BOT项目风险管理及相关法律问题研究
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摘要
在过去五十年来,国际资本市场迅速发展,在此背景下,越来越多的国家对基础设施建设放宽了规则限制以及私有化程度,金融融资项目日益成为一种新兴的私有财团投资模式。通常BOT项目的运作模式可以简单描述为：贷款方以某个将要建成的金融项目的收益为抵押,并以一段时期内对所建成后的金融项目的使用收益权的占有为手段,来完成其贷款的回收及收益。由于其融资模式的灵活性及筹集资金的优越性,它的推行与发展,不仅为私人投资提供了更为广阔的空间和舞台,更解决了众多发展中国家政府扩建基础设施项目上资金紧张的困难。然而,由于BOT项目是由政府与私人投资者,私人投资者与承包商等多方通过签署合同与协议完成合作,其中存在的风险管理与规避一直在该项目顺利运行的过程中扮演者举足轻重的角色。本文试图通过分析BOT项目中的风险分配、规避,及政府保证等法律问题,结合我国BOT项目发展现状,对我国的BOT立法提出相关建议,以期完善我国相关立法体系,更好的发展我国的BOT金融模式。
本文的第一章主要对BOT项目的基本构成进行一个概念性的陈述。文章通过介绍BOT项目的基本概念,运行流程和其所具备的四个基本特征,从较为概括的层面为读者要进一步了解BOT项目提供背景知识。
本文第二章主要讲述了BOT项目中所面临的主要法律问题。文章从BOT项目的法律性质切入,进一步分析了BOT项目中可能包含的各种法律协议,并逐一进行分析其法律性质。其中,由于特许经营协议是BOT项目的主协议,它不仅是BOT项目运行的基础,更是政府保证的法律依据,笔者着重分析了特许经营协议的法律性质,力图为后面的分析扫清模糊概念的障碍。
本文第三章对BOT项目进行了风险管理分析。BOT作为一个庞大的金融融资项目,风险的分担与规避在整个项目的运作中至关重要。笔者首先对BOT项目可能面对的风险进行了论述和分类。接下来分别就BOT项目要面对的建设运营风险、外汇风险及政治风险分别进行了论述。除此之外,笔者还介绍了他国成功运作BOT的可借鉴经验。整章的目的是希望通对风险识别和分析,投资双方可以以有效的法律手段,对可预见性的风险提早进行规避和分担,按一般的分担原则确定风险由最有能力的方承担,以最低的成本,科学化得实现对BOT项目可预见风险的规避,打消投资双方的顾虑,更好的运行BOT项目。
本文的第四章对BOT项目的政府保证及相关法律问题进行了分析。由于BOT项目大多是发达国家私人财团对发展中国家基础设施建设项目投资,发展中国家的政治稳定状况也成为投资者对投资安全考虑的一大重点。如笔者在上一章论述过的政治风险,政府保证不仅东道国对规避政治风险所要做出的法律保障,也是投资者对政治风险规避的法律依据。由于签订政府保证协议的双方分别是国家政府与私人投资方,该协议的内容及性质对BOT项目的运行都有着极为重要的意义。另外对政府保障法律性质的分析也有利于解决其法律适用问题。笔者在本章主要论述了政府保证定义内容及法律性质,并介绍了可借鉴的他国成功经验。
本文的第五章作者通过对我国BOT实施现状,介绍了外国投资者在我国可能会面临的相关风险,并列举了相关案例。通过对我国现存的问题描述,笔者对我国BOT项目实施现存的法律障碍提出立法建议,以期解决上述问题,使得BOT项目在我国的以后的运行道路更为平坦。
The global capital market witnessed dramatic improvement in the last fifty years, under this situation, more and more countries lightened up their restrictions on infrastructure constructions and privatization. Project finance has become a new investment option for private equity groups. Usually, the way BOT projects work out can be described simply:creditors seek to realize a return on their investment through demanding the usufruct for a certain period of time after the financed project has been built, while requesting the profits generated from such project as collateral. Since the way project finances usually work offers great flexibility, the development of this business model not only provided private sector investors a bigger platform, but also helped solve budget difficulties in many developing nations when they sought to enhance their infrastructure construction projects. However, since BOT involves many contracts and cooperation between government and private sector investors, and other contracts between private sector investors and contractors, the mitigation and management of risk is critical in the successful operations of such projects. Considering the current development status of China, and based on a thorough analysis of legal issues such as risk mitigation, risk management, and government guarantees in BOT projects, the author will give recommendations for the legislation of BOT laws in China, hoping this would complement relevant legislations, therefore further develop our BOT finance model.
The first chapter of this thesis mainly focuses on a brief explanation of the structure of BOT projects. It provides overview and background knowledge for readers to further understand BOT projects through introducing the basic concepts, current status, and the four main hallmarks of such projects.
The second chapter discusses the legal issues faced in BOT projects. It begins with an explanation of the legal nature of BOT projects, followed by a thorough analysis of various kinds of legal agreements possibly involved in the projects, and a one-by-one analysis on the legal nature of each individual agreement. Amongst all these agreements, concession agreements are the most important, they are not only the foundation of the operations of BOT projects, but also the legal basis of government guarantees. The author of this thesis emphasizes an analysis of the legal nature of concession agreement in order to clear the way to understand the more in-depth analysis in later chapters.
The third chapter discusses risk management analysis. Since BOT are usually large-scale projects, risk mitigation and management are critical for a smooth operation. The author first explains and categorizes different types of risks involved in BOT projects, then moves on to construction and operational risk, foreign exchange risk, and political risk. Furthermore, the author introduces experiences of successful operations of BOT in other countries. The purpose of the thesis is to, through identifying and analyzing risks, with effective legal measures, based on common risk-sharing principles, all parties of the project finance could scientifically avoid or manage foreseeable risks at the lowest costs, thus minimizing unnecessary concerns of each party, and assuring the smooth operation of BOT projects.
The fourth chapter analyzes government guarantees and relevant legal issues of BOT projects. Since most such projects are infrastructure investment from private equity groups in developed countries to developing countries, the political stability in developing countries is also an important factor when investors are considering the safety of their investments. Considering the political risks explained in the third chapter, a government guarantee is not only a legal promise from the host country to the creditors in order for the later party to avoid and manage risks, but also a legal basis for the investors to avoid and manage such political risks. Since the signing parties of government guarantee agreements are host country governments and private sector investors, the content and character of such agreement is extremely important to the smooth and successful operation of BOT projects. In addition, an analysis of the legal nature of government guarantee agreements would be helpful when there are any issues regarding the application of the law. The author addresses the definition and legal nature of government guarantee agreements, and introduces applicable and successful experiences from foreign countries.
The fifth chapter is based on the current status of BOT project operations in China, lists various kinds of risks that foreign investors may be exposed to in China, and offers examples. Through a discussion of current relevant legal controversies, the author makes legislative recommendations to remove legal obstacles for the practice of BOT projects, hoping the solutions proffered would mark a clear path for the future implementation and operations of BOT projects in China.
本文的第一章主要对BOT项目的基本构成进行一个概念性的陈述。文章通过介绍BOT项目的基本概念,运行流程和其所具备的四个基本特征,从较为概括的层面为读者要进一步了解BOT项目提供背景知识。
本文第二章主要讲述了BOT项目中所面临的主要法律问题。文章从BOT项目的法律性质切入,进一步分析了BOT项目中可能包含的各种法律协议,并逐一进行分析其法律性质。其中,由于特许经营协议是BOT项目的主协议,它不仅是BOT项目运行的基础,更是政府保证的法律依据,笔者着重分析了特许经营协议的法律性质,力图为后面的分析扫清模糊概念的障碍。
本文第三章对BOT项目进行了风险管理分析。BOT作为一个庞大的金融融资项目,风险的分担与规避在整个项目的运作中至关重要。笔者首先对BOT项目可能面对的风险进行了论述和分类。接下来分别就BOT项目要面对的建设运营风险、外汇风险及政治风险分别进行了论述。除此之外,笔者还介绍了他国成功运作BOT的可借鉴经验。整章的目的是希望通对风险识别和分析,投资双方可以以有效的法律手段,对可预见性的风险提早进行规避和分担,按一般的分担原则确定风险由最有能力的方承担,以最低的成本,科学化得实现对BOT项目可预见风险的规避,打消投资双方的顾虑,更好的运行BOT项目。
本文的第四章对BOT项目的政府保证及相关法律问题进行了分析。由于BOT项目大多是发达国家私人财团对发展中国家基础设施建设项目投资,发展中国家的政治稳定状况也成为投资者对投资安全考虑的一大重点。如笔者在上一章论述过的政治风险,政府保证不仅东道国对规避政治风险所要做出的法律保障,也是投资者对政治风险规避的法律依据。由于签订政府保证协议的双方分别是国家政府与私人投资方,该协议的内容及性质对BOT项目的运行都有着极为重要的意义。另外对政府保障法律性质的分析也有利于解决其法律适用问题。笔者在本章主要论述了政府保证定义内容及法律性质,并介绍了可借鉴的他国成功经验。
本文的第五章作者通过对我国BOT实施现状,介绍了外国投资者在我国可能会面临的相关风险,并列举了相关案例。通过对我国现存的问题描述,笔者对我国BOT项目实施现存的法律障碍提出立法建议,以期解决上述问题,使得BOT项目在我国的以后的运行道路更为平坦。
The global capital market witnessed dramatic improvement in the last fifty years, under this situation, more and more countries lightened up their restrictions on infrastructure constructions and privatization. Project finance has become a new investment option for private equity groups. Usually, the way BOT projects work out can be described simply:creditors seek to realize a return on their investment through demanding the usufruct for a certain period of time after the financed project has been built, while requesting the profits generated from such project as collateral. Since the way project finances usually work offers great flexibility, the development of this business model not only provided private sector investors a bigger platform, but also helped solve budget difficulties in many developing nations when they sought to enhance their infrastructure construction projects. However, since BOT involves many contracts and cooperation between government and private sector investors, and other contracts between private sector investors and contractors, the mitigation and management of risk is critical in the successful operations of such projects. Considering the current development status of China, and based on a thorough analysis of legal issues such as risk mitigation, risk management, and government guarantees in BOT projects, the author will give recommendations for the legislation of BOT laws in China, hoping this would complement relevant legislations, therefore further develop our BOT finance model.
The first chapter of this thesis mainly focuses on a brief explanation of the structure of BOT projects. It provides overview and background knowledge for readers to further understand BOT projects through introducing the basic concepts, current status, and the four main hallmarks of such projects.
The second chapter discusses the legal issues faced in BOT projects. It begins with an explanation of the legal nature of BOT projects, followed by a thorough analysis of various kinds of legal agreements possibly involved in the projects, and a one-by-one analysis on the legal nature of each individual agreement. Amongst all these agreements, concession agreements are the most important, they are not only the foundation of the operations of BOT projects, but also the legal basis of government guarantees. The author of this thesis emphasizes an analysis of the legal nature of concession agreement in order to clear the way to understand the more in-depth analysis in later chapters.
The third chapter discusses risk management analysis. Since BOT are usually large-scale projects, risk mitigation and management are critical for a smooth operation. The author first explains and categorizes different types of risks involved in BOT projects, then moves on to construction and operational risk, foreign exchange risk, and political risk. Furthermore, the author introduces experiences of successful operations of BOT in other countries. The purpose of the thesis is to, through identifying and analyzing risks, with effective legal measures, based on common risk-sharing principles, all parties of the project finance could scientifically avoid or manage foreseeable risks at the lowest costs, thus minimizing unnecessary concerns of each party, and assuring the smooth operation of BOT projects.
The fourth chapter analyzes government guarantees and relevant legal issues of BOT projects. Since most such projects are infrastructure investment from private equity groups in developed countries to developing countries, the political stability in developing countries is also an important factor when investors are considering the safety of their investments. Considering the political risks explained in the third chapter, a government guarantee is not only a legal promise from the host country to the creditors in order for the later party to avoid and manage risks, but also a legal basis for the investors to avoid and manage such political risks. Since the signing parties of government guarantee agreements are host country governments and private sector investors, the content and character of such agreement is extremely important to the smooth and successful operation of BOT projects. In addition, an analysis of the legal nature of government guarantee agreements would be helpful when there are any issues regarding the application of the law. The author addresses the definition and legal nature of government guarantee agreements, and introduces applicable and successful experiences from foreign countries.
The fifth chapter is based on the current status of BOT project operations in China, lists various kinds of risks that foreign investors may be exposed to in China, and offers examples. Through a discussion of current relevant legal controversies, the author makes legislative recommendations to remove legal obstacles for the practice of BOT projects, hoping the solutions proffered would mark a clear path for the future implementation and operations of BOT projects in China.
引文
1.于安,《外商投资特许权项目协议(BOT)与行政合同》,法律出版社,1998年。
2.焦智勇,《涉外经济法概论》,经济科学出版社,2000年。
3.江前良,《国际技术转让法律实务》,法律出版社,1995年10月版。
4.王利明、郭明瑞、吴汉东著,《民法新论下》,中国政法大学出版社,1988年版
5.蒋先玲,《项目融资法律与实务》,对外经贸大学出版社,2004年版。
6.史晓丽,《国际投资法》,中国政法大学出版社,2005年版。
7.江平主编,《民法学》,中国政法大学出版社,2000版。
8.余劲松,《中国涉外经济法律问题新探》,武汉大学出版社,2007年版。
9.苏号明、朱家贤,《国际投资法律实务与国家案例评析》,北京经济管理出版社,
1997年版。
10.黄桥案例,载于《南方周末》B13版,2003年1月29日。
11.《中国水利报》,2002年6月11日,第5版。
12.《世行报告：中国积极注资非洲基础建设项目》,http://genevese.mofcom.gov.cn/aarticle/jmxw/200807/20080705660201.html,2008年7月11日。
13.周佑勇主编,《行政许可理论与实务》,武汉大学出版社,2004年版。
14.范剑虹主编,《国际投资法导读》,浙江大学出版社,2001年版。
15.王玉梅主编,《中国的外国直接投资法律制度研究》,法律并出版社,2003年版。
二、国内论文
1.王晓红,《BOT项目风险分担与政府保证法律问题研究》,2001年6月中国政法
大学硕士学位论文。
2.王玉平,《BOT项目中政府保证法律问题研究》,2007年2月中国政法大学硕士
学位论文。
3.王磊珊,《论我国BOT特许经营中政府的权责》,2006年5月暨南大学硕士学位论文。
4.苗圆圆,《国际BOT投资方式法律问题研究》,2007年6月中国海洋大学硕士学位论文。
5.翟慧慧,《BOT特许协议之法律性质之刍议》载于《黑龙江对外经贸》,2008年第12期。
6.秦瑞亭,《论BOT方式的法律关系》载于《南开学报》1998年第三期。
7.彭雪峰、徐永前,((BOT项目融资中的风险识别与管理》,2004年4月19日载于http://www.law110.com/lawstudy/320222.htm。
8.符启林、侯怡,《BOT方式与中国法律的融合冲突》载于《中国政法大学学报》,1999年第5期。
9.张炳建,《BOT投融资方式主要的风险规避设计》载于山东大学硕士学位论文2005年4月3号
10.陈海群,《我国BOT政府保证效力问题研究》载于《池州师专学报》2002年第1期。
11.沈伟,((BOT投资方式的投资回报及偿债问题的法律分析》载于《经济导刊》1997年。
12.阮凤斌、陈志波,《BOT方式在我国面临的法律障碍分析》载于《学术探讨》1999年第一期。
1. Stein, Build-Operate-Transfer (BOT)--A Re-Evaluation,11 ICLR 101 (1994).
2. Moore Harold, International Project Finance (Course Pack) 12 National Archive Publishing Company, (2009).
3. Preventing and Resolving Construction Disputes 2-3 Center for Public Resources, Inc. (1991). See also Smith, Risk Identification and Allocation 12 Int'l Constr. L. Rev.40-41 (Jan.1995).
4. Halligan, Hester & Thomas, Managing Unforeseen Site Conditions, Journal of Construction Engineering and Management, vol.113, no.2,273-287 (1987) (use of differing site conditions clause results in the elimination of perhaps a 3% bid contingency); see also Partnering-Project Performance in U.S. Army Corps of Engineers Journal of Management in Engineering, vol.9, no.4,410-425 (1993) (partnering practices result in 6 to 9% percent savings by increasing trust and communication); Remarks of Dr. Richard Tucker, Director, Construction Industry Institute, an American Bar Association Forum on Construction Industry Design-Build Conference, San Francisco, California, April 27,1995 (alternative dispute resolution procedures may result in a 2% cost savings); see also Smith, Allocation of Risk-the Case for Manageability,13 Int'l Constr. L. Rev.549,560 (Oct. 1996).
5. Philip R Wood, Project Finance, Securitizations, Subordinated Debt 8, Thomson Books (2007).
6. Ewald, F., Insurance and risk, in Burchell, G. Gordon, C. and Miller, P.(eds) The Foucault Effect:Studies in Gove mentality, Chicago University Press. (1991).
7. Eckermann, the Dialogue of Goethe. (2005).
8. Risk a:Possibility of loss or injury; b:liability for loss or injury if it occurs< the risk of loss passes to the buyer when the goods are duly delivered to the carrier-Uniform Commercial Code>< the risk of personal injury and property damage should be placed with the manufacturer rather than the consumer ---Case & Comment>. Merriam-Webster's Dictionary, Merriam-Webster, Inc (1996).
9. IBA working Party on Legal Risk.
10. Legal institution of foreign investment does not equal to Three forms of Foreign Investment Enterprises, also include all of laws and regulations concerning foreign investments, such as "civil law general principles", "company law", "securities law"
11. Shoushuang Li, The legal environment and risks for foreign investment in China 3, Springer Books (2006).
12. Hang Ya, The Legal dilemma of property right transaction, the report of State-owned enterprises deforms Vol.2. (2005).
13. Executive director in the law division of Morgan Stanley in Hong Kong talks to IFLR's Siew-Fong Leung about the challenges facing foreign investors in China in the International Financial Law Review Supplement:The IFLR Guide to China (2005).
14. Luc Laeven and Christopher Woodruff, The quality of the Legal System, Firm Ownership, and Firm Size, download on the official website of Word Bank.
15. Shoushuang Li, The legal environment and risks for foreign investment in China 5, Springer Books (2007).
16. UN, Legislative Guide on Privately Financed Infrastructure Project 60 (2000).
17. Yao Meizhen, Comparative Foreign Investment Law, Wuhan University Press, p.764. From the 1950s to the 1970s, almost half of developing countries carried out nationalization policies. There are a total of 1954 examples over this period:412 cases in the 1950s.406 in the 1960s, and a sharp increase to 1136 cases in the 1970s. In terms of geographic distribution,219 cases occurred in Asia,464 in the Middle East,826 in Africa and 454 in Latin America. See 45,268 Conn,1,5,843 A.2d 500.507 (2004).
18. Kwlo V. New London,545 US (2005).
19. Zheng Chuankun, Tang Zhongmin, the Improvement of the Institutions of Expropriation, Legal Forum(2005).
20. Shoushuang Li, The legal environment and risks for foreign investment in China 116, Springer Books (2006).
21. UN, Legislative Guide on Privately Financed Infrastructure Project (2000).
①参见余劲松,《国际投资法》,北京法律出版社,2007年版。
② See Stein, Build-Operate-Transfer (BOT)--A Re-Evaluation,11 ICLR 101 (1994).
③参见于安,《外商投资特许权项目协议(BOT)与行政合同》,法律出版社,1998年版。
①焦智勇,《涉外经济法概论》,经济科学出版社,2000年版,第73页。
②参见翟慧慧,《BOT特许协议之法律性质之刍议》,载《黑龙江对外经贸》,2008年第12期。
③参见秦瑞亭《BOT方式的法律关系》, 载于《南开学报》,1998年第3期。
① See Preventing and Resolving Construction Disputes 2-3 Center for Public Resources, Inc. (1991). See also Smith, Risk Identification and Allocation 12 Int'l Constr. L. Rev.40-41 (Jan.1995).
② See Halligan, Hester & Thomas, Managing Unforeseen Site Conditions, Journal of Construction Engineering and Management, vol.113, no.2,273-287 (1987) (use of differing site conditions clause results in the elimination of perhaps a 3% bid contingency); see also Partnering-Project Performance in U.S. Army Corps of Engineers Journal of Management in Engineering, vol.9, no.4,410-425 (1993) (partnering practices result in 6 to 9% percent savings by increasing trust and communication); Remarks of Dr. Richard Tucker, Director, Construction Industry Institute, an American Bar Association Forum on Construction Industry Design-Build Conference, San Francisco, California, April 27, 1995 (alternative dispute resolution procedures may result in a 2% cost savings); see also Smith, Allocation of Risk-the Case for Manageability,13 Int'l Constr. L. Rev.549,560 (Oct.1996).
1 Moore Harold, International Project Finance (Course Pack) National Archive Publishing Company,. (2009).,p.12.
2 Moore Harold, International Project Finance (Course Pack) National Archive Publishing Company,. (2009), p.13.
① See Philip R Wood, Project Finance, Securitizations, Subordinated Debt 8. Thomson Books (2007)
② See Id. At 6-7.
③ Moore Harold, International Project Finance (Course Pack) National Archive Publishing Company,.(2009),p.45.
①参见彭雪峰、徐永前,《BOT项目融资中的风险识别与管理》,2004年4月19日载于http://www.law110.com/ lawstudy/320222.htm。
②王晓红,《BOT项目风险分担与政府保证法律问题研究》,2001年6月第24页。
③江前良,《国际技术转让法律实务》,法律出版社,1995年版,第90页。
①孙潮 沈伟,《BOT投资方式外汇风险的法律分析》,载于《法学评论》,1994年第4期,第51页。
②丁伟,《国际投资的法律管制》,上海译文出版社,1996年版,第156页。
③ See Philip R Wood, Project Finance, Securitizations, Subordinated Debt 7, Thomson Books (2007).
①参见彭雪峰、徐永前《BOT项目融资中的风险识别与管理,2004年4月19日,载于http://www.law110.com/laws tudy/320222.htm,访问于2010年2月1日。
②张炳建,《BOT投融资方式主要的风险规避设计》,硕士学位论文2005年4月3号,第19页。
①王利明、郭明瑞、吴汉东,《民法新论下》,中国政法大学出版社,1988年版, 第474-475页。
①参见沈伟,《BOT投资方式的投资回报及偿债问题的法律分析,经济导刊》,1997年4月版。
①江平上编,《民法学》,中国政法大学出版社2000版,第510页。
②陈海群, 《我国BOT政府保证效力问题研究》,载于《池州师专学报》2002年第1期,第24-25页。
1 参见资料来源：http://www.ubs.com/1/e/ubs_ch/bb_ch/corporate_finance/struct finance/project finance/project finance.html. 访问 于 2010年2月12日。
1 参见资料来源于《中国水利报》,2002年6月11日,第5版
2 史晓丽主编,《国际投资法》,中国政法大学出版社2005年版,第151页
①参见资料《世行报告：中国积极注资非洲基础建设项目》,2008年7月11日,载于http://genevese.mofcom.gov.cn/aarticle/imxw/200807/20080705660201.html。访问于2010年2月6日。
①苏号明、朱家贤,《国际投资法律实务与国家案例评析》,北京经济管理出版社,1997年版第121页。
① See Ewald, F.(1991), Insurance and risk, in Burchell, G. Gordon, C. and Miller, P.(eds) The Foucault Effect:Studies in Govermentality, Chicago University Press.
② See Eckermann (2005),the Dialogue of Goethe.
③ See Risk a:possibility of loss or injury; b:liability for loss or injury if it occurs< the risk of personal injury and property damage should be placed with the manufacturer rather than the consumer ---Case & Comment>. Merriam-Webster's
Dictionary, Merriam-Webster, Inc (1996).
④ See IBA working Party on Legal Risk.
⑤ See Legal institution of foreign investment does not equal to Three forms of Foreign Investment Enterprises, a include all of laws and regulations concerning foreign investments, such as "civil law general principles", "company law" "securities law".
① Shoushuang Li, The legal environment and risks for foreign investment in China, Snringer Books (2006)p 3
② See Hang Ya, The Legal dilemma of property right transaction, the report of State-owned enterprises deforms Vol.2.
(2005).
③ See Executive director in the law division of Morgan Stanlev in Hone Kong talks to IFLR's Siew-Fong I eung about
the challenges facing foreign investors in China in the International Financial Law Review Supplement:The IFLR Guide
to China 2005
④ Shoushuang Li, The legal environment and risks for foreign investment in China, Springer Books (2006), p.5.
① See UN, Legislative Guide on Privately Financed Infrastructure Project 60 (2000).
② From the 1950s to the 1970s, almost half of developing countries carried out nationalization policies. There are a total of 1954 examples over this period:412 cases in the 1950s.406 in the 1960s, and a sharp increase to 1136 cases in the 1970s. In terms of geographic distribution,219 cases occurred in Asia,464 in the Middle East,826 in Africa and 454 in Latin America. See Yao Meizhen (1993), Comparative Foreign Investment Law, Wuhan University Press, p.764.
① See 268 Conn,1,5,843 A.2d 500,507 (2004).
② See Kwlo V. New London.545 US (2005).
③ Nor shall private property be taken for public use, without just compensation
④黄桥案例,载于《南方周末》B13版,2003年1月29日。
①参见《BOT陷阱：黄桥案例》, 载于互联网,地址不详。
② Shoushuang Li. The legal environment and risks for foreign investment in China., Springer Books (2006), p.116.
③ UN. Legislative Guide on Privately Financed Infrastructure Project(2000), p.4.
④ UN, Legislative Guide on Privately Financed Infrastructure Project (2000). p.23-24.
① See Jacques Cook., Infrastructure Project Finance in Latin America., International Business Lawyer, June 1996.
2.焦智勇,《涉外经济法概论》,经济科学出版社,2000年。
3.江前良,《国际技术转让法律实务》,法律出版社,1995年10月版。
4.王利明、郭明瑞、吴汉东著,《民法新论下》,中国政法大学出版社,1988年版
5.蒋先玲,《项目融资法律与实务》,对外经贸大学出版社,2004年版。
6.史晓丽,《国际投资法》,中国政法大学出版社,2005年版。
7.江平主编,《民法学》,中国政法大学出版社,2000版。
8.余劲松,《中国涉外经济法律问题新探》,武汉大学出版社,2007年版。
9.苏号明、朱家贤,《国际投资法律实务与国家案例评析》,北京经济管理出版社,
1997年版。
10.黄桥案例,载于《南方周末》B13版,2003年1月29日。
11.《中国水利报》,2002年6月11日,第5版。
12.《世行报告：中国积极注资非洲基础建设项目》,http://genevese.mofcom.gov.cn/aarticle/jmxw/200807/20080705660201.html,2008年7月11日。
13.周佑勇主编,《行政许可理论与实务》,武汉大学出版社,2004年版。
14.范剑虹主编,《国际投资法导读》,浙江大学出版社,2001年版。
15.王玉梅主编,《中国的外国直接投资法律制度研究》,法律并出版社,2003年版。
二、国内论文
1.王晓红,《BOT项目风险分担与政府保证法律问题研究》,2001年6月中国政法
大学硕士学位论文。
2.王玉平,《BOT项目中政府保证法律问题研究》,2007年2月中国政法大学硕士
学位论文。
3.王磊珊,《论我国BOT特许经营中政府的权责》,2006年5月暨南大学硕士学位论文。
4.苗圆圆,《国际BOT投资方式法律问题研究》,2007年6月中国海洋大学硕士学位论文。
5.翟慧慧,《BOT特许协议之法律性质之刍议》载于《黑龙江对外经贸》,2008年第12期。
6.秦瑞亭,《论BOT方式的法律关系》载于《南开学报》1998年第三期。
7.彭雪峰、徐永前,((BOT项目融资中的风险识别与管理》,2004年4月19日载于http://www.law110.com/lawstudy/320222.htm。
8.符启林、侯怡,《BOT方式与中国法律的融合冲突》载于《中国政法大学学报》,1999年第5期。
9.张炳建,《BOT投融资方式主要的风险规避设计》载于山东大学硕士学位论文2005年4月3号
10.陈海群,《我国BOT政府保证效力问题研究》载于《池州师专学报》2002年第1期。
11.沈伟,((BOT投资方式的投资回报及偿债问题的法律分析》载于《经济导刊》1997年。
12.阮凤斌、陈志波,《BOT方式在我国面临的法律障碍分析》载于《学术探讨》1999年第一期。
1. Stein, Build-Operate-Transfer (BOT)--A Re-Evaluation,11 ICLR 101 (1994).
2. Moore Harold, International Project Finance (Course Pack) 12 National Archive Publishing Company, (2009).
3. Preventing and Resolving Construction Disputes 2-3 Center for Public Resources, Inc. (1991). See also Smith, Risk Identification and Allocation 12 Int'l Constr. L. Rev.40-41 (Jan.1995).
4. Halligan, Hester & Thomas, Managing Unforeseen Site Conditions, Journal of Construction Engineering and Management, vol.113, no.2,273-287 (1987) (use of differing site conditions clause results in the elimination of perhaps a 3% bid contingency); see also Partnering-Project Performance in U.S. Army Corps of Engineers Journal of Management in Engineering, vol.9, no.4,410-425 (1993) (partnering practices result in 6 to 9% percent savings by increasing trust and communication); Remarks of Dr. Richard Tucker, Director, Construction Industry Institute, an American Bar Association Forum on Construction Industry Design-Build Conference, San Francisco, California, April 27,1995 (alternative dispute resolution procedures may result in a 2% cost savings); see also Smith, Allocation of Risk-the Case for Manageability,13 Int'l Constr. L. Rev.549,560 (Oct. 1996).
5. Philip R Wood, Project Finance, Securitizations, Subordinated Debt 8, Thomson Books (2007).
6. Ewald, F., Insurance and risk, in Burchell, G. Gordon, C. and Miller, P.(eds) The Foucault Effect:Studies in Gove mentality, Chicago University Press. (1991).
7. Eckermann, the Dialogue of Goethe. (2005).
8. Risk a:Possibility of loss or injury; b:liability for loss or injury if it occurs< the risk of loss passes to the buyer when the goods are duly delivered to the carrier-Uniform Commercial Code>< the risk of personal injury and property damage should be placed with the manufacturer rather than the consumer ---Case & Comment>. Merriam-Webster's Dictionary, Merriam-Webster, Inc (1996).
9. IBA working Party on Legal Risk.
10. Legal institution of foreign investment does not equal to Three forms of Foreign Investment Enterprises, also include all of laws and regulations concerning foreign investments, such as "civil law general principles", "company law", "securities law"
11. Shoushuang Li, The legal environment and risks for foreign investment in China 3, Springer Books (2006).
12. Hang Ya, The Legal dilemma of property right transaction, the report of State-owned enterprises deforms Vol.2. (2005).
13. Executive director in the law division of Morgan Stanley in Hong Kong talks to IFLR's Siew-Fong Leung about the challenges facing foreign investors in China in the International Financial Law Review Supplement:The IFLR Guide to China (2005).
14. Luc Laeven and Christopher Woodruff, The quality of the Legal System, Firm Ownership, and Firm Size, download on the official website of Word Bank.
15. Shoushuang Li, The legal environment and risks for foreign investment in China 5, Springer Books (2007).
16. UN, Legislative Guide on Privately Financed Infrastructure Project 60 (2000).
17. Yao Meizhen, Comparative Foreign Investment Law, Wuhan University Press, p.764. From the 1950s to the 1970s, almost half of developing countries carried out nationalization policies. There are a total of 1954 examples over this period:412 cases in the 1950s.406 in the 1960s, and a sharp increase to 1136 cases in the 1970s. In terms of geographic distribution,219 cases occurred in Asia,464 in the Middle East,826 in Africa and 454 in Latin America. See 45,268 Conn,1,5,843 A.2d 500.507 (2004).
18. Kwlo V. New London,545 US (2005).
19. Zheng Chuankun, Tang Zhongmin, the Improvement of the Institutions of Expropriation, Legal Forum(2005).
20. Shoushuang Li, The legal environment and risks for foreign investment in China 116, Springer Books (2006).
21. UN, Legislative Guide on Privately Financed Infrastructure Project (2000).
①参见余劲松,《国际投资法》,北京法律出版社,2007年版。
② See Stein, Build-Operate-Transfer (BOT)--A Re-Evaluation,11 ICLR 101 (1994).
③参见于安,《外商投资特许权项目协议(BOT)与行政合同》,法律出版社,1998年版。
①焦智勇,《涉外经济法概论》,经济科学出版社,2000年版,第73页。
②参见翟慧慧,《BOT特许协议之法律性质之刍议》,载《黑龙江对外经贸》,2008年第12期。
③参见秦瑞亭《BOT方式的法律关系》, 载于《南开学报》,1998年第3期。
① See Preventing and Resolving Construction Disputes 2-3 Center for Public Resources, Inc. (1991). See also Smith, Risk Identification and Allocation 12 Int'l Constr. L. Rev.40-41 (Jan.1995).
② See Halligan, Hester & Thomas, Managing Unforeseen Site Conditions, Journal of Construction Engineering and Management, vol.113, no.2,273-287 (1987) (use of differing site conditions clause results in the elimination of perhaps a 3% bid contingency); see also Partnering-Project Performance in U.S. Army Corps of Engineers Journal of Management in Engineering, vol.9, no.4,410-425 (1993) (partnering practices result in 6 to 9% percent savings by increasing trust and communication); Remarks of Dr. Richard Tucker, Director, Construction Industry Institute, an American Bar Association Forum on Construction Industry Design-Build Conference, San Francisco, California, April 27, 1995 (alternative dispute resolution procedures may result in a 2% cost savings); see also Smith, Allocation of Risk-the Case for Manageability,13 Int'l Constr. L. Rev.549,560 (Oct.1996).
1 Moore Harold, International Project Finance (Course Pack) National Archive Publishing Company,. (2009).,p.12.
2 Moore Harold, International Project Finance (Course Pack) National Archive Publishing Company,. (2009), p.13.
① See Philip R Wood, Project Finance, Securitizations, Subordinated Debt 8. Thomson Books (2007)
② See Id. At 6-7.
③ Moore Harold, International Project Finance (Course Pack) National Archive Publishing Company,.(2009),p.45.
①参见彭雪峰、徐永前,《BOT项目融资中的风险识别与管理》,2004年4月19日载于http://www.law110.com/ lawstudy/320222.htm。
②王晓红,《BOT项目风险分担与政府保证法律问题研究》,2001年6月第24页。
③江前良,《国际技术转让法律实务》,法律出版社,1995年版,第90页。
①孙潮 沈伟,《BOT投资方式外汇风险的法律分析》,载于《法学评论》,1994年第4期,第51页。
②丁伟,《国际投资的法律管制》,上海译文出版社,1996年版,第156页。
③ See Philip R Wood, Project Finance, Securitizations, Subordinated Debt 7, Thomson Books (2007).
①参见彭雪峰、徐永前《BOT项目融资中的风险识别与管理,2004年4月19日,载于http://www.law110.com/laws tudy/320222.htm,访问于2010年2月1日。
②张炳建,《BOT投融资方式主要的风险规避设计》,硕士学位论文2005年4月3号,第19页。
①王利明、郭明瑞、吴汉东,《民法新论下》,中国政法大学出版社,1988年版, 第474-475页。
①参见沈伟,《BOT投资方式的投资回报及偿债问题的法律分析,经济导刊》,1997年4月版。
①江平上编,《民法学》,中国政法大学出版社2000版,第510页。
②陈海群, 《我国BOT政府保证效力问题研究》,载于《池州师专学报》2002年第1期,第24-25页。
1 参见资料来源：http://www.ubs.com/1/e/ubs_ch/bb_ch/corporate_finance/struct finance/project finance/project finance.html. 访问 于 2010年2月12日。
1 参见资料来源于《中国水利报》,2002年6月11日,第5版
2 史晓丽主编,《国际投资法》,中国政法大学出版社2005年版,第151页
①参见资料《世行报告：中国积极注资非洲基础建设项目》,2008年7月11日,载于http://genevese.mofcom.gov.cn/aarticle/imxw/200807/20080705660201.html。访问于2010年2月6日。
①苏号明、朱家贤,《国际投资法律实务与国家案例评析》,北京经济管理出版社,1997年版第121页。
① See Ewald, F.(1991), Insurance and risk, in Burchell, G. Gordon, C. and Miller, P.(eds) The Foucault Effect:Studies in Govermentality, Chicago University Press.
② See Eckermann (2005),the Dialogue of Goethe.
③ See Risk a:possibility of loss or injury; b:liability for loss or injury if it occurs
Dictionary, Merriam-Webster, Inc (1996).
④ See IBA working Party on Legal Risk.
⑤ See Legal institution of foreign investment does not equal to Three forms of Foreign Investment Enterprises, a include all of laws and regulations concerning foreign investments, such as "civil law general principles", "company law" "securities law".
① Shoushuang Li, The legal environment and risks for foreign investment in China, Snringer Books (2006)p 3
② See Hang Ya, The Legal dilemma of property right transaction, the report of State-owned enterprises deforms Vol.2.
(2005).
③ See Executive director in the law division of Morgan Stanlev in Hone Kong talks to IFLR's Siew-Fong I eung about
the challenges facing foreign investors in China in the International Financial Law Review Supplement:The IFLR Guide
to China 2005
④ Shoushuang Li, The legal environment and risks for foreign investment in China, Springer Books (2006), p.5.
① See UN, Legislative Guide on Privately Financed Infrastructure Project 60 (2000).
② From the 1950s to the 1970s, almost half of developing countries carried out nationalization policies. There are a total of 1954 examples over this period:412 cases in the 1950s.406 in the 1960s, and a sharp increase to 1136 cases in the 1970s. In terms of geographic distribution,219 cases occurred in Asia,464 in the Middle East,826 in Africa and 454 in Latin America. See Yao Meizhen (1993), Comparative Foreign Investment Law, Wuhan University Press, p.764.
① See 268 Conn,1,5,843 A.2d 500,507 (2004).
② See Kwlo V. New London.545 US (2005).
③ Nor shall private property be taken for public use, without just compensation
④黄桥案例,载于《南方周末》B13版,2003年1月29日。
①参见《BOT陷阱：黄桥案例》, 载于互联网,地址不详。
② Shoushuang Li. The legal environment and risks for foreign investment in China., Springer Books (2006), p.116.
③ UN. Legislative Guide on Privately Financed Infrastructure Project(2000), p.4.
④ UN, Legislative Guide on Privately Financed Infrastructure Project (2000). p.23-24.
① See Jacques Cook., Infrastructure Project Finance in Latin America., International Business Lawyer, June 1996.