BOT项目融资的财务风险问题研究

发布时间：2019-01-09 15:23

【摘要】：众所周知，基础设施建设在一个国家经济发展中起着重要作用，无数实践证明，，它能够促进经济增长。现阶段我国正处于经济转型期，各方面问题突出，要想保持国民经济持续快速发展，就需要有基础设施建设的不断投入。然而基础设施建设往往涉及上亿元的投资，对于政府来说，财政资金是有限的，很难一次性拿出大笔的资金同时投资于不同的项目，这时BOT项目融资就是一种行之有效的解决办法。BOT项目融资是在大型基础设施建设中引入私人投资，并且融资不是主要依赖项目发起人的信贷或所涉及的有形资产，而是基于项目本身产生的现金流。它能够解决政府资金不足的问题，减轻财政负担，同时私人部门的参与也提高了项目的效率，分担了项目风险，对政府、投资者和债权人都有着多种益处。然而，不得不需要指出的是，BOT项目融资由于投资金额大，持续时间长，参与者众多等特点，往往存在着很大的风险，尤其是财务风险更是直接影响着项目的成败。因此，本文旨在分析BOT项目融资的财务风险管理问题，以期提高项目成功的概率，更快地发挥基础设施的功用。本文采用文献研究法和案例分析法相结合的方法，在简单阐述BOT项目融资及风险管理有关理论基础上，分析了我国目前BOT项目融资财务风险的特点及成因，然后从风险管理过程的角度出发，即从风险识别、风险评估和风险控制三方面全过程地对BOT项目融资的财务风险进行分析。通过一系列的风险识别方法得出，BOT项目融资中主要存在利率风险、汇率风险、通货膨胀风险、再融资风险、管理类财务风险等；而后通过风险价值模型（VaR方法）对这些BOT项目融资的财务风险进行评估，通过财务模型、大量数据模拟的方式更为科学准确的评估风险；最后从主要利益相关者（政府及公共部门、项目公司及投资者和债权人）角度出发，提出分散防范风险的措施。最后，本文结合台湾高雄洲际货柜中心的案例具体展现了BOT项目融资财务风险管理的全过程。
[Abstract]:As we all know, infrastructure construction plays an important role in the economic development of a country, and numerous practices have proved that it can promote economic growth. At the present stage, our country is in the economic transition period, each aspect question is outstanding, if wants to maintain the national economy to maintain the fast development, needs to have the infrastructure construction unceasing investment. However, infrastructure construction often involves hundreds of millions of yuan in investment. For the government, financial funds are limited, and it is very difficult to spend large sums of money at one time on different projects at the same time. At this point, BOT project financing is an effective solution. BOT project financing is the introduction of private investment in large-scale infrastructure construction, and the financing is not primarily dependent on project sponsors' credit or the physical assets involved. It is based on the cash flow generated by the project itself. It can solve the problem of lack of government funds, reduce the financial burden, and private sector participation has increased the efficiency of the project, shared the project risks, and has a number of benefits for the government, investors and creditors. However, it has to be pointed out that because of the characteristics of large amount of investment, long duration and numerous participants, BOT project financing often has great risks, especially the financial risk directly affects the success or failure of the project. Therefore, the purpose of this paper is to analyze the financial risk management of BOT project financing, in order to improve the probability of project success and bring the function of infrastructure into full play. Based on the theory of BOT project financing and risk management, this paper analyzes the characteristics and causes of financial risk of BOT project financing in China. Then from the point of view of risk management process, the financial risk of BOT project financing is analyzed from three aspects: risk identification, risk assessment and risk control. Through a series of risk identification methods, it is concluded that there are interest rate risk, exchange rate risk, inflation risk, refinancing risk and management financial risk in BOT project financing. Then the risk value model (VaR method) is used to evaluate the financial risk of these BOT projects. Through the financial model, a large amount of data simulation is used to evaluate the risk more scientifically and accurately. Finally, from the point of view of the main stakeholders (government and public sector, project company, investors and creditors), the paper puts forward the measures to disperse the risk. Finally, this paper shows the whole process of financial risk management of BOT project financing with the case of Kaohsiung Intercontinental Container Center in Taiwan.
【学位授予单位】：中国地质大学（北京）
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F283

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