为案例,运用构建的成本法和收益法回购补偿模型,计算其回购补偿额,结果分别为176247.31万元、191558.6万元,二者相差15311.29万元。研究表明,运用成本法和收益法两种方法计算得到的回购补偿估算值较为接近,同时又存在差异。差异性主要是因为成本法强调已投入资金的时间价值,而收益法则强调已投入资金应该获得的风险溢价。
[Abstract]:All countries are vigorously promoting the construction of infrastructure and public utilities. Applying the BOT model to it can effectively relieve the government's financial pressure, improve the efficiency of project operation and management, and at the same time, provide the opportunity for private capital to get reasonable remuneration.However, in practice, there are a large number of BOT projects facing the licensing agreement to be renegotiated or terminated in advance, and even some BOT projects are faced with the problem of termination during the construction period.Scientific and reasonable determination of compensation amount will help to avoid disputes between government and enterprises, improve the efficiency of government buyback projects, and make both sides gain as much economic benefits or avoid losses as possible.Most of the studies on the early termination compensation of BOT projects are focused on the termination of the operation period, but few on the termination of the construction period.This paper focuses on the determination of early termination compensation in the construction period of BOT project.First of all, the paper summarizes the factors affecting the early termination of BOT projects at home and abroad as well as the results of liability sharing, and summarizes the payment methods of repurchase compensation and the relevant viewpoints of the existing research on compensation decisions such as compensation constitution and compensation determination principle.At the same time, the paper analyzes the applicability of market method, cost method and income method to the early termination of compensation in the construction period of traffic BOT project.Secondly, in view of the complexity of the calculation procedure of the existing cost method, under the premise of putting forward the relevant assumptions, from the point of view of the termination of the project construction period, the accounting of the investment has taken place.According to the rate of return on investment, the cost model of repurchase compensation in construction period is constructed.At the same time, according to the proportion of the existing investment to the equity of the project investment, based on the calculation of the NPV value in the concession period of the project, the income method model suitable for the repurchase compensation in the construction period is constructed.In the model, the rate of return on investment and the discount rate are determined by the combination of the Capital Asset Pricing Model and the weighted average Average Cost of Capital (WACC) model.Finally, taking a commercial highway BOT project as an example, using the cost method and income repurchase compensation model, the amount of repurchase compensation is calculated, the results are 1.7624731 billion yuan and 1.915586 billion yuan respectively, the difference between them is 153.1129 million yuan.The results show that the estimated value of repurchase compensation calculated by the cost method and the income method is close, but there are some differences at the same time.The difference is mainly due to the fact that the cost method emphasizes the time value of the invested funds, while the income approach emphasizes the risk premium that has been invested.
【学位授予单位】：深圳大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F284

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