Research On Behavior Characters And Structure Selecting Of Bot Project Company's Stockholders

With the rapid development of society and economy, all countries in the world, especially developing ones, are facing the contradiction between large-scale infrastructure construction and insufficient government investment. The Build-Operate-Transfer (BOT) model can effectively solve the problem to some extent by absorbing a large number of private capital or international funds. So, in recent years, BOT enjoys a rapid development and researches on the new project financing mode are also more and more. However, most of these studies focus on the determination of concession period, project risk sharing, pricing, price adjustment mechanism, and government guarantees, etc., and few research has been found on the shareholder structure of BOT project company and its corresponding benefit issues which serve as two of the key factors for the success of BOT project. So this dissertation aims to study the choice of BOT company shareholders and their decision-making behavior in order to provide a theoretical guidance for the decision-making of ongoing and future BOT projects. The main contents are as follows:Firstly, shareholder classifications and structures are analyzed for BOT project companies. Then three types of BOT project company and six kinds of shareholder structures are defined.BOT project benefit is one of the key elements of shareholder structure choice. To facilitate the description, assuming that BOT project company is only formed by two shareholders, the BOT project company's benefits and shareholders'benefits are analyzed by dividing them into two cases using principal-agent theory. One is the comparison of project benefits between the project company with one builder as one of the shareholders and the project company with two pure investors as its shareholders. Through the model construction and solution, it is concluded that the project benefits of the first company are better than the project benefits of the second company, and the social benefits are also improved. As well, it discusses the optimal share proportion of builder in the project company. The other is the comparison of project benefits between the project company with one operator as one of the shareholders and the project company with two pure investors as its shareholders. It concludes that the project benefits of the former company are better than the project benefits of the latter company, and the social benefits are improved, too. As before, it discusses the optimal share proportion of operator in the project company. These findings can provide a good theoretical basis for choosing a reasonable shareholder structure when a BOT project company is set up.After the study on BOT project company's benefits and shareholders'benefits, the stability and behavior characteristics of BOT project company are discussed. To facilitate the research, the BOT project company shareholders are simplified as builder, equipment supplier, and major investor. Then the optimal probability of builder fraud and of supplier fraud is obtained under four main assumptions. On this basis, further research indicates that the stability of the project company is closely related to the fines of cheating. When the investigation costs decrease to a certain level, the project company will have a better stability. On the other hand, if the project company has three shareholders, they (shareholders) will consider not only the probability of being investigated, punishment intensity, and investgator's cost, just as they do when there are two shareholders, but also the fraud probability of the third shareholder and the distribution of the project company shares. The relative benefits of the case with one frauder and the case with the other frauder are also compared. Some suggestions for investors are given according to the analysis of shareholders'cheating behavior when the BOT project company is stable. The conclusion will provide a good theoretical basis for choosing a reasonable shareholder decision of the BOT project company.In the previous research, the behavior of builder as one shareholder of the BOT project company is further analyzed. Through the model construction and solution, the conditions are derived to make the builder devote his best efforts, and some suggestions are made for the project company with the builder as one of its shareholders. To confirm the research findings in this dissertation, a case study is made finally.