论文标题:BOT在我国运用存在的问题及对策研究
The Problem and Countermeasure Study of BOT Project Financing Mode in China"s Application
论文作者
论文导师 纪建悦,论文学位 硕士,论文专业 金融学
论文单位 中国海洋大学,点击次数 71,论文页数 64页File Size4101K
2006-05-01论文网 http://www.lw23.com/lunwen_798115322/
BOT(Build-Operate-Transfer);Franchise Operation;Risk Management
BOT(Build-operate-transfer)即建造-经营-移交。由外国或本国的财团或投资人作为项目的发起人，从某一国家或地方政府获得建设某项基础设施的特许权，然后由其组建项目公司，负责项目的融资、设计、建造和运营，整个特许期内项目公司通过项目的运营来获得收益，并用此收益偿还债务、获得回报，特许期满之后，整个项目由项目公司无偿移交给政府。它是20世纪80年代国际上兴起的一种项目融资和建设模式，主要用于基础设施的建设。由于我国经济发展中长期存在着建设任务繁重、建设资金不足的矛盾，BOT作为一种利用私人资本建设基础设施的灵活可行的新型项目融资方式，为解决这一矛盾提供了有效途径。从近年来我国应用BOT的实践可以看出，BOT项目融资取得了很大的发展，对加快我国基础设施建设速度，打破基础设施领域内的垄断状态，突破传统的引资模式、拓宽利用外资的渠道，提高项目的运作效率和提升政府重大项目宏观管理水平起到了很大的推动作用。 但与此同时，一系列的问题也随之暴露出来。近年来，虽然全国各地相继出现一些BOT项目，但是并没有像原先预料得那样迎来BOT项目的建设高潮，往往谈判的项目多，而实施的项目少，成功的BOT项目更少。可以说，BOT方式在我国的运用并非一帆风顺，虽然对我国基础设施的发展产生了一定的促进作用，但在具体运作过程中，也暴露了一系列这样那样的问题，使得BOT模式在我国基础设施建设领域没能充分发挥其应有的重要作用。造成这一局面的原因是多方面的，一方面在于BOT融资方式在我国发展的时间还不长，相关人员对其基本知识、运作程序、操作技巧等的认识还不深，操作不够规范、运作不够严谨；另一方面就是，经济转型下的当前我国宏观环境还很不理想，市场化程度不高，相关制度规定和配套措施远远不够，阻碍BOT融资方式有效发展的多种障碍迟迟未得到根本消除，甚至有进一步加剧之势，对BOT方式在我国的顺利发展产生了消极影响。 本文在大量资料查阅和调查研究的基础上，运用理论归纳和实证分析相结合的研究方法，认真总结了多年来我国应用BOT项目融资的基本情况，分析了当前制约BOT融资方式有效发展的多种因素和BOT融资实践中存在的突出问题。这些问题主要有：投资回报率过高、产品价格体系不合理、风险分担及风险管理不足、汇兑及汇率问题、不通过招标选择发起人、BOT自身特点及负效应问题、转让过程中存在问题、对BOT总体认识上存在偏差、缺少专门管理机构和专业人才、国内法律环境不健全、政府角色越位和缺位、内资BOT的引入存在障碍等12项。针对存在的上述问题，文章结合有关知识并联系当前客观环境，提出了解决这些问题和消除障碍的10项对策，分别是：认真进行BOT项目可行性研究、确定合理的投资回报率、切实加强风险管理、改善法律环境、确立合理的政府角色、促进民营经济参与BOT项目的对策、确立合理的BOT引资模式、规范特定BOT项目的运作过程、努力拓宽BOT融资渠道和发展顾问机构，培养专业人才等。通过解决存在的突出问题，消除制约BOT发展的多种障碍，为BOT在我国的进一步推广应用创造有利条件，促使我国基础设施建设更快更好地发展。
The meaning of BOT is namely "build, operate, transfer". As the project organizer, after acquiring the franchise right of certain infrastructure from the state or local government, the financial group or investor from home or broad will organize a project corporation and subsequently take charge of the financing, designing, building and operating of the project. When the charted period finishes, the project will be transferred to the government gratuitously. This financing and building mode has sprung up since the 1980"s and has been being applied in the building of infrastructure. There is always a conflict between the burdensome building tasks and the shortage of building funds during our nation"s economy-developing period. As a newly-emerging mode of project financing charactering making use of private capitals to build up our infrastructure, BOT provides an effective method of alleviating this conflict. It can be seen from the BOT practice of our country in recent years, BOT financing has made great progress and has been playing an important role in accelerating the development of our infrastructure building, breaking down the monopoly condition in the field of infrastructure, breaking through traditional mode of introducing capitals, widening the channel for attracting foreign funds, enhancing operating efficiency of the project, as well as promoting the macro-controlling level of the government in important and huge projects.At the same time, however, a series of problems have been brought into light subsequently. Though many BOT projects emerged here and there in our nation, the high tide of BOT has not come into existence as anticipated all along, the number of BOT projects in negotiation being more than that in practice and much more than that of successful. It can be said that the BOT application in China is unfavorable. Though BOT has had a good influence on the infrastructure, many problems exposed to the air in practice lead to the fact that its potential in infrastructure building has not been exploited completely. There are several reasons for this passive situation. On one hand, it has not been very long since BOT mode began to develop in our country, so people concerned have not had a deep understanding of the elementary knowledge, working process and operating skill of BOT financing, the operation not being normative and the process not strict. On the other hand, the present macro-environment of our nation which is in the course of economic transition is not ideal and many institutions as well as auxiliary measures are scarce enough. Obstacles to the effective development of BOT
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