本文選題：BOT + 建設(shè)期終止��； 參考：《深圳大學(xué)》2017年碩士論文

【摘要】：各國都在大力推進基礎(chǔ)設(shè)施與公用事業(yè)建設(shè),將BOT模式應(yīng)用于其中可有效緩解政府的資金壓力,提高項目運作和管理效率,同時也給私人資本提供了獲得合理報酬的機會。然而,在實踐中存在大量的BOT項目面臨特許協(xié)議重新談判或提前終止,甚至有些BOT項目面臨建設(shè)期終止的問題�？茖W(xué)合理地確定補償額,有助于避免政企雙方的爭端,提升政府回購項目的效率,使雙方獲得盡可能多的經(jīng)濟利益或盡量避免損失。關(guān)于BOT項目提前終止補償?shù)难芯?大多是針對運營期終止的,針對建設(shè)期終止的研究卻很少。本文圍繞BOT項目建設(shè)期提前終止補償?shù)拇_定展開研究。首先,總結(jié)了國內(nèi)外BOT項目提前終止的影響因素以及責(zé)任分擔(dān)結(jié)果,綜述了回購補償?shù)闹Ц斗绞揭约艾F(xiàn)有研究在補償構(gòu)成和補償確定原則等補償決策上的相關(guān)觀點。同時,分析市場法、成本法、收益法對于交通BOT項目建設(shè)期提前終止補償?shù)倪m用性。其次,針對現(xiàn)有成本法具有計算程序復(fù)雜的不足,在提出相關(guān)假設(shè)的前提下,從項目建設(shè)期終止的角度出發(fā),核算已發(fā)生投資,并按照項目投資回報率來計算已發(fā)生投資的回報,構(gòu)建建設(shè)期回購補償?shù)某杀痉Ｐ�。同時,根據(jù)已發(fā)生投資占項目投資的股權(quán)比例,在計算項目特許期內(nèi)NPV值的基礎(chǔ)上,構(gòu)建適用于建設(shè)期回購補償?shù)氖找娣Ｐ汀Ｔ谀Ｐ椭?投資回報率及折現(xiàn)率的測算是通過資本資產(chǎn)定價模型(Capital Asset Pricing Model,縮寫為CAPM)及加權(quán)平均資金成本(Weighted Average Cost of Capital,縮寫為WACC)模型的結(jié)合運用確定的。最后,以一個經(jīng)營性公路BOT項目為案例,運用構(gòu)建的成本法和收益法回購補償模型,計算其回購補償額,結(jié)果分別為176247.31萬元、191558.6萬元,二者相差15311.29萬元。研究表明,運用成本法和收益法兩種方法計算得到的回購補償估算值較為接近,同時又存在差異。差異性主要是因為成本法強調(diào)已投入資金的時間價值,而收益法則強調(diào)已投入資金應(yīng)該獲得的風(fēng)險溢價。
[Abstract]:All countries are vigorously promoting the construction of infrastructure and public utilities. Applying the BOT model to it can effectively relieve the government's financial pressure, improve the efficiency of project operation and management, and at the same time, provide the opportunity for private capital to get reasonable remuneration.However, in practice, there are a large number of BOT projects facing the licensing agreement to be renegotiated or terminated in advance, and even some BOT projects are faced with the problem of termination during the construction period.Scientific and reasonable determination of compensation amount will help to avoid disputes between government and enterprises, improve the efficiency of government buyback projects, and make both sides gain as much economic benefits or avoid losses as possible.Most of the studies on the early termination compensation of BOT projects are focused on the termination of the operation period, but few on the termination of the construction period.This paper focuses on the determination of early termination compensation in the construction period of BOT project.First of all, the paper summarizes the factors affecting the early termination of BOT projects at home and abroad as well as the results of liability sharing, and summarizes the payment methods of repurchase compensation and the relevant viewpoints of the existing research on compensation decisions such as compensation constitution and compensation determination principle.At the same time, the paper analyzes the applicability of market method, cost method and income method to the early termination of compensation in the construction period of traffic BOT project.Secondly, in view of the complexity of the calculation procedure of the existing cost method, under the premise of putting forward the relevant assumptions, from the point of view of the termination of the project construction period, the accounting of the investment has taken place.According to the rate of return on investment, the cost model of repurchase compensation in construction period is constructed.At the same time, according to the proportion of the existing investment to the equity of the project investment, based on the calculation of the NPV value in the concession period of the project, the income method model suitable for the repurchase compensation in the construction period is constructed.In the model, the rate of return on investment and the discount rate are determined by the combination of the Capital Asset Pricing Model and the weighted average Average Cost of Capital (WACC) model.Finally, taking a commercial highway BOT project as an example, using the cost method and income repurchase compensation model, the amount of repurchase compensation is calculated, the results are 1.7624731 billion yuan and 1.915586 billion yuan respectively, the difference between them is 153.1129 million yuan.The results show that the estimated value of repurchase compensation calculated by the cost method and the income method is close, but there are some differences at the same time.The difference is mainly due to the fact that the cost method emphasizes the time value of the invested funds, while the income approach emphasizes the risk premium that has been invested.
【學(xué)位授予單位】：深圳大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F284

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