The Issue Of Ownership Of Bt Projects Of Urban Infrastructure Research

In recent years, China's urbanization is speeding up gradually, so the demand of urban infrastructure construction becomes urgent. Market-based reform of urban infrastructure has been put into force, and the capital of large building enterprise has been enhanced, they both make BT mode widely used. But it also produced many problems in the process, project ownership problem is one of them.Firstly, this paper begining with the connotation of BT urban infrastructure project clarifies the meaning and particularity of BT urban infrastructure project. And then we reveal its economics essence by using the new institutional economics to analyze the formation of investment market, project transaction cost and investment effect on BT projects. From the perspective of the project sponsor and investor, we analyze their cooperation theory and point out that the interests complementation of both parties, rational cooperation and benefit equilibrium are able to make impact on project cooperation.Then the paper further analyzes the contractual relations among chief participants of BT urban infrastructure project after it puts forward the ownership problems of BT urban infrastructure project. This paper straightens out the contractual relations among project sponsor, investor and project company according to the BT contract and related legal, it lays the foundation for the next analysis of the ownership problem of BT urban infrastructure project.Based on this, the paper expounds the negotiation process between the project sponsor and investor by the Game Theory and information economics, and makes depth analysis in the project ownership problem by using project surety theory, security law and some relevant laws and regulations of BT mode. From the existing dispute of the project ownership allocated to the government or to the project company, this paper puts forward the viewpoint:the ownership of BT urban infrastructure project belongs to the local government in its construction. This paper suggests to safeguard the ownership interest in the means of the performance guarantee, adopting rational contract price and strengthening the third examination. In the process of project repurchase, the projet sponsor and investor need to chose reasonable project repurchase way to ensure project ownership, such as confirming the buyback period, return on investment, project repurchase funds and counter-purchase guarantee. And we could also guarantee the security of project ownership during repurchase through four ways like the local fiscal revenue, assets or third-party guarantee, insurance and securitization.