【作者】 吴孝灵； 周晶； 朱振涛； 洪巍；

【Author】 WU Xiao-ling,ZHOU Jing,ZHU Zhen-tao,HONG Wei (School of Management and Engineering,Nanjing University,Nanjing 210093,China)

【机构】 南京大学工程管理学院；

【摘要】 针对BOT项目的有限追索权融资特征,考虑项目公司和贷方根据CAPM方法进行投资决策而建立一个BOT风险补偿分配模型。根据模型,分析了项目公司和贷方在BOT融资中因承担不同风险而要求不同的风险补偿,并从理论上论证他们各自要求的风险补偿是合理的,从而进一步给出BOT融资的可行性条件。最后,结合一个实际案例进行了数值仿真计算,以检验结论的适用性。更多还原

【Abstract】 Under the limited recourse financing,it is considered that the project company and the creditor do investment in BOT project according to CAPM.A model of risk premium allocation between them is proposed by means of the theory of CAPM.Based on the model,it is demonstrated that their respective required risk premium is reasonable. Thus,a feasible condition for BOT financing is obtained.Combined with a practical application,a numerical simulation is conducted to show that the model is effective in the practice更多还原