The Research On Risk Management In BOT Project Of Highway

BOT( building - operater– transfer),is a kind of contract way with capital in the international project contract market.After 1980s',the demand for large-scale infrastructure grows unceasingly, but the government lacks of enough construction capital.In order to collect construction fund, some governments encouraged the public department and the private enterprise cooperation,thus a new investment cooperation way named BOT born,and then directly Introduced into the international economical cooperation area.The parenchyma of BOT is a mixture of creditor's rights and the stockholder's rights,a stock organization which is established by the project constitution unit concerned(construction business, agent and custermer),Regarding the project design,the consultation, the goods supply and the construction implements.After project completion,carries on the management in the deadline which the charter stipulated and charges fees from users, earning profit by returning on investment and the repayment of debt.After the charter expiration, the financial group gives the project to the government freely.The construction projects using the BOT way are generally the large-scale capital, the technology-intensive project,mainly concentrates in aspects of municipal administration,path,transportation,electric power, correspondence,environmental protection and so on..Highway has played a more and more important role in national economical development of China. But highway construction cost enormous funds. Particularly, funds for current infrastructure in China are out of demand while BOT financial pattern used in highway construction has provide a new approach for funds solution. Although it is more and more widely used in recent foreign infrastructure, it remains a somewhat new financial pattern for China. Due to legal drawbacks, disorder in operation and not very ideal investment environment, much difficulty and obstacles are shown in BOT practice.However, BOT project of highway is spring up shortly in our country, many of aspect is very juvenile, correlative experience is await summarized. Hereinto, the problem of risk in BOT project is a important aspect. None but resolve the risk correctly,can insure the BOT project of highway put into practice successfully.The paper has just based on the risk in BOT project of highway, discussed the problem of the risk management. The study mainly includes the following contents:First,this article elaborated the BOT financing way as well as the risk management correlation theories,then,introduced about the BOT financing pattern present policies of our country, as well as the present,the questions which the highway projects used the BOT financing pattern of our country. Because the BOT financing pattern of our country is at the start stage,the BOT financing pattern law, the laws and regulations is not perfect, At the same time, the highway projects used the BOT financing pattern also is few also are few, therefore,in our country, the BOT pattern in the highway items of basic construction application,has very many problems,for example:the law and the investment environment is not perfect, the lack professional,the returns ratio cannot obtain the guarantee, the government management is too strict or too lax.the foreign currency exchange is difficulte,the risk share responsibility is not clear,the project examination and approval system is too tedious,cannot handle the capital between the state investment and the privately correctly,and so on.The risk management process is constituted by the risk recognition, the risk estimation and the risk avoid.The highway BOT project as a result of its own characteristic,like the project invests, the investment recoupment period is long, the project participates is too many and so on,therefore it's risk is also complex,has the obvious gradualness.This article according to the characteristics of the highway BOT projects,use check list,distinguishes the risks of the highway BOT project including the following each aspect:The construction period risk,the project competitive risk,the project volume of traffic anticipated with difficulty risk,project operation management risk, financial risk,policy-type risk,environmental protection risk,force majeure risk.In the highway BOT project risk estimation aspect, this article first according to in the preamble to the risk classification,established the risk estimation index system of the highway BOT projects,as to the project risk,constructed judgment matrix,used the expert to the project risk relative important judgment to judge the law,When judgment,Considered two aspect factors,one are each kind of risk gravity,once risks occurred,its consequence is serious;one is the risk has the probability size,needs the experts carries on the importance according to these two kind of factors to the risk to analyze and then construct the matrix.The benefit counterparts of the highway BOT project are multitudinous, the project initiator, the government,the loan bank and so on,each benefit counterparts has respective demand spot of their own.Because the different benefit counterparts' under identical highway BOT project goal is different, therefore the identical project risk occurs to the different benefit counterparts' influence (loss) is different,thus carried on the effective project risk share became the core content of risk avoid.This article embarks from the risk share principle,determine the highway BOT project risk share body,Regarding financing core risk and financing environment risk two aspects,this article proposed effectively methods to such as finished the risk, the operation risk, the market risk, the environmental protection risk, the political risk, the financial risk, the force majeure risk as well as the credit risk and so on.Finally,this article has carried on the risk recognition to one important highway in China——Jinning highway from the system risk as well as the non-system risk,and using the theory and model proposed in previous paper to establish the project risk assessment index system,to construct project risk judgment matrix.Through commutating,acquired the result that the non-system risk is more important than the system risk.We also make the conclusion that in the system risk,the financial risk is quite important while in the non-system risk,the most important is the operation risk and completion risk.On giving response to the project risk,this article adjured mainly pay attention to the completion risk,operation risk and the financial risk of this project. During implementing process of the project,adopting risk control method to manage and control these three kinds of risk.The fact proved that the risk assessment index system established in this paper is practical and feasible and also has actual application value and bright future to the risk problem of adopting BOT in National highway construction project.