中国企业以TOT模式投资越南基础设施的风险管理
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摘要
伴随着中国“走出去”发展战略的实施以及中国—东盟自由贸易区建设进程的不断推进,中国与越南经贸合作也在不断深入发展。中国企业对越南直接投资具有多方面的意义,以TOT模式投资越南基础设施更是一种全新的尝试,机遇与风险并存。TOT作为一种新型的项目融资模式,主要应用于基础设施等领域的建设。因为TOT融资模式能有效盘活基础设施存量资产,解决政府建设和维护基础设施资金不足的问题,故在发展中国家有着广泛的应用前景。但是,TOT项目的投资者也面临着复杂的风险情况。中国企业投资越南基础设施TOT项目,必须全盘考虑项目中的风险问题,实施科学的风险管理,才能保证项目实施的成功。
本文首先分析中国企业投资越南的背景和机遇,适时提出TOT投融资模式,并充分论证越南实施TOT项目的必要性、可行性以及中国企业投资越南基础设施TOT项目对于自身发展的重要意义。接着,论文运用项目融资、项目风险管理以及技术经济学等学科的理论与方法,对中国企业以TOT模式投资越南基础设施的风险管理框架体系进行研究并予以规划。最后,结合越南的投资环境与项目风险形势,有针对性地为中国投资者在越南投资TOT项目提供全面的风险管理策略与相关建议。
本文重点在于研究论证中国企业以TOT模式投资越南基础设施的可行性、分析越南的投资环境及风险形势,为中国投资者提供一整套的风险管理办法和对策措施。
Along with the implementation of China's "Walking Out" Development Strategy and the advancing of the construction of China—ASEAN Free Trade Area, the cooperation of economy and trade between China and Vietnam is also continuously expanding. China's direct investment in Vietnam has great significance in many aspects. Meanwhile, it is a kind of brand-new attempt for China's enterprises to invest in Vietnamese infrastructure projects by TOT mode, in which opportunities and risks coexist. As a kind of new-type project financing mode, TOT mode is mainly applied in the construction fields of the infrastructure and etc. Because TOT project financing mode can effectively vitalize the existing assets of infrastructure and solve the problem that governments lack funds in building and maintaining infrastructure projects, it has extensive application prospects, especially in developing countries. On the other hand, however, investors of TOT project face complicated risk situation. When Chinese enterprises invest in TOT projects of Vietnamese infrastructure, they must take overall consideration on the risk question in the project and scientifically manage the risks, through which they could guarantee the success of project implementation.This thesis at first analyses the background and opportunities that Chinese enterprises invest in Vietnam, timely proposes TOT mode of investing and financing. Then, the thesis fully demonstrates the necessity, feasibility of the implementation of TOT projects in Vietnam and the importance for Chinese enterprises when investing in TOT projects of Vietnamese infrastructure. After that, based on the theory and method in such subjects as Project Financing, Project Risk Management and Technological Economics, and etc, the thesis researches and plans the risk management framework system for Chinese enterprises investing Vietnamese infrastructure projects by TOT mode. Finally, combined the investment environment and risk situation of Vietnam projects, the thesis offers overall risk management tactics as well as concerned advises for those Chinese investors who will invest in Vietnam by TOT mode.The focal points of this thesis lie in studying and proving feasibility that Chinese enterprises invest in Vietnamese infrastructure projects by TOT mode, analyzing the investment environment and risk situation of Vietnamese, offering a whole set of risk management methods and countermeasures for Chinese investors.
本文首先分析中国企业投资越南的背景和机遇,适时提出TOT投融资模式,并充分论证越南实施TOT项目的必要性、可行性以及中国企业投资越南基础设施TOT项目对于自身发展的重要意义。接着,论文运用项目融资、项目风险管理以及技术经济学等学科的理论与方法,对中国企业以TOT模式投资越南基础设施的风险管理框架体系进行研究并予以规划。最后,结合越南的投资环境与项目风险形势,有针对性地为中国投资者在越南投资TOT项目提供全面的风险管理策略与相关建议。
本文重点在于研究论证中国企业以TOT模式投资越南基础设施的可行性、分析越南的投资环境及风险形势,为中国投资者提供一整套的风险管理办法和对策措施。
Along with the implementation of China's "Walking Out" Development Strategy and the advancing of the construction of China—ASEAN Free Trade Area, the cooperation of economy and trade between China and Vietnam is also continuously expanding. China's direct investment in Vietnam has great significance in many aspects. Meanwhile, it is a kind of brand-new attempt for China's enterprises to invest in Vietnamese infrastructure projects by TOT mode, in which opportunities and risks coexist. As a kind of new-type project financing mode, TOT mode is mainly applied in the construction fields of the infrastructure and etc. Because TOT project financing mode can effectively vitalize the existing assets of infrastructure and solve the problem that governments lack funds in building and maintaining infrastructure projects, it has extensive application prospects, especially in developing countries. On the other hand, however, investors of TOT project face complicated risk situation. When Chinese enterprises invest in TOT projects of Vietnamese infrastructure, they must take overall consideration on the risk question in the project and scientifically manage the risks, through which they could guarantee the success of project implementation.This thesis at first analyses the background and opportunities that Chinese enterprises invest in Vietnam, timely proposes TOT mode of investing and financing. Then, the thesis fully demonstrates the necessity, feasibility of the implementation of TOT projects in Vietnam and the importance for Chinese enterprises when investing in TOT projects of Vietnamese infrastructure. After that, based on the theory and method in such subjects as Project Financing, Project Risk Management and Technological Economics, and etc, the thesis researches and plans the risk management framework system for Chinese enterprises investing Vietnamese infrastructure projects by TOT mode. Finally, combined the investment environment and risk situation of Vietnam projects, the thesis offers overall risk management tactics as well as concerned advises for those Chinese investors who will invest in Vietnam by TOT mode.The focal points of this thesis lie in studying and proving feasibility that Chinese enterprises invest in Vietnamese infrastructure projects by TOT mode, analyzing the investment environment and risk situation of Vietnamese, offering a whole set of risk management methods and countermeasures for Chinese investors.
引文
[1] 古小松,2005年越南国情报告,北京:社会科学文献出版社,2005
[2] 曹大明,走进越南,昆明:云南美术出版社,2004
[3] http://finance.sina.com.cn(新浪网财经纵横),央行报告:2004年末中国外汇储备逾6000亿美元,2005年2月24日
[4] 谈萧,中国“走出去”发展战略,北京:中国社会科学出版社,2003
[5] Graham D. Vinter, Project Finance: A Legal Guide, London: Sweet & Maxwell, 1995
[6] 卢家仪、卢有杰,项目融资,北京:清华大学出版社,1998
[7] 靖鲲鹏,陕西省收费公路项目nC-BOT融资模式的风险分析:[硕士学位论文],西安建筑科技大学,2003
[8] Finnerty J D. Project Financing: Asset——Based Financial Engineering, New York: John Wiley Inc. 1996
[9] 任淮秀,项目融资,北京:中国人民大学出版社,2004
[10] 何文炯,风险管理,大连:东北财经大学出版社,1999
[11] C. Arthur Williams, Jr. Richard M. Heins, Risk Management and Insurance, Fifth Edition, McGraw-Hill Book Company, 1985
[12] 沈建明,项目风险管理,北京:机械工业出版社,2004
[13] 黄贤福、张宇晶,TOT融资方式与项目融资,上海会计,2003(11):38-39
[14] 廖靓,TOT方式:国有资本运营的新模式,投资研究,2004(7):28-31
[15] 张利、周戒、范洁群等,TOT项目融资模式及其风险分析,四川建筑科学研究,2004(2):119-121
[16] 王松江,TOT项目管理,昆明:云南科技出版社,2005
[17] 姚亮,BOT模式的风险管理研究:[硕士学位论文],东南大学,2003
[18] 张少思,几种新型项目融资方式的风险结构分析,内蒙古科技与经济,2003(11):59-60
[19] 杨文安,BOT融资项目集成化风险管理研究:[硕士学位论文],长沙理工大学,2004
[20] 张连营,BOT项目特许协议的风险研究:[硕士学位论文],天津大学,2003
[21] 韩艳,公路BOT经营中风险评估方法的研究:[硕士学位论文],长安大学,2001
[22] 刘晓君,陕西省公路建设项目采用TOT-BOT项目融资方式的风险研究:[硕士学位论文],西安建筑科技大学,2003
[23] 张连营、李楠,工程项目管理模式BOT与PFI的比较,港工技术,2004(1):31-34
[24] 贺建芬,项目公司在BOT建设中的风险分析,中国市政工程,2000(1):60-62
[25] 顾建妹,论我国电力行业BOT风险管理,华东电力,2000(3):15-17
[26] 荀志远、朱珊、宋兆君,BOT项目融资风险的研究,企业经济,2003(7):134-135
[27] 高析,BOT项目融资模式的风险分析,水力发电,2002(4):10-14
[28] 罗顺梅,我国政府在BOT项目融资中的风险分担,经济与管理,2002(5):15-16
[29] 王敏正、王松江,BOT项目实施指南,昆明:云南科技出版社,2002
[30] 刘晓君,技术经济学,西安:西北大学出版社,2002
[31] 耿德强、朱杰,徐州国祯:“TOT”催生的风景线,中国环境报,2005年4月12日
[32] 丁品、高杰,常州机制创新亮点频现,中国环境报,2005年5月31日
[33] http://vn.mofcom.gov.cn(中华人民共和国驻越南社会主义共和国大使馆经济商务参赞处网站),经贸新闻,2005年5月10日
[34] 肖海泉,国际投资与劳务合作,南京:南京大学出版社,1991
[35] http://finance.sina.com.cn(新浪网财经纵横),原油进口将达1.3亿吨,涨价使中国多付百亿美元,2005年11月11日
[36] Alan C. Shapiro, Multinational Financial Management, Fifth Edition, Prentice——Hall Inc. 1996
[37] Ting Wenlee, Multinational Risk Assessment and Management, Westport Conn: Greenwood Press, 1988
[38] 2000 Project Management Institute, A Guide to the Project Management Body of Knowledge, http://www.pmi.com
[39] 毕星、翟丽,项目管理,上海:复旦大学出版社,2000
[40] 托马斯·L·巴顿、威廉·G·申克,企业风险管理,王剑锋译,北京:中国人民大学出版社,2004
[41] 赵曙明,杨忠,国际企业:风险管理,南京:南京大学出版社,2000
[42] 卢有杰、卢家仪,项目风险管理,北京:清华大学出版社,1998
[43] Brian A Eales, Financial Risk Management, Cambridge University Press, 1995
[44] 傅家骥,仝允恒,工业技术经济学,北京:清华大学出版社,1996
[45] Fellx H Kloman,Risk Management Report,Seawrack.Press,1996
[46] 注册咨询工程师(投资)考试教材编写委员会,现代咨询方法与实务,北京:中国计划出版社,2004
[47] George L. Head, Stephen Horn Ⅱ, Essentials of Risk Management, Second Edition, Insurance Institute of America, 1994
[48] Agmon, Tamir, Political Economy and Risk in World markets, Lexington, Mass: Lexington Books, 1993
[2] 曹大明,走进越南,昆明:云南美术出版社,2004
[3] http://finance.sina.com.cn(新浪网财经纵横),央行报告:2004年末中国外汇储备逾6000亿美元,2005年2月24日
[4] 谈萧,中国“走出去”发展战略,北京:中国社会科学出版社,2003
[5] Graham D. Vinter, Project Finance: A Legal Guide, London: Sweet & Maxwell, 1995
[6] 卢家仪、卢有杰,项目融资,北京:清华大学出版社,1998
[7] 靖鲲鹏,陕西省收费公路项目nC-BOT融资模式的风险分析:[硕士学位论文],西安建筑科技大学,2003
[8] Finnerty J D. Project Financing: Asset——Based Financial Engineering, New York: John Wiley Inc. 1996
[9] 任淮秀,项目融资,北京:中国人民大学出版社,2004
[10] 何文炯,风险管理,大连:东北财经大学出版社,1999
[11] C. Arthur Williams, Jr. Richard M. Heins, Risk Management and Insurance, Fifth Edition, McGraw-Hill Book Company, 1985
[12] 沈建明,项目风险管理,北京:机械工业出版社,2004
[13] 黄贤福、张宇晶,TOT融资方式与项目融资,上海会计,2003(11):38-39
[14] 廖靓,TOT方式:国有资本运营的新模式,投资研究,2004(7):28-31
[15] 张利、周戒、范洁群等,TOT项目融资模式及其风险分析,四川建筑科学研究,2004(2):119-121
[16] 王松江,TOT项目管理,昆明:云南科技出版社,2005
[17] 姚亮,BOT模式的风险管理研究:[硕士学位论文],东南大学,2003
[18] 张少思,几种新型项目融资方式的风险结构分析,内蒙古科技与经济,2003(11):59-60
[19] 杨文安,BOT融资项目集成化风险管理研究:[硕士学位论文],长沙理工大学,2004
[20] 张连营,BOT项目特许协议的风险研究:[硕士学位论文],天津大学,2003
[21] 韩艳,公路BOT经营中风险评估方法的研究:[硕士学位论文],长安大学,2001
[22] 刘晓君,陕西省公路建设项目采用TOT-BOT项目融资方式的风险研究:[硕士学位论文],西安建筑科技大学,2003
[23] 张连营、李楠,工程项目管理模式BOT与PFI的比较,港工技术,2004(1):31-34
[24] 贺建芬,项目公司在BOT建设中的风险分析,中国市政工程,2000(1):60-62
[25] 顾建妹,论我国电力行业BOT风险管理,华东电力,2000(3):15-17
[26] 荀志远、朱珊、宋兆君,BOT项目融资风险的研究,企业经济,2003(7):134-135
[27] 高析,BOT项目融资模式的风险分析,水力发电,2002(4):10-14
[28] 罗顺梅,我国政府在BOT项目融资中的风险分担,经济与管理,2002(5):15-16
[29] 王敏正、王松江,BOT项目实施指南,昆明:云南科技出版社,2002
[30] 刘晓君,技术经济学,西安:西北大学出版社,2002
[31] 耿德强、朱杰,徐州国祯:“TOT”催生的风景线,中国环境报,2005年4月12日
[32] 丁品、高杰,常州机制创新亮点频现,中国环境报,2005年5月31日
[33] http://vn.mofcom.gov.cn(中华人民共和国驻越南社会主义共和国大使馆经济商务参赞处网站),经贸新闻,2005年5月10日
[34] 肖海泉,国际投资与劳务合作,南京:南京大学出版社,1991
[35] http://finance.sina.com.cn(新浪网财经纵横),原油进口将达1.3亿吨,涨价使中国多付百亿美元,2005年11月11日
[36] Alan C. Shapiro, Multinational Financial Management, Fifth Edition, Prentice——Hall Inc. 1996
[37] Ting Wenlee, Multinational Risk Assessment and Management, Westport Conn: Greenwood Press, 1988
[38] 2000 Project Management Institute, A Guide to the Project Management Body of Knowledge, http://www.pmi.com
[39] 毕星、翟丽,项目管理,上海:复旦大学出版社,2000
[40] 托马斯·L·巴顿、威廉·G·申克,企业风险管理,王剑锋译,北京:中国人民大学出版社,2004
[41] 赵曙明,杨忠,国际企业:风险管理,南京:南京大学出版社,2000
[42] 卢有杰、卢家仪,项目风险管理,北京:清华大学出版社,1998
[43] Brian A Eales, Financial Risk Management, Cambridge University Press, 1995
[44] 傅家骥,仝允恒,工业技术经济学,北京:清华大学出版社,1996
[45] Fellx H Kloman,Risk Management Report,Seawrack.Press,1996
[46] 注册咨询工程师(投资)考试教材编写委员会,现代咨询方法与实务,北京:中国计划出版社,2004
[47] George L. Head, Stephen Horn Ⅱ, Essentials of Risk Management, Second Edition, Insurance Institute of America, 1994
[48] Agmon, Tamir, Political Economy and Risk in World markets, Lexington, Mass: Lexington Books, 1993