【作者】 刘敏；

【导师】 王圃；

【作者基本信息】 重庆大学 ， 环境工程， 2003， 硕士

【摘要】 BOT作为国际上一种特定的项目融资方式，在发达国家和发展中国家都有过成功的实践。政府把基础设施项目交由国际商业资本和私人资本进行投资建设和经营，到了约定期限，投资方将项目无偿移交给项目所在地政府，这就是BOT的要义。 BOT投资方式具有项目融资的典型特征，BOT项目是项目融资的一种特定方式，它具有有限追索权或无追索权和资产负债表外融资等显著特征，可以避开国内信贷的困难，从国际金融市场上为资本密集型投资项目筹集资金，因而对于亟需加大投入、而又受到资金短缺制约的电厂、公路、铁路、机场、水厂及长距离输水管道等大型基础设施项目具有很大的吸引力。 BOT方式是一种将融资、建设、运营和移交聚合为一体的多功能投资方式，BOT的多种功能决定了该方式的系统性、复杂性、长期性和复合性。对于政府来说，BOT方式具有利用资金、风险转移、减轻责任、成本控制、满足需求、学习先进技术和管理经验、开发当地资本市场和吸引外资等七条优点；但同时BOT投资方式也存在较高的融资费用、大量外汇流失、在特许权期限内政府将失去对项目所有权及经营权控制等潜在的负面效应。 虽然不同国家和地区在不同的BOT项目上的具体做法可能会有所不同，但总的来说，BOT项目都必须经历项目确定和准备、招投标(含资格预审)、特许权合同谈判、项目融资合同的签订、项目的建设、运营和移交等八个阶段。 每个BOT项目都存在若干可能会发生的风险，而且BOT项目的风险远远超过一般投资项目的风险。因为BOT项目投资规模大，且BOT项目为基础设施工程，关系东道国的经济命脉，因此项目受东道国政府法律环境等影响大；另外BOT项目工期长，工程利益参与人众多，法律关系复杂，因此面临的可变因素很多。 对于我国来说，采用BOT方式引进和利用外国投资经营基础设施项目具有很强的现实意义。BOT方式的应用可以加快我国基础设施的建设，加快基础设施领域的改革，拓宽利用外资的渠道，有利于提高项目的运作效率，有利于拉动需求、增加就业，有利于政府对重大项目的宏观管理。 城市供水行业作为城市一项重要的基础设施，是政府管理的重要方面之一。20世纪90年代以来，BOT投资方式在我国供水行业开始进行试点和运用。上海市大场水厂、成都自来水六厂B厂、北京第十水厂等均为BOT方式在城市供水行业运用的典型项目。其中，成都自来水六厂B厂项目于1997年7月草签项目特许权协议及其附件，2002年2月11日正式运营，特许经营期15年。更多还原

【Abstract】 As a special financing way, BOT has been successfully practiced in many developed and developing countries. The government gives the project of infrastructure to the international commercial capital and the private capital to invest, construct and operate. When the promissory limit expires the investor will transfer the project to the local government without any compensation. It is the important meaning of the BOT.The investment mode of BOT has its typical character for the project financing. And the BOT project is the special mode for the project financing. It has the remarkable characters of the limited recourse or without recourse and financing besides the balance sheet. It can avoid the trouble to get the domestic credit and to finance from the international capital market for the capital-intensive project. So it has much attraction for these large-scale projects of infrastructure of power plant, highway, railway, airport, water plant and the long distance transmission pipe, etc. which urgently needs to invest and at the same time be limited by the shortage of the capital.BOT is a multi-function investment mode it combines the financing, constructing, operating and transferring together. That makes it has the systematic, complex and long-term character. For the government BOT has seven advantages: to utilize the capital, to transfer the risk, to diminish the responsibility, to control cost, to satisfy the need, to study the advanced technology and experience of management, to exploit the local capital market and to attract the foreign capital. But at the same time BOT also has the latent negative effects: to lose higher returns of investment, to lose a large number of foreign exchanges and also the government will lose its ownership and the control of operating authority for the project in the concession period.Although there are many ways for different BOT project in different counties and areas generally it will go through the following eight stages of the establishment and the preparation, the competitive bidding (including qualification examination), the negotiation for concession agreement, the signature of financing contract for the project, the construction, the operation and the transferring.Each BOT project has many potential risks and the risk of BOT is much higher than the general investment project. Because the investment scale of BOT is large and it is the project of infrastructure that concerns the economic lifeline of the host country so it will greatly be affected by the environment of laws of the government of the hostcountry. And on the other hand it will face many changeable factors possibly occurs with the long period construction, great the benefits and multitudinous participants and also with the complex relationship of laws.In our country it has the important practical significance to adopt BOT for attracting and utilizing the foreign capitals to invest and operate the infrastructure project. It can accelerate the infrastructure construction as well as the reform in this field. It can extend the channels of using the foreign capitals too. It is advantageous to raise the operating efficiency and to push the demand and increase chance of employee. It is also advantageous for the government to macro-control the important project.As an important infrastructure the city water supply is one of the most important trade to be managed by the government. Since nineties of the 20th century, BOT has been trial and applied in city water supply in our country. The Da Chang Water Plant, Chengdu No.6 Water Plant B and Beijing No.10 Water Plant are all the typical projects of BOT in city water supply. Among them the project of Chengdu No.6 Water Plant B formally signed the <Concession Agreement> and its Appendixes in August 1999. It began to operate on Feb.ll, 2002. with the concession period of 15 years.更多还原