BOT項目融資的財務(wù)風險問題研究
發(fā)布時間：2019-01-09 15:23
【摘要】：眾所周知，基礎(chǔ)設(shè)施建設(shè)在一個國家經(jīng)濟發(fā)展中起著重要作用，無數(shù)實踐證明，，它能夠促進經(jīng)濟增長�，F(xiàn)階段我國正處于經(jīng)濟轉(zhuǎn)型期，各方面問題突出，要想保持國民經(jīng)濟持續(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，對于政府來說，財政資金是有限的，很難一次性拿出大筆的資金同時投資于不同的項目，這時BOT項目融資就是一種行之有效的解決辦法。BOT項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目發(fā)起人的信貸或所涉及的有形資產(chǎn)，而是基于項目本身產(chǎn)生的現(xiàn)金流。它能夠解決政府資金不足的問題，減輕財政負擔，同時私人部門的參與也提高了項目的效率，分擔了項目風險，對政府、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項目融資由于投資金額大，持續(xù)時間長，參與者眾多等特點，往往存在著很大的風險，尤其是財務(wù)風險更是直接影響著項目的成敗。因此，本文旨在分析BOT項目融資的財務(wù)風險管理問題，以期提高項目成功的概率，更快地發(fā)揮基礎(chǔ)設(shè)施的功用。 本文采用文獻研究法和案例分析法相結(jié)合的方法，在簡單闡述BOT項目融資及風險管理有關(guān)理論基礎(chǔ)上，分析了我國目前BOT項目融資財務(wù)風險的特點及成因，然后從風險管理過程的角度出發(fā)，即從風險識別、風險評估和風險控制三方面全過程地對BOT項目融資的財務(wù)風險進行分析。通過一系列的風險識別方法得出，BOT項目融資中主要存在利率風險、匯率風險、通貨膨脹風險、再融資風險、管理類財務(wù)風險等；而后通過風險價值模型（VaR方法）對這些BOT項目融資的財務(wù)風險進行評估，通過財務(wù)模型、大量數(shù)據(jù)模擬的方式更為科學準確的評估風險；最后從主要利益相關(guān)者（政府及公共部門、項目公司及投資者和債權(quán)人）角度出發(fā)，提出分散防范風險的措施。最后，本文結(jié)合臺灣高雄洲際貨柜中心的案例具體展現(xiàn)了BOT項目融資財務(wù)風險管理的全過程。
[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.
【學位授予單位】：中國地質(zhì)大學（北京）
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F283
本文編號：2405802
[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.
【學位授予單位】：中國地質(zhì)大學（北京）
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F283
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