The Research On BOT Model Match Based On Characteristics Of Infrastructure Projects

This dissertation focus on researching the matching problems between infrastructure project and BOT financing model, which are how to choose the appropriate BOT financing model under different projects conditions. It is a series of complicated decision problems of matching BOT financing model with infrastructure project. Through studying these problems,it will be helpful to enrich the knowledge hierarchy of domestic BOT financing and improve the development of BOT model in China.The concept of matching refers to the process and/or status of adapting and adjusting among different systems. Each system has its own features. Thus the matching problems among systems are essentially the adapting and adjusting process and/or status among system features. We can refer both infrastructure project and BOT financing model as systems. There are matching (as adapting and adjusting) problems between both of them (as both of systems).The matching between infrastructure project and BOT financing model refers to the adaption and adjustment among the features of certain infrastructure project and BOT financing model. If only the infrastructure project suits for its BOT financing model, the project can receive better effect of construction, investment and operation.The paper is divided into seven chapters. Five major questions are researched in the paper. They are:1) the general characteristics of infrastructure project; 2) the specific and general characteristics of different BOT financing model; 3) the relationship between infrastructure project and BOT financing model's general characteristics; 4) the matching rules between infrastructure project's general characteristics and BOT financing model's general characteristics; 5) the logical approaches to match project with financing model under the matching rules discussed in the fourth questions.The research methods the paper adopted are documentary analysis method, empirical research method and structure equation method for certain assumptions'verification. Six important conclusions are given in the paper with a set of principles and methods to match infrastructure projects with BOT financing models.There are three innovative aspects in the dissertation:(1) Abstract four general characteristics of infrastructure projects. They are project type, income stability, technical complexity and project life cycle. Five general characteristics of BOT financing models are government involvement level, project financing arrangements, pricing mechanism, concession period and bidder information. All these establish the basis for appropriate variables to build the theoretical model of the relationship between project and BOT financing model.(2) Build the theoretical model which focuses on the internal relationship between "project characteristic" and "BOT financing model characteristic" to reflect the relationship between infrastructure project and BOT financing model. The theoretical model has laid the theoretical basis well for following empirical researches with based on data collected from questionnaire and be helpful for finding appropriate thoughts and methods to match project with financing model.Find out that "the matching relationship between project characteristic and financing model" is unrelated with "income stability". If the project missing income stability, the project is economically irrationally. Therefore it is impossible to be approved, so is no need to discuss which BOT financing models should be adopted.(3) Four rules are concluded from empirical researches for matching infrastructure project with BOT financing model. They are:1) under the premise "the project expect with stable income", the project that is new, the construction is moderately complicated, the operation cycle lasts longer than 15 years are suit for BOT, PPP, DBFO, DBTO, DBOT or BTO financing models; 2) the project that is new, the construction and operation is moderately complicated, the operation cycle lasts longer than 15 years are suit for BOO, BOOT, BOOST financing models; 3) the project that is new or existing, the operation is moderately complicated, the operation cycle lasts longer than 15 years are suit for TOT (existing project), ROT (existing project) or BLT (new project) financing models; 4) the project that is existing, the operation is moderately complicated, the operation cycle lasts longer than 15 years and shorter than 20 years are suit for POT financing model.