本文選題：BOT項(xiàng)目 + 財(cái)務(wù)評價(jià)��； 參考：《中國海洋大學(xué)》2012年碩士論文

【摘要】：基礎(chǔ)設(shè)施建設(shè)對國家經(jīng)濟(jì)發(fā)展起著非常重要的推動作用，但因其具有投資大、建設(shè)周期長、風(fēng)險(xiǎn)高的特點(diǎn)，常常容易受制于國家或地方政府財(cái)政的限制，所以在一定程度上制約了經(jīng)濟(jì)的發(fā)展。BOT作為一種外資或私人資本參與基礎(chǔ)設(shè)施建設(shè)的融資方式，為解決這一問題提供了有效途徑，目前正以其獨(dú)特的優(yōu)勢在我國越來越多的基礎(chǔ)設(shè)施建設(shè)中發(fā)揮作用。但是，在其實(shí)際應(yīng)用過程中成功移交的BOT項(xiàng)目卻并不多，這主要是由于許多BOT項(xiàng)目在前期的可行性研究中沒有進(jìn)行充分的財(cái)務(wù)評價(jià)，在不能滿足各利益相關(guān)者利益需求的情況下就盲目實(shí)施，造成后期出現(xiàn)許多問題，最終導(dǎo)致項(xiàng)目失敗。因此，BOT項(xiàng)目可行性的財(cái)務(wù)評價(jià)研究對BOT項(xiàng)目的成功運(yùn)作具有重要的理論和現(xiàn)實(shí)意義。 BOT項(xiàng)目的實(shí)質(zhì)是將基礎(chǔ)設(shè)施的投資、建設(shè)和經(jīng)營融為一體的一種項(xiàng)目建設(shè)方式。這種投資運(yùn)營方式具有獨(dú)特的屬性、組織結(jié)構(gòu)與運(yùn)作方式程序。這也決定了BOT項(xiàng)目財(cái)務(wù)評價(jià)不同于一般項(xiàng)目的財(cái)務(wù)評價(jià)，即表現(xiàn)出財(cái)務(wù)評價(jià)主體多元化、項(xiàng)目計(jì)算期特定化、項(xiàng)目考慮因素全面化、項(xiàng)目的不確定性明顯、經(jīng)營管理的靈活性強(qiáng)。既然BOT項(xiàng)目的一大特點(diǎn)是財(cái)務(wù)評價(jià)主體多元化，基于平衡政府、投資方、債權(quán)人、承建商和運(yùn)營商五方利益出發(fā)點(diǎn)，就需要明確各利益相關(guān)者在BOT項(xiàng)目中的目標(biāo)，并且根據(jù)這些目標(biāo)設(shè)計(jì)相應(yīng)的財(cái)務(wù)評價(jià)指標(biāo)體系。 BOT項(xiàng)目財(cái)務(wù)評價(jià)的指標(biāo)體系、主要內(nèi)容與主要方法的理論梳理為HW大橋項(xiàng)目的財(cái)務(wù)評價(jià)提供了理論基礎(chǔ)。在明確HW大橋項(xiàng)目基礎(chǔ)財(cái)務(wù)數(shù)據(jù)的基礎(chǔ)上，通過資金成本估算、營運(yùn)總成本的確定、收入的估算以及財(cái)務(wù)評價(jià)指標(biāo)的分析，，可以發(fā)現(xiàn)：項(xiàng)目財(cái)政貢獻(xiàn)為6976.23萬元，項(xiàng)目的內(nèi)部收益率保持在3%以上，貸款風(fēng)險(xiǎn)指數(shù)介于0.4和0.6之間（屬于中等風(fēng)險(xiǎn)），投資方的基準(zhǔn)收益率為6.5%。由此可見，該項(xiàng)目能夠滿足各利益相關(guān)者的利益需求，該項(xiàng)目建設(shè)具有財(cái)務(wù)可行性。 論文的創(chuàng)新之處在于：選取了BOT項(xiàng)目的五個利益相關(guān)者，在對各自參與項(xiàng)目的利益需求和關(guān)注點(diǎn)進(jìn)行分析的基礎(chǔ)上分別構(gòu)建財(cái)務(wù)評價(jià)指標(biāo)。
[Abstract]:Infrastructure construction plays a very important role in promoting national economic development, but because of its characteristics of large investment, long construction cycle and high risk, it is often subject to the financial constraints of national or local governments. Therefore, to some extent, it restricts the economic development. Bot, as a financing method for foreign capital or private capital to participate in infrastructure construction, provides an effective way to solve this problem. At present, it is playing a role in more and more infrastructure construction with its unique advantages. However, there are not many BOT projects successfully transferred in the practical application process, which is mainly due to the fact that many BOT projects have not been fully evaluated financially in previous feasibility studies. Under the condition that the stakeholders can not meet the interests of the needs of the implementation of blind, resulting in a lot of problems in the later period, and eventually lead to project failure. Therefore, the financial evaluation of the feasibility of bot project has important theoretical and practical significance for the successful operation of BOT project. The essence of BOT project is to integrate the investment, construction and management of infrastructure. This kind of investment operation way has the unique attribute, the organization structure and the operation way procedure. This also determines that the financial evaluation of BOT project is different from that of the general project, that is, it shows that the main body of financial evaluation is diversified, the project calculation period is specific, the project considerations are comprehensive, and the uncertainty of the project is obvious. The flexibility of management is strong. Since one of the major features of BOT projects is the diversification of financial evaluation subjects, and based on balancing the interests of the government, investors, creditors, contractors and operators, it is necessary to clarify the objectives of various stakeholders in the BOT project. And according to these objectives design the corresponding financial evaluation index system. The index system, main contents and main methods of financial evaluation of BOT project provide theoretical basis for financial evaluation of HW bridge project. On the basis of defining the basic financial data of HW Bridge project, through the estimation of capital cost, the determination of total operating cost, the estimation of income and the analysis of financial evaluation index, it can be found that the financial contribution of the project is 69.7623 million yuan. The internal rate of return for the project remains above 3 percent, and the loan risk index is between 0.4 and 0.6. It can be seen that the project can meet the interests of all stakeholders, and the project is financially feasible. The innovation of this paper is that five stakeholders of BOT project are selected and financial evaluation indexes are constructed on the basis of analyzing the interest needs and concerns of each participating project.
【學(xué)位授予單位】：中國海洋大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F285;F542

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