基于参与约束的BOT融资实施风险研究.pdfVIP

预测 Vo l. 30 , No.6 FORECASTING 2011 年第6 期 基于参与约束的 BOT 融资实施风险饵究 吴孝灵1 气周晶2 ，王冀宁1 ， 2 (1.南京工业大学经济与管理学院，江苏南京 210009; 2. 南京大学工程管理学院，江苏南京 210093) 摘 要:考虑项目公司和贷方分别通过股本和贷款的方式参与 BOT 项目的无边余权或有限追索权融资，本文建 立了-个 BOT 收益分配模型。根据该模型，给出了项目公司和贷方的各自参与约束，椎导出 BOT 融资实施条 件。通过对条件分析，将影响项目最优贷款实施的风险分为运营收益风险与融资结构风险，并研究这两种风险 对 BOT 融资实施的影响机理，从而获得处理风险的相应对策。研究结果不仅为 BOT 融资实施提供理论指导，而 且为政府对 BOT 项目风险管理提供了重要理论工具。 关键词 :BOT 融资;参与约束;最优贷放;运营收益风险;融资结构风险 中图分类号: F224. 32; F505 文献标t只码:A 文章编号:1 ∞3-5192(2011)06-0063-06 Research of Risks on Implementation of ßOT Project Financing ßased on Participation Constraints 1 2 1 1 2 WU Xiao-ling • , ZHOU Jing , WANG Ji_ning • ( 1. School of Economics and Mαnagement ， Nanjing University of Technology , Nanjing 21∞09 ， China; 2. School of Man- agement and Engineering , Nanjing University , Nanjing 210093 , China) Abstract: When the project company and creditor respectively participate in the BOT project s limited recourse or non- recourse financing through the equity and credit , a model on the BOT project s revenue allocation is proposed to de- scribe how to distribute the project s expected revenue between them. Their respective participation constraint is given based on the model ,which yields the implementing condition of BOT financing. According to the condition , the risks in- fluencing the project s optimal credit implernentation are divided into both the operational revenue risk and the financing structure risk. By studying the mechanism of their impact on BOT financíng implementation , some