The Research Of Project Risk Management Based On The Mode Of BOT Financing

Since fifties of the 20th century, project financing has already developed into an efficient financing mode, which raised huge fund for big project. At present, it has already got energetically development in our country as a financing mode that is mainly used in the construction financing of the public infrastructure. Because of the complexity of BOT financing mode, in some aspects, such as return rate, and mechanism of allocation of risks, which are very difficult to reach an agreement for government to negotiate with project operator. In BOT project financing practice of our country in the past, the method of risk management of BOT project mainly adopted qualitative analysis, while quantitative analysis is few. Then, in concrete BOT practice, because the risk existing in BOT project is very difficult quantify, the government takes on the risk that asymmetric with the income, and the foreign capitals require fixed return rate and some other requirements, these all virtually strengthen the government's risk. So how carry on financing structure to innovate BOT project, how carry on effectively discernment, assessment, control to risk, realize the sharing etc., which need further research. First of all, the article begins with the definition of BOT financing mode, introduces its development course, summarizes its meaning in improving the infrastructure construction of our country. And with the introduction to the situation both at home and abroad, it educes the experiences that BOT project succeeds and failed lessons, standardizes operation procedure and items that we should pay attention to in operating that our country implements BOT project to guide BOT project for the future in our country. Secondly, aim at BOT project's risk management, the article adopts qualitative analysis-ration assess-determine the nature the route of appraisal to discern the risk existing in BOT project; use the sensitive analysis to evaluate market risk of the project and use the simulation of Monte Carlo to plan the cost of the project; With taking precautions against and managing the project risk through structuring the perfect credit system, every participant of the project to the effective assessment of the risk will be realized, At last, BOT project go on smoothly. Finally, in the real example part, the article combines a concrete case, through the data and samples' collecting, it provides the whole course of risk management, and has put forward own suggestions and opinions for the allocation of risks of this project.