【作者】 杜燕；

【导师】 高丽峰；

【作者基本信息】 沈阳工业大学 ， 国际贸易学， 2006， 硕士

【摘要】 根据著名的瓦格纳定理:进入工业化后,公共部门数量规模呈扩大趋势,公共支出在社会总支出中的比重也呈扩大趋势。但是,单纯依靠国家财政进行公共产品的投融资是有边界和限度的,而且政府管理公共项目的效率低下,因此,基础设施的建设引入民间资本势在必行,BOT融资方式就是在这样的实践背景下应运而生。 基础设施项目往往资金投入大、沉没成本高及投资回收期长,融资渠道通常是多种筹资方式的有机结合。筹资方式不同,资金结构就不同,不同的资金结构影响着项目的成本、收益、现金流等因素,故项目的资金结构的确定对于项目最终利益关系的确定起着重要的作用。特许期限是划分政府和项目公司各自权利、义务和职责的时间界限,是确立项目所有权与经营权归属的时间界限,是一个关于时间与经济的重要指标,在传统的净现值求特许权期的模型中,忽略了股本资金的机会成本和由于承担了风险所应该得到的风险报酬率,因此不能够完整的反映项目的资金结构,在考虑项目资金结构的情况下,如何确定特许权期的合理长度目前还没有人研究。 基于以上问题,本文主要完成了以下的研究工作: (1)针对传统的NPV法确定特许权期的模型存在的缺陷,提出了利用CAPM资本资产定价模型对BOT项目特许期的计算模型中的贴现率进行校正,从而能够更加科学合理的确定BOT项目的特许期。 (2)在对上述修正模型,采用规范研究和实证研究相结合,定性研究和定量研究相结合的方法,对于此模型进行了应用研究。利用该模型可以根据项目公司的资金成本对特许权期的长度做相应的调整,从而保证了项目公司和政府的收益平衡。 在研究过程中,本文主要得到以下结论: (1)项目的特许权期和股本金比率成正相关关系; (2)利用CAPM模型,引入项目资金结构的净现值模型对特许权期的求值是更能够准确反映项目成本和收益的科学方法。更多还原

【Abstract】 According to the famous Wagner theorem: After entering the industrialization, The public department’s quantity and scale shows a tendency to expand, The proportion of public expenditure in the social total expenditure also show an expanding tendency .At the same time, the financing of public production simply rely on national finance is limited, furthermore, the efficiency that the government manages the public project is low, thus, The construction of the infrastructure introduces the privately owned capital imperatively , under this condition, BOT project financing emerge as the times require.Sometimes there are large capitals, high cost, and long cost recycling time in infrastructure project, so its financing channel has to be combined by many ways. Different financing channel means different capital structure, and different capital structure affect the cost, income and the cash flows, and so on. As a result, the capital structure plays an important role in confirming the ultimately benefit relationships. However, BOT concession period is a time boundary in confirming the profit contribution and the rights between the government and the project company, and it is also a time boundary in confirming the Property rights and Management power. BOT concession period is an important index about time and economy. In traditional NPV model for BOT concessionary terms, it neglect equity’s opportunity cost and risk reward rate. So it can not reflect the capital structure completely. No study shows how to ascertain concession period when the capital structure is taken into consideration.Based on the above questions, this paper mostly completes two tasks:1. In view of the limitation on traditional NPV model, this paper constructs a math model calculating the concession period length, which based on the CAPM model that can adjust the limitation in traditional method, thus the new model could be more reasonable.2. According to the model above, the logical research and experience research are used, and qualify and quantity method is also used. The model can adjust concession period lengthaccording to the capital structure taken by project company. So the model ensures the rights and interests between government and project company. In the course, have gotten following conclusions:1. Concession period length is relevant to the stock capital ratio;2. Using the CAPM model, the introduction in project’s capital structure model is a scientific method to reflect the cost accurately when it used to evaluate the concession period.更多还原