高速公路BOT项目投资风险防范问题研究

发布时间：2018-02-11 07:21

本文关键词： 高速公路 BOT项目项目公司特许经营投资风险不确定性　出处：《长安大学》2013年硕士论文　论文类型：学位论文

【摘要】：按照党中央、国务院的政策引导，民间投资者进入高速公路建设领域所关注的主要问题是：投资高速公路BOT项目会涉及哪些投资风险？如何防范和应对这些风险才有助于实现投资者预期的投资目标？现代管理会计学中的投资决策理论对高速公路BOT项目投资决策有重要的理论指导作用。投资者应当依据其理论并结合高速公路特许经营的特点，认真分析和论证投资风险的表现形式及其产生原因，并在此基础上提出解决问题的对策措施。本文关注的投资风险包括经营不确定性导致的投资风险和政策不确定性导致的投资风险。针对高速公路BOT项目的特点，经营不确定性可具体现在建设周期拖延的风险、建设成本超概算的风险以及未来收费交通量不确定的风险；政策变动的风险主要体现为收费政策变动的风险以及提前终止特许经营合同的风险。其中，政策变动导致的风险及其应对是本文关注的重点和难点问题。针对经营不确定的风险，在有效控制建设成本的基础上项目公司应主要根据风险与收益的关系采取必要的防范措施；针对政策不确定的风险，应当主要采取完善特许经营合同内容的方式予以应对。首先，有必要参照西方国家的成功经验在特许经营合同中约定收费标准的调整机制；其次，明确由于政府方面的原因导致提前终止合同经营合同，需要给予项目公司合理经济补偿。本文涉及多方面政策性的讨论。这方面的讨论还有待于进一步深入，，才有助于达成共识。
[Abstract]:According to the policy guidance of the CPC Central Committee and the State Council, the main problems concerned by private investors in the field of highway construction are: what investment risks will be involved in investing in expressway BOT projects? How to prevent and deal with these risks in order to achieve investors' expected investment objectives? The investment decision theory in modern management accounting plays an important role in guiding the investment decision of expressway BOT project. This paper analyzes and proves the manifestation of investment risk and its causes, and puts forward the countermeasures to solve the problem. This paper focuses on the investment risk caused by the operating uncertainty and the investment risk caused by the policy uncertainty. According to the characteristics of the expressway BOT project, the operating uncertainty can be specified as the risk of delay in the present construction cycle. The risk of construction cost exceeding the estimate and the risk of uncertainty of future toll and traffic volume; the risk of policy change is mainly reflected in the risk of fee policy change and the risk of termination of franchise contract in advance. The risk caused by policy change and its countermeasures are the focus and difficulty of this paper. In view of the uncertain risk of operation, the project company should take necessary preventive measures according to the relationship between risk and income on the basis of effective control of construction cost, and aim at the risk of uncertain policy, First of all, it is necessary to refer to the successful experience of western countries to agree on the adjustment mechanism of fee standard in franchise contract. It is clear that the project company should be given reasonable economic compensation for the early termination of the contract due to government reasons. This paper involves a wide range of policy discussions, which need to be further explored in order to help reach consensus.
【学位授予单位】：长安大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F542;F285

【引证文献】