弹性特许期在BOT项目特许融资中的优势分析.docVIP

弹性特许期在BOT项目特许融资中的优势分析 　　Analysis on Predominance of Flexibility-term in the Financing of BOT Project 　　Jia Gexu；Wang Lina 　　（Faculty of Infrastructure Engineering，Dalian University of Technology College，Dalian 116024，China） 　　摘要：目前，在基础设施投资随经济增长不断增加的情况下， BOT模式在基础设施建设中被广泛应用。然而，特许期作为BOT项目特许权合同的关键要素之一，一直是学术界和实践界关注的热点。本文通过查阅国内外该领域文献及案例，以固定特许期原理为媒介，分析其应用中的不足――中标者不一定是有能力的项目公司以及易发生频繁的合同谈判。进而在总收入净额和维护成本纯二维出价的基础上提出一种以最低收入现值、最低收入净现值为原理的新的特许经营机制――弹性特许期。相比于固定特许期，这种新机制在选择有能力的项目公司和消除风险等方面起到积极的改善作用。为我国基础设施特许融资项目提供了借鉴意义。 　　Abstract: At present, BOT project is widely applied to infrastructure construction in the process of increased investment with the economic growing. As a key factor of concession contract in BOT project, concession term has been the focus both in academic and practice. This paper is analyzed the application of deficiencies, which it is not necessary that successful bidder is the company competent or having frequent contract negotiations, in the basis of fixed concession term theory through literature review. A new franchising mechanism named Flexibility-term is then proposed, which is based on bidimensional bids for total net revenue and maintenance cost in the principle of the least-present-value-of-revenue and the least-present-value-of-net-revenue. Compared with fixed-term concessions, this new mechanism plays a positive role in promoting the selection of competent concessionaires and eliminating the risk, and thus provides a guidance for the financing of infrastructure projects in China. 　　关键词：BOT 弹性特许期 招标 LPVR LPVNR 　　Key words: BOT；Flexibility-term；bid；LPVR；LPVNR 　　中图分类号：[TU-9] 文献标识码：A文章编号：1006-4311（2011）14-0076-03 　　0引言 　　在过去十年来，BOT（build-operate-transfer）作为一种吸引外资和私营资本进行基础设施建设的项目运作形式在国内外迅速发展起来。其中，特许权合同是BOT模式运行的关键。根据此合同，某项目公司拥有建设和融资的义务，同时，作为补偿该公司有权在某一期限内向使用者收费。本文介绍应用固定特许期原理的招标不能确保中标者是有能力的项目公司，并且有数据显示65%的特许权合同需重新谈判。在此基础上，恩格尔等人提出了一种弹性特许期合同――通过自动调整特许权期限的方式避免合同重新谈判等不利情况的发生。该论文的结构如下：第2节分析传统的固定特许期原理及其局限性；第3节分析弹性特许期原理及其优势；第4节总结此机制对我国特许融资的借鉴意义。 　　1固定特许期原理