HW大桥BOT项目财务评价研究

发布时间：2018-05-15 05:11

本文选题：BOT项目 + 财务评价　；参考：《中国海洋大学》2012年硕士论文

【摘要】：基础设施建设对国家经济发展起着非常重要的推动作用，但因其具有投资大、建设周期长、风险高的特点，常常容易受制于国家或地方政府财政的限制，所以在一定程度上制约了经济的发展。BOT作为一种外资或私人资本参与基础设施建设的融资方式，为解决这一问题提供了有效途径，目前正以其独特的优势在我国越来越多的基础设施建设中发挥作用。但是，在其实际应用过程中成功移交的BOT项目却并不多，这主要是由于许多BOT项目在前期的可行性研究中没有进行充分的财务评价，在不能满足各利益相关者利益需求的情况下就盲目实施，造成后期出现许多问题，最终导致项目失败。因此，BOT项目可行性的财务评价研究对BOT项目的成功运作具有重要的理论和现实意义。 BOT项目的实质是将基础设施的投资、建设和经营融为一体的一种项目建设方式。这种投资运营方式具有独特的属性、组织结构与运作方式程序。这也决定了BOT项目财务评价不同于一般项目的财务评价，即表现出财务评价主体多元化、项目计算期特定化、项目考虑因素全面化、项目的不确定性明显、经营管理的灵活性强。既然BOT项目的一大特点是财务评价主体多元化，基于平衡政府、投资方、债权人、承建商和运营商五方利益出发点，就需要明确各利益相关者在BOT项目中的目标，并且根据这些目标设计相应的财务评价指标体系。 BOT项目财务评价的指标体系、主要内容与主要方法的理论梳理为HW大桥项目的财务评价提供了理论基础。在明确HW大桥项目基础财务数据的基础上，通过资金成本估算、营运总成本的确定、收入的估算以及财务评价指标的分析，，可以发现：项目财政贡献为6976.23万元，项目的内部收益率保持在3%以上，贷款风险指数介于0.4和0.6之间（属于中等风险），投资方的基准收益率为6.5%。由此可见，该项目能够满足各利益相关者的利益需求，该项目建设具有财务可行性。论文的创新之处在于：选取了BOT项目的五个利益相关者，在对各自参与项目的利益需求和关注点进行分析的基础上分别构建财务评价指标。
[Abstract]:Infrastructure construction plays a very important role in promoting national economic development, but because of its characteristics of large investment, long construction cycle and high risk, it is often subject to the financial constraints of national or local governments. Therefore, to some extent, it restricts the economic development. Bot, as a financing method for foreign capital or private capital to participate in infrastructure construction, provides an effective way to solve this problem. At present, it is playing a role in more and more infrastructure construction with its unique advantages. However, there are not many BOT projects successfully transferred in the practical application process, which is mainly due to the fact that many BOT projects have not been fully evaluated financially in previous feasibility studies. Under the condition that the stakeholders can not meet the interests of the needs of the implementation of blind, resulting in a lot of problems in the later period, and eventually lead to project failure. Therefore, the financial evaluation of the feasibility of bot project has important theoretical and practical significance for the successful operation of BOT project. The essence of BOT project is to integrate the investment, construction and management of infrastructure. This kind of investment operation way has the unique attribute, the organization structure and the operation way procedure. This also determines that the financial evaluation of BOT project is different from that of the general project, that is, it shows that the main body of financial evaluation is diversified, the project calculation period is specific, the project considerations are comprehensive, and the uncertainty of the project is obvious. The flexibility of management is strong. Since one of the major features of BOT projects is the diversification of financial evaluation subjects, and based on balancing the interests of the government, investors, creditors, contractors and operators, it is necessary to clarify the objectives of various stakeholders in the BOT project. And according to these objectives design the corresponding financial evaluation index system. The index system, main contents and main methods of financial evaluation of BOT project provide theoretical basis for financial evaluation of HW bridge project. On the basis of defining the basic financial data of HW Bridge project, through the estimation of capital cost, the determination of total operating cost, the estimation of income and the analysis of financial evaluation index, it can be found that the financial contribution of the project is 69.7623 million yuan. The internal rate of return for the project remains above 3 percent, and the loan risk index is between 0.4 and 0.6. It can be seen that the project can meet the interests of all stakeholders, and the project is financially feasible. The innovation of this paper is that five stakeholders of BOT project are selected and financial evaluation indexes are constructed on the basis of analyzing the interest needs and concerns of each participating project.
【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】：F285;F542

【参考文献】