The Study On The Operation Of Project Financing About Infrastructure Construction In West

As a key role in our west exploitation strategy ,the infrastructure constructions need a great deal of capital.It is very useful to probe into the problem of solution the shortage of capital.As a rule ,there always lies a certain optimum financing pattern in terms of financing cost.financing efficiency,fmancing risk and the attraction level of the capital both supply and demand in the infrastructure construction in west. In some infrastructure construction project,project financing, new and well accepted financing pattern ,which has been improved by the practice of many countries,is superior to the others.Project financing includes many patterns .It is important to choose the right financing pattern ,according to the demand of the project. The writer analyzes the difference of BOT, TOT and ABS patterns;finds out their advantages and disadvantages;gives some examples to illustrate some chief points. The paper tells us the steps of project financing,and discusses that the capital be used by project financing not only can be from international capital market ,but also be from the domestic capital market,especially be from the private capital market in China. BOT,as a typical pattern of project financing,can be used into huge investment and long-term debt construction project. This paper shows project financing is a perfect resolution. The writer dicusses some points of BOT,such as ,the benefits to the government,to the investors,and the way of operation,the process of BOT, the elusion and the share of the risks.This paper presents the method of market and financial analysis ,the difference between financial assessment and social value assessment,the way that can adjust the financing structure which is not feasible to get through the financial assessment.This paper presents the CiTong bridge as an example to introduce the successful experience of BOT pattern that can be used in west,which capital is mainly from private capital.TOT is an more effective pattern in the infrastructure construction, with many advantages ,such as having less risks and lower price ,by comparison with BOT pattern. The price problem of the operation right which project will be transferred is the decision factor to the successs of TOT. After having estimated the price of the project ,we can confirm the term of transfer, the products price of the project .This paper choose the WeiHe Electric Company as the example to present the Berlart Model of Estimating Price to evalue the price of the right of 20 years operation. This paper also presents the meaning and the operation process of TOT, and discusses the feasibility of TOT pattern being used in west.It is realistic significance to introduce ABS into Infrastructure Construction inWest. With China having been a member of WTO,ABS pattern has been developed very fast in China. Comparing with any other tranditional financing way,ABS pattern is an innovative way of project financing being used in west, which has many virtues, such as Bankruptcy Remote, True Sale.There are many difference between ABS and BOT .The writer discusses the operation rule of ABS, introduces the process of ABS ,and especially points out the three important links in the process of ABS-setting up Special Purpose Vehicle, Credit Enhancement, Credit Rating.