【摘要】：眾所周知，基礎(chǔ)設(shè)施建設(shè)在一個(gè)國(guó)家經(jīng)濟(jì)發(fā)展中起著重要作用，無(wú)數(shù)實(shí)踐證明，，它能夠促進(jìn)經(jīng)濟(jì)增長(zhǎng)�，F(xiàn)階段我國(guó)正處于經(jīng)濟(jì)轉(zhuǎn)型期，各方面問(wèn)題突出，要想保持國(guó)民經(jīng)濟(jì)持續(xù)快速發(fā)展，就需要有基礎(chǔ)設(shè)施建設(shè)的不斷投入。然而基礎(chǔ)設(shè)施建設(shè)往往涉及上億元的投資，對(duì)于政府來(lái)說(shuō)，財(cái)政資金是有限的，很難一次性拿出大筆的資金同時(shí)投資于不同的項(xiàng)目，這時(shí)BOT項(xiàng)目融資就是一種行之有效的解決辦法。BOT項(xiàng)目融資是在大型基礎(chǔ)設(shè)施建設(shè)中引入私人投資，并且融資不是主要依賴項(xiàng)目發(fā)起人的信貸或所涉及的有形資產(chǎn)，而是基于項(xiàng)目本身產(chǎn)生的現(xiàn)金流。它能夠解決政府資金不足的問(wèn)題，減輕財(cái)政負(fù)擔(dān)，同時(shí)私人部門的參與也提高了項(xiàng)目的效率，分擔(dān)了項(xiàng)目風(fēng)險(xiǎn)，對(duì)政府、投資者和債權(quán)人都有著多種益處。 然而，不得不需要指出的是，BOT項(xiàng)目融資由于投資金額大，持續(xù)時(shí)間長(zhǎng)，參與者眾多等特點(diǎn)，往往存在著很大的風(fēng)險(xiǎn)，尤其是財(cái)務(wù)風(fēng)險(xiǎn)更是直接影響著項(xiàng)目的成敗。因此，本文旨在分析BOT項(xiàng)目融資的財(cái)務(wù)風(fēng)險(xiǎn)管理問(wèn)題，以期提高項(xiàng)目成功的概率，更快地發(fā)揮基礎(chǔ)設(shè)施的功用。 本文采用文獻(xiàn)研究法和案例分析法相結(jié)合的方法，在簡(jiǎn)單闡述BOT項(xiàng)目融資及風(fēng)險(xiǎn)管理有關(guān)理論基礎(chǔ)上，分析了我國(guó)目前BOT項(xiàng)目融資財(cái)務(wù)風(fēng)險(xiǎn)的特點(diǎn)及成因，然后從風(fēng)險(xiǎn)管理過(guò)程的角度出發(fā)，即從風(fēng)險(xiǎn)識(shí)別、風(fēng)險(xiǎn)評(píng)估和風(fēng)險(xiǎn)控制三方面全過(guò)程地對(duì)BOT項(xiàng)目融資的財(cái)務(wù)風(fēng)險(xiǎn)進(jìn)行分析。通過(guò)一系列的風(fēng)險(xiǎn)識(shí)別方法得出，BOT項(xiàng)目融資中主要存在利率風(fēng)險(xiǎn)、匯率風(fēng)險(xiǎn)、通貨膨脹風(fēng)險(xiǎn)、再融資風(fēng)險(xiǎn)、管理類財(cái)務(wù)風(fēng)險(xiǎn)等；而后通過(guò)風(fēng)險(xiǎn)價(jià)值模型（VaR方法）對(duì)這些BOT項(xiàng)目融資的財(cái)務(wù)風(fēng)險(xiǎn)進(jìn)行評(píng)估，通過(guò)財(cái)務(wù)模型、大量數(shù)據(jù)模擬的方式更為科學(xué)準(zhǔn)確的評(píng)估風(fēng)險(xiǎn)；最后從主要利益相關(guān)者（政府及公共部門、項(xiàng)目公司及投資者和債權(quán)人）角度出發(fā)，提出分散防范風(fēng)險(xiǎn)的措施。最后，本文結(jié)合臺(tái)灣高雄洲際貨柜中心的案例具體展現(xiàn)了BOT項(xiàng)目融資財(cái)務(wù)風(fēng)險(xiǎn)管理的全過(guò)程。
[Abstract]:As we all know, infrastructure construction plays an important role in the economic development of a country, and numerous practices have proved that it can promote economic growth. At the present stage, our country is in the economic transition period, each aspect question is outstanding, if wants to maintain the national economy to maintain the fast development, needs to have the infrastructure construction unceasing investment. However, infrastructure construction often involves hundreds of millions of yuan in investment. For the government, financial funds are limited, and it is very difficult to spend large sums of money at one time on different projects at the same time. At this point, BOT project financing is an effective solution. BOT project financing is the introduction of private investment in large-scale infrastructure construction, and the financing is not primarily dependent on project sponsors' credit or the physical assets involved. It is based on the cash flow generated by the project itself. It can solve the problem of lack of government funds, reduce the financial burden, and private sector participation has increased the efficiency of the project, shared the project risks, and has a number of benefits for the government, investors and creditors. However, it has to be pointed out that because of the characteristics of large amount of investment, long duration and numerous participants, BOT project financing often has great risks, especially the financial risk directly affects the success or failure of the project. Therefore, the purpose of this paper is to analyze the financial risk management of BOT project financing, in order to improve the probability of project success and bring the function of infrastructure into full play. Based on the theory of BOT project financing and risk management, this paper analyzes the characteristics and causes of financial risk of BOT project financing in China. Then from the point of view of risk management process, the financial risk of BOT project financing is analyzed from three aspects: risk identification, risk assessment and risk control. Through a series of risk identification methods, it is concluded that there are interest rate risk, exchange rate risk, inflation risk, refinancing risk and management financial risk in BOT project financing. Then the risk value model (VaR method) is used to evaluate the financial risk of these BOT projects. Through the financial model, a large amount of data simulation is used to evaluate the risk more scientifically and accurately. Finally, from the point of view of the main stakeholders (government and public sector, project company, investors and creditors), the paper puts forward the measures to disperse the risk. Finally, this paper shows the whole process of financial risk management of BOT project financing with the case of Kaohsiung Intercontinental Container Center in Taiwan.
【學(xué)位授予單位】：中國(guó)地質(zhì)大學(xué)（北京）
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F283

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