外文翻译--BOT项目的金融风险.docVIP

本科毕业论文（设计） 外 文 翻 译 原文： The Financial Risks in BOT Projects. In this research, financial risks are considered as the risks that have a negative impact on the cash flows of the financial plan in a way that endangers project’s viability or limits profitability. It includes about several levels of Market-rooted risks. Loan risk The loans granted to the concessionaire to fund the construction of a BOT project can be of several types; short- or long-term loans, with fixed or floating interest rate, with simple or compound interest. The type of the loan, the cost, which includes all necessary costs to take it out and the interest rates to repay it and any necessary specific provisions are included in the specific loan system that governs the whole lifecycle of the project. The appropriate percentage of loans to the overall funding plan is a function of many parameters including, among others, considerations of conflicting interests between the lenders and the borrowers, credibility of the lending organizations and the borrowers, ability for additional loans or renewal of the existing ones and safety of the debt amortization schedule. A non-protected loan system against all risks would discourage potential lenders from funding the project in the first place or would force them to take extra security measures for their investment with a consequent overburden of the total costs. Difficulties of the concessionaire in serving the debt of loans can cause imposition of heavier loan conditions such as additional guarantees, stricter supervision measures, higher interest rates, faster debt amortization, restrictions in dividends and stricter requirements for balanced liquidity. In extreme cases, lenders could even claim to undertake the project. Fall of demand The demand for the product or service offered by a BOT project is not guaranteed. The future preference by the end-users may be adversely affected by several parameters. The economic environment is one of the most importa