董家口港BOT融资模式工程项目风险管理研究

发布时间：2018-04-17 08:45

本文选题：项目融资 + BOT融资模式　；参考：《中国海洋大学》2012年硕士论文

【摘要】：作为国民经济发展保障和基础的基础设施建设,在经济发展中发挥的作用是至关重要的。但当前我国基础设施建设尚处在投资不足的困境之中。BOT(Build-Operate-Transfer的英文缩写)融资模式以其独特的优越性,正越来越受到重视,并为大型基础设施建设的融资提供了新的选择,其优势得到了越来越明显的体现。但是,由于BOT项目涉及面广,持续时间长,投入资金大,使BOT项目风险管理非常复杂、艰难。因此,本文以BOT项目为研究对象,深入地探讨了BOT融资模式下工程项目风险管理问题,同时以青岛董家口港BOT项目为对象进行实证研究,本文最后探讨了目前我国BOT项目风险管理存在的问题,并针对我国BOT项目风险管理中存在的问题提出建议。BOT是自二十世纪八十年代以来发展起来的一种项目融资模式,它将商业资金投入到基础设施项目中,经营期限结束后,将项目的经营权和产权无偿移交给政府,即政府通过让渡一定期限的项目经营权、收益权,实现项目的融资与建设,并最终获得项目所有权。与传统投资方式相比BOT方式的优点包括,减少政府的直接财政负担、避免政府债务风险,引进管理经验和先进的技术,提高项目运作效率、快速满足社会公众需求,但存在经营周期长、投资规模大、结构复杂、风险大、不确定因素多等缺点。作好BOT项目风险管理,减少、规避、分担项目风险,是BOT项目成功的关键,如果管理不当,则会损害东道国政府利益,挫伤投资者积极性,从而影响项目的成功进展。因此,BOT项目是建立在风险确定和分担的之上。当前,BOT方式在我国仍处于探索阶段,我国BOT风险管理主要参照国际惯例,在实践中取得一定经验,但还存在诸如制度不完善、先期可行性研究不够准确、政府承担责任较多等问题,给BOT项目成功的实施带来不利影响。借鉴国外成功经验,结合本国国情,提高BOT风险管理水平,在维护政府利益的同时保护投资者积极性,成为目前我国推广BOT投资模式的关键问题。正是基于此,笔者通过对BOT风险管理的研究,结合典型案例,探讨如何提高我国BOT项目的风险管理水平,发挥BOT在我国基础设施建设中的作用,促进经济的长期可持续发展。本文首先致力于构建一套工程项目风险管理的流程。在此基础上结合BOT项目融资特点,提出BOT模式下工程建设项目的风险管理方法,并指出BOT项目应从系统风险和非系统风险两方面进行风险辨识。接着,本文对青岛董家口港BOT建设项目进行风险管理研究,运用层次风险分析的方法进行分析,得出的结果表明在该项目中经营管理风险、完工风险、外汇风险和技术风险比较重要。在此基础上,通过签订“交钥匙”合同、货币掉期、监督和技术服务合同等方法管理这些风险。
[Abstract]:As a guarantee and foundation of national economic development, infrastructure construction plays an important role in economic development.However, at present, the construction of infrastructure in our country is still in the dilemma of insufficient investment. The financing mode of "BOTN" Build-Operate-Transfer is being paid more and more attention for its unique advantages, and it provides a new choice for financing large-scale infrastructure construction.Its advantage got more and more obvious embodiment.However, the risk management of BOT project is very complicated and difficult because of its wide scope, long duration and large investment.Therefore, this paper takes the BOT project as the research object, deeply discusses the project risk management under the BOT financing mode, and carries on the empirical research with the Qingdao Dong Jiakou Port BOT project as the object at the same time.Finally, this paper discusses the existing problems of BOT project risk management in our country, and puts forward some suggestions. Bot is a kind of project financing mode developed since 1980s.After the end of the operation period, the management right and property right of the project are transferred to the government free of charge, that is, the government realizes the financing and construction of the project by transferring the project management right and the profit right to a certain period of time.And finally get the ownership of the project.Compared with the traditional investment mode, the advantages of BOT include reducing the direct financial burden of the government, avoiding the risk of government debt, introducing management experience and advanced technology, improving the efficiency of project operation, and meeting the needs of the public quickly.However, there are many disadvantages such as long operating cycle, large investment scale, complex structure, high risk and many uncertain factors.The key to the success of BOT project is to reduce, avoid and share the project risk. If it is not properly managed, it will harm the interests of the host government, dampen the enthusiasm of investors and affect the successful progress of the project.Therefore, bot project is based on risk determination and sharing.At present, the way of bot is still in the exploratory stage in our country. The risk management of BOT in our country mainly refers to the international practice and obtains some experience in practice. However, there are still some problems such as imperfect system and inaccurate feasibility study in advance.The government is responsible for many problems, which will have a negative impact on the successful implementation of the BOT project.Using the successful experience of foreign countries for reference, combining with the national conditions, improving the level of BOT risk management, protecting the enthusiasm of investors while maintaining the government's interests, has become the key problem in promoting the BOT investment mode in our country at present.Based on this, the author discusses how to improve the risk management level of BOT project in our country, give play to the role of BOT in the infrastructure construction of our country, and promote the long-term sustainable development of economy by studying the risk management of BOT and combining with typical cases.Firstly, this paper is devoted to the construction of a set of engineering project risk management process.On this basis, combining the characteristics of BOT project financing, the paper puts forward the risk management method of engineering construction project under BOT mode, and points out that BOT project should identify the risk from two aspects of system risk and non-system risk.Then, this paper carries on the risk management research to the Qingdao Dongjiakou Port BOT construction project, uses the hierarchical risk analysis method to carry on the analysis, obtains the result to indicate that in this project manages the risk, completes the risk,Foreign exchange risk and technical risk are more important.On this basis, these risks are managed by signing turnkey contracts, currency swaps, supervision and technical services contracts.
【学位授予单位】：中国海洋大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F283;F552.7

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