我国水利基础设施BOT融资模式的应用研究

发布时间：2018-05-01 00:29

本文选题：BOT融资 + 资本结构　；参考：《浙江大学》2017年硕士论文

【摘要】：水利基础设施具有公益性和盈利性的双重属性,以及建设期长、短期收益低的特点,假如仅依赖政府的财力支持,一方面对于地方财政是一种考验,另一方面可能会由于缺乏有效的市场监督而导致工程项目建设和运营缺乏效率。目前我国不断地发展水利基础设施建设投融资模式和渠道,政府和社会逐渐认可和不断推广水利基础设施建设采用BOT、PFI等方式。本文首先对我国水利基础设施建设项目融资现状和运行特点进行分析,系统地介绍BOT融资模式、资本结构、经营特点等。此外,结合基础设施建设BOT融资的发展情况,对该模式成功的关键因素和仍存在的问题进行分析。;基于委托代理理论,使用VNM效用函数,讨论了水利基础设施项目在发起阶段和运营阶段的资本结构;最后就水利基础设施项目评估分析模型进行分析,从项目发起人的角度,以某市城西污水处理BOT项目为案例,重点通过序列成长期权模型评估项目价值,确定盈利情况下的特许经营期,确定BOT融资模式工程经济是否合理,财务上是否可行,各机构投资收益能否保障,从而成为政府和投资者多赢的投资项目。
[Abstract]:Water conservancy infrastructure has the dual attributes of public welfare and profitability, as well as the characteristics of long construction period and low short-term income. If we only rely on the financial support of the government, on the one hand, it will be a test for local finance. On the other hand, the lack of effective market supervision may lead to inefficient construction and operation of engineering projects. At present, our country develops the investment and financing mode and channel of water conservancy infrastructure construction, and the government and society gradually recognize and popularize the construction of water conservancy infrastructure by BOTU PFI and so on. This paper first analyzes the current situation and operation characteristics of water conservancy infrastructure construction projects in China, and systematically introduces the financing mode, capital structure and management characteristics of BOT. In addition, combined with the development of infrastructure construction BOT financing, this paper analyzes the key factors of the success of the model and the existing problems.; based on the principal-agent theory, the utility function of VNM is used. This paper discusses the capital structure of the water conservancy infrastructure project in the stage of initiation and operation, and finally analyzes the evaluation and analysis model of the water conservancy infrastructure project. From the point of view of the project initiator, this paper takes the BOT project in the west of the city as an example. Through the sequential growth option model to evaluate the project value, determine the franchise period under profit, determine whether the BOT financing model project economy is reasonable, financial feasibility, whether the investment income of the various institutions can be guaranteed. Thus becomes the government and the investor many wins the investment project.
【学位授予单位】：浙江大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F283;F426.91

【相似文献】