本文選題：BT模式 + 運(yùn)作方式��； 參考：《東北大學(xué)》2014年碩士論文

【摘要】：進(jìn)入21世紀(jì)以來(lái),我國(guó)國(guó)民經(jīng)濟(jì)迅速發(fā)展,城鎮(zhèn)化進(jìn)程不斷加快,作為民生基礎(chǔ)的大規(guī)模基礎(chǔ)設(shè)施和公用事業(yè)等城市配套設(shè)施急需建設(shè),政府財(cái)政面臨巨大壓力,BT投融資模式在這樣的背景下應(yīng)運(yùn)而生。BT模式將民間資本引入城市基礎(chǔ)建設(shè)和公用事業(yè)中,既打破了政府融資瓶頸,又豐富了企業(yè)投資方式。但是作為一個(gè)在中國(guó)應(yīng)用時(shí)間較短的新型投融資模式,BT模式也出現(xiàn)了一系列的問(wèn)題：例如如何識(shí)別和評(píng)價(jià)BT項(xiàng)目存在的風(fēng)險(xiǎn);BT項(xiàng)目的收益情況如何,如何合理的確定BT項(xiàng)目的投資收益。論文針對(duì)上述問(wèn)題,運(yùn)用歸納總結(jié)、理論分析和邏輯推理相結(jié)合的方法,主要進(jìn)行了以下研究：首先,從投資人角度按項(xiàng)目運(yùn)行階段分析BT模式項(xiàng)目常見(jiàn)的風(fēng)險(xiǎn),并在此基礎(chǔ)利用模糊綜合評(píng)價(jià)的方法,構(gòu)建了BT模式項(xiàng)目的風(fēng)險(xiǎn)評(píng)價(jià)模型；其次,采用多項(xiàng)式樣條函數(shù)通過(guò)地方政府債券的市場(chǎng)信息構(gòu)建了BT項(xiàng)目的折現(xiàn)因子,之后通過(guò)凈現(xiàn)值模型來(lái)判斷BT項(xiàng)目的投資收益。最后采用理論與實(shí)例相結(jié)合的方法,分析了長(zhǎng)春地鐵2號(hào)線一期工程BT項(xiàng)目風(fēng)險(xiǎn)大小與投資收益。從投資風(fēng)險(xiǎn)角度,長(zhǎng)春地鐵2號(hào)線一期工程BT項(xiàng)目整體風(fēng)險(xiǎn)較小,在二級(jí)指標(biāo)中建設(shè)風(fēng)險(xiǎn)應(yīng)重點(diǎn)防范,其次為回購(gòu)風(fēng)險(xiǎn)和融資風(fēng)險(xiǎn)。從投資收益角度,企業(yè)投資于該項(xiàng)目的收益較投資于地方政府債券的收益高。從項(xiàng)目總體的角度,企業(yè)投資BT項(xiàng)目不但風(fēng)險(xiǎn)小,收益好,同時(shí)企業(yè)還可以獲得社會(huì)知名度的增加、投資渠道的豐富等其他效用。
[Abstract]:Since the beginning of the 21st century, the national economy of our country has developed rapidly and the process of urbanization has been speeding up. As the foundation of people's livelihood, large-scale infrastructure, public utilities and other supporting facilities in cities are in urgent need of construction. Government Finance facing enormous pressure BT Investment and financing Model emerges as the times require under such background. BT model introduces private capital into urban infrastructure and public utilities, which not only breaks the bottleneck of government financing, but also enriches the investment mode of enterprises. However, as a new investment and financing model in China for a short time, there are a series of problems: for example, how to identify and evaluate the risk of BT project and how to evaluate the income of BT project. How to determine the reasonable return on investment of BT project. Aiming at the above problems, this paper mainly studies the following problems by using the methods of inductive summary, theoretical analysis and logical reasoning: firstly, from the perspective of investors, the common risks of BT mode projects are analyzed according to the stage of project operation. On this basis, the risk assessment model of BT project is constructed by using fuzzy comprehensive evaluation method. Secondly, the discount factor of BT project is constructed by using polynomial spline function through the market information of local government bonds. Then the net present value model is used to judge the investment income of BT project. In the end, the paper analyzes the risk and investment income of BT project of Changchun Metro Line 2 by combining theory with practical example. From the point of view of investment risk, the overall risk of BT project in the first phase of Changchun Metro Line 2 project is relatively small, and the construction risk should be focused on in the secondary index, followed by repurchase risk and financing risk. From the point of view of investment income, the return on investment in this project is higher than that on local government bonds. From the overall point of view of the project, the enterprise investment BT project not only has small risk and good income, but also can obtain other utility, such as the increase of social popularity and the enrichment of investment channels.
【學(xué)位授予單位】：東北大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F299.24

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