民营企业参与我国西部基础建设的BOT模式探讨
|
摘要
随着我国加入世界贸易组织和我国西部大开发政策的实施，我国西部地区的发展有着美好的前景。但是，西部地区的基础建设是非常落后的，这已经成为了西部大开发的瓶颈。如何改善基础建设水平是西部开发的重要课题。西部地区基础建设原来大多数是国家投资的，资金非常有限，最近几年出现了外商直接投资的BOT模式，这为西部地区的基础建设起到了促进作用。但是，我国西部地区采用外商直接投资的BOT融资模式还存在着不少的困难，这样就出现了民营企业参与的BOT基础建设项目融资模式。民营企业参与西部地区基础建设的BOT模式是非常重要的探索，而对于民营企业如何参与西部地区基础建设的BOT模式、如何规避风险的研究从理论上和实践上都具有重要的意义。
本文首先论述了西部民营企业采用BOT模式参与基础建设的重要意义；其次，本文系统的论述了BOT的基础理论和BOT模式在我国的发展、特点和问题；再次，本文提出了我国民营企业参与西部基础建设BOT模式中的战略定位、投资结构和程序，然后对重庆恒坤交通能源有限公司运营四川岷江姜射坝水电站项目的情况进行了分析；最后，本文对民营企业如何防范项目融资过程的风险、如何进行风险管理以及具体的风险防范措施进行了进一步的探讨。
本文对民营企业参与到西部地区基础建设的BOT模式的探讨，对促进我国西部地区的基础建设在理论和实践上都具有非常重要的意义。
It is very impota for the development of Westem China that our counny have
become a member of WTO and the Westem China Development Policy have been
bring into effect. However, the deastrUctUre of Westem China has become the
bottleneck of Westem China Development. It has been an imPOrtan problem for
Westem China that how to driprove the infratctufC. In the old tirne, the
infrastructUre building depends on the govemrnent caPital. In the several years, the
BOT mode of fOreign direct finance has aPPeared. At the same tirne this mode have
some problems in operation, so it drown on the BOT mode of private enterprises. It
is an importan exploration that private Firms enter the field of infrasAnctUre building
by the way of BOT in Westem China. So the research on the problem of how to take
part in the BOT mode and how to avoid risk of private firms is very driPOrtan in
theory and in practice.
At first, this paPer discusses the imPOrtance of private firms taking part in the
inLfrastrUctUre building by the Way of BOT in Westem China. Secondly, the
fOundation theory of BOT and the problem that BOT in China have been introduced.
Thirdly, the Straegic position, caPital contrie and oPeration mode of private firms
when they take part in the BOT mode in Western China are put uP with, and by using
this mode, Mindiang Jiangsheba hydroPOwer station project Which oPeration by
Hengkong corporation is analyzed. At last, the risk management and risk avoid
measure are bring forwar fOr private firms When they take part in the BOT mode in
Westem China.
本文首先论述了西部民营企业采用BOT模式参与基础建设的重要意义；其次，本文系统的论述了BOT的基础理论和BOT模式在我国的发展、特点和问题；再次，本文提出了我国民营企业参与西部基础建设BOT模式中的战略定位、投资结构和程序，然后对重庆恒坤交通能源有限公司运营四川岷江姜射坝水电站项目的情况进行了分析；最后，本文对民营企业如何防范项目融资过程的风险、如何进行风险管理以及具体的风险防范措施进行了进一步的探讨。
本文对民营企业参与到西部地区基础建设的BOT模式的探讨，对促进我国西部地区的基础建设在理论和实践上都具有非常重要的意义。
It is very impota for the development of Westem China that our counny have
become a member of WTO and the Westem China Development Policy have been
bring into effect. However, the deastrUctUre of Westem China has become the
bottleneck of Westem China Development. It has been an imPOrtan problem for
Westem China that how to driprove the infratctufC. In the old tirne, the
infrastructUre building depends on the govemrnent caPital. In the several years, the
BOT mode of fOreign direct finance has aPPeared. At the same tirne this mode have
some problems in operation, so it drown on the BOT mode of private enterprises. It
is an importan exploration that private Firms enter the field of infrasAnctUre building
by the way of BOT in Westem China. So the research on the problem of how to take
part in the BOT mode and how to avoid risk of private firms is very driPOrtan in
theory and in practice.
At first, this paPer discusses the imPOrtance of private firms taking part in the
inLfrastrUctUre building by the Way of BOT in Westem China. Secondly, the
fOundation theory of BOT and the problem that BOT in China have been introduced.
Thirdly, the Straegic position, caPital contrie and oPeration mode of private firms
when they take part in the BOT mode in Western China are put uP with, and by using
this mode, Mindiang Jiangsheba hydroPOwer station project Which oPeration by
Hengkong corporation is analyzed. At last, the risk management and risk avoid
measure are bring forwar fOr private firms When they take part in the BOT mode in
Westem China.
引文
[1] 王立国，杨晴翔．我国项目融资中存在的问题及对策研究．经济问题，2000，5，45-47
[2] 周继红．我国BOT投资发展特点与前瞻．投资与证券，2001．1 65～70．
[3] 郭少明，张捷飞．关于我国应用项目融资的思考．河北经贸大学学报．2000．2．
[4] Peter K. Nevitt, Frank Fabozzi. Project Financing. Sixth Edition, Euromoney Publications PLC, 1995
[5] Richard A. Brealey, Stewart C. Myers. Principles of Corporate Finance. Third Edition, McGraw-Hill Book Company, 1988.
[6] R. G. Winfield, S. J. Curry. Success in Investment. Third Edition, John Murray (Publishers) Ltd, 1987.
[7] Clifford Chance. Project Finance. IFR Publishing Ltd, 1991
[8] Tiong Robert L. K. and Alum Jahidul. Evaluation of Propsals for BOT Projects. International Journal of Project Management. Apr. 1997, 67～72
[9] Wang Shou Qing, Tiong Rober L. K. and Ting Song King. Political Risk: Analysis of key Contract Clauses in China's BOT Project. Journal of Construction Engineering and Management. 1999, 3, 90～117
[10] Miller C. Financial and Policy Implication of Publicly Assisted. Bank Working Paper, Aug, 1990
[11] Boris Antl. Management of Interest Rate Risk. Euromoney Publications PLC, 1998
[12] Zayde, Tarek M. and Chang lu-Maan. Prototype Model For BOT Risk. Journal of Management in Engineering. January 2000, 7～16
[13] Tam C. M. BOT Model for Infrastructure development in Asia: Reason for Successes and Failures. International Journal of Project Management. June 1999, 337～382
[14] Zhang X-Q and Kumaramy M. M. Hong Kong Experience in Managing BOT Projects. Journal of Construction Engineering and Management. Mar-Apr 2001, 154～162
[15] Arikan Yildiz. BOT Model for New Power Plants for Turkey. Mediterranean Electro-technical Conference. Apr. 1994
[16] Short and Jim W. Preparing a Proposal for a BOT Project. Transaction of Annual Meeting. June 1998
[17] Ngee Loh and Tiong Robert L. K. Automated Approach to Negotiation of BOT Contracts. Journal of Computing in Engineering. Apr 1997, 121-128.
[18] Prendergast J. Privation Takes Its Toll. Road Financing Strategies in the C.S. World Civil Engineering, 1993.63(1)
[19] Martin Blaiklock T. Financing Infrastructure Projects as Concessions. World Bank Working Paper, Aug 1990.
[20] 李滔，金正富．BOT项目融资初探．西安公路交通大学学报，1996，3
[21] 陈虎飞．利用热电厂产权进行项目融资的经济性研究．电力建设，1998，10，
[22] 许传桂，赵辛．利用国际融资开发水电资源．国际经济合作，1997，3，17-20．
[23] 滕如倩．民营经济参与BOT方式探讨．东岳论丛，1997，6，45-47．
[24] 王晓虹，张志坚，江文智．黑龙江高速公路BOT项目融资的前景．黑龙江 交通科技，2000，1，15-17．
[25] 安同良，赵巍巍．有限追索项目融资在中国的实践．世界经济与政治论坛，1999，6，51-54
[26] 蔡斌．从“来宾模式”看我国BOT项目融资．国际经济合作，2000，3
[27] 罗孝玲．项目融资风险及风险防范措施刍议．求索，1998，4，34-35
[28] 王辉，何伯森．BOT模式项目融资的风险研究．中国软科学，1999，5 123-121
[29] 王晶．项目融资的风险控制分析．国际经济合作，2000，4，45-47
[30] 徐大鹏，赵梅．项目融资的风险控制技术．投资研究，1999，4
[31] 岳思红．交通BOT项目风险的特征及分担方法．中国流通经济，1998，4， 25-28．
[32] 杨国庆．项目融资的特点及贷款风险的规避．杭州金融管理干部学院学报，1997，5，27-29
[33] 王雪青，邵虹等．国际融资外汇风险防范．中国软科学，2000，3
[34] 叶晓苏，BOT项目承包风险的综合评价方法．重庆建筑大学学报，1997， 12，15-21
[35] F．Bain．水电工程项目融资风险与保险对策．水利与大坝，1996．1
[36] 陈煌铭，陈炳富．论民营化基础建设BOT项目风险之管理战略．南开管理评论，1999，2，45-52．
[37] 王华民，戍婷，苗文萍．项目融资风险的识别．煤炭经济研究，1998，8，7-8．
[38] 王延中，张湛彬．交通邮电通信等基础设施建设与西部大开发．国研网 2002．03．08
[39] 郭励弘．基础设施投资释疑．国研网 1998．4．17．
[40] 沈丽．关于在基础设施项目融资中推行资产证券问题的思考．基建优化．(22) 2001，1：27—29
[41] 史瑞军．以西部开发促进西部大开发，积极探索国际融资新方式．国研网 1998．04．06
[42] 李秀辉，张世英．PPP：一种新型的项目融资方式．中国软科学．2002．2
[43] 袁怀中，王学安．基础设施建设的国际融资分析．江苏统计，1999，8
[44] 吴庆，谷清勇．基础设施融资指南．中国投资，2001，6
[45] Clifford Chance法律公司著，龚辉宏译．项目融资．华夏出版社(北京)，1997．1
[46] 王雪青，万彩芸．BOT项目政治风险的防范与政府担保．中国投资，2000，11
[47] 大岳．BOT项目讲座(一)．中国投资，2002，1
[48] Michael Potter. What is Strategy?Harvard Business Review．Nov-Dec 1996．
[49] 张极井．项目融资．中信出版社(北京)．1997．5
[50] 吴思华．策略九说：策略思考的本质．北京，麦田出版社．1996，217—236．
[51] 王华民，戍婷等．项目融资风险的识别．煤炭经济研究，1998，8
[2] 周继红．我国BOT投资发展特点与前瞻．投资与证券，2001．1 65～70．
[3] 郭少明，张捷飞．关于我国应用项目融资的思考．河北经贸大学学报．2000．2．
[4] Peter K. Nevitt, Frank Fabozzi. Project Financing. Sixth Edition, Euromoney Publications PLC, 1995
[5] Richard A. Brealey, Stewart C. Myers. Principles of Corporate Finance. Third Edition, McGraw-Hill Book Company, 1988.
[6] R. G. Winfield, S. J. Curry. Success in Investment. Third Edition, John Murray (Publishers) Ltd, 1987.
[7] Clifford Chance. Project Finance. IFR Publishing Ltd, 1991
[8] Tiong Robert L. K. and Alum Jahidul. Evaluation of Propsals for BOT Projects. International Journal of Project Management. Apr. 1997, 67～72
[9] Wang Shou Qing, Tiong Rober L. K. and Ting Song King. Political Risk: Analysis of key Contract Clauses in China's BOT Project. Journal of Construction Engineering and Management. 1999, 3, 90～117
[10] Miller C. Financial and Policy Implication of Publicly Assisted. Bank Working Paper, Aug, 1990
[11] Boris Antl. Management of Interest Rate Risk. Euromoney Publications PLC, 1998
[12] Zayde, Tarek M. and Chang lu-Maan. Prototype Model For BOT Risk. Journal of Management in Engineering. January 2000, 7～16
[13] Tam C. M. BOT Model for Infrastructure development in Asia: Reason for Successes and Failures. International Journal of Project Management. June 1999, 337～382
[14] Zhang X-Q and Kumaramy M. M. Hong Kong Experience in Managing BOT Projects. Journal of Construction Engineering and Management. Mar-Apr 2001, 154～162
[15] Arikan Yildiz. BOT Model for New Power Plants for Turkey. Mediterranean Electro-technical Conference. Apr. 1994
[16] Short and Jim W. Preparing a Proposal for a BOT Project. Transaction of Annual Meeting. June 1998
[17] Ngee Loh and Tiong Robert L. K. Automated Approach to Negotiation of BOT Contracts. Journal of Computing in Engineering. Apr 1997, 121-128.
[18] Prendergast J. Privation Takes Its Toll. Road Financing Strategies in the C.S. World Civil Engineering, 1993.63(1)
[19] Martin Blaiklock T. Financing Infrastructure Projects as Concessions. World Bank Working Paper, Aug 1990.
[20] 李滔，金正富．BOT项目融资初探．西安公路交通大学学报，1996，3
[21] 陈虎飞．利用热电厂产权进行项目融资的经济性研究．电力建设，1998，10，
[22] 许传桂，赵辛．利用国际融资开发水电资源．国际经济合作，1997，3，17-20．
[23] 滕如倩．民营经济参与BOT方式探讨．东岳论丛，1997，6，45-47．
[24] 王晓虹，张志坚，江文智．黑龙江高速公路BOT项目融资的前景．黑龙江 交通科技，2000，1，15-17．
[25] 安同良，赵巍巍．有限追索项目融资在中国的实践．世界经济与政治论坛，1999，6，51-54
[26] 蔡斌．从“来宾模式”看我国BOT项目融资．国际经济合作，2000，3
[27] 罗孝玲．项目融资风险及风险防范措施刍议．求索，1998，4，34-35
[28] 王辉，何伯森．BOT模式项目融资的风险研究．中国软科学，1999，5 123-121
[29] 王晶．项目融资的风险控制分析．国际经济合作，2000，4，45-47
[30] 徐大鹏，赵梅．项目融资的风险控制技术．投资研究，1999，4
[31] 岳思红．交通BOT项目风险的特征及分担方法．中国流通经济，1998，4， 25-28．
[32] 杨国庆．项目融资的特点及贷款风险的规避．杭州金融管理干部学院学报，1997，5，27-29
[33] 王雪青，邵虹等．国际融资外汇风险防范．中国软科学，2000，3
[34] 叶晓苏，BOT项目承包风险的综合评价方法．重庆建筑大学学报，1997， 12，15-21
[35] F．Bain．水电工程项目融资风险与保险对策．水利与大坝，1996．1
[36] 陈煌铭，陈炳富．论民营化基础建设BOT项目风险之管理战略．南开管理评论，1999，2，45-52．
[37] 王华民，戍婷，苗文萍．项目融资风险的识别．煤炭经济研究，1998，8，7-8．
[38] 王延中，张湛彬．交通邮电通信等基础设施建设与西部大开发．国研网 2002．03．08
[39] 郭励弘．基础设施投资释疑．国研网 1998．4．17．
[40] 沈丽．关于在基础设施项目融资中推行资产证券问题的思考．基建优化．(22) 2001，1：27—29
[41] 史瑞军．以西部开发促进西部大开发，积极探索国际融资新方式．国研网 1998．04．06
[42] 李秀辉，张世英．PPP：一种新型的项目融资方式．中国软科学．2002．2
[43] 袁怀中，王学安．基础设施建设的国际融资分析．江苏统计，1999，8
[44] 吴庆，谷清勇．基础设施融资指南．中国投资，2001，6
[45] Clifford Chance法律公司著，龚辉宏译．项目融资．华夏出版社(北京)，1997．1
[46] 王雪青，万彩芸．BOT项目政治风险的防范与政府担保．中国投资，2000，11
[47] 大岳．BOT项目讲座(一)．中国投资，2002，1
[48] Michael Potter. What is Strategy?Harvard Business Review．Nov-Dec 1996．
[49] 张极井．项目融资．中信出版社(北京)．1997．5
[50] 吴思华．策略九说：策略思考的本质．北京，麦田出版社．1996，217—236．
[51] 王华民，戍婷等．项目融资风险的识别．煤炭经济研究，1998，8