| In the past twenty years there has been a wave of worldwide interest in project finance as a tool for economic investment. As one kind of typical project finance methods, BOT project finance has been widely put into application since it was originated in 1984. Furthermore, BOT is envisaged to be with vast potential development capability and good prospects in the future. BOT is the short form of "BUILD-OPERATE-TRANSFER". Its main points stated that the host government or its authorized administration provides the concession agreement to the foreign or domestic project sponsors. The latter specially organized a project company to undertake the implementation and management of BOT project. BOT is a kind of limited-recourse project finance approach, that is to say, as long as it is restricted in the concession period, the project company bears the repayment responsibility of all debt. When the concession period is expired, all capitals and properties of project are unconditionally transferred to the host country.This dissertation tries to make some point of study on BOT project finance under the circumstances that China is involved with the world economy more and more deeply. The major viewpoints and conclusions are as follows:BOT project finance technique is generally used in the infrastructure projects that are with large investment scale, long operating cycle and relative stable return and profit. To the benefit of sponsors and investors, BOT structure is able to alleviate investment risk and raise finance at a relatively low cost. For the host government, the major advantages of BOT could be concluded as follows: Solving the problem of infrastructure funding shortage to a certain degree. Helping to lighten the financial burden of government, allocate project investment risks and avoid government's debt crisis. Contributing to the absorption of foreign advanced skills in design, construction and management. Improving the project implementation efficiency.In recent years, China has achieved great growth in economy development, and infrastructure construction demand is increasing dramatically. However, the vast investment requirement could not be met relying only on the government fund. Under such circumstances, it is very necessary to take BOT project finance as a new kind of methods of utilizing foreign finance or capital especially in infrastructure projects. It will contribute a lot to Chinese investment system reform. The planning of utilization of BOT project finance was put forward early in "the Highth-Five-Year-Plan"of China, and Shajiao C Power Plant in Guangdong was the first BOT project in China. Afterwards, China has made successful use of BOT project in many sectors.The whole structure or framework of the essay could be divided into four parts.Chapter one: Beginning with the analysis of different kinds of finance methods, makes brief introduction of project finance and focuses on BOT type, including BOT project finance's definition, application scope, major participators, basic operating procedure, concession agreement, fund resources, identification and management of risks in BOT project finance, the important role of host government in BOT project finance, and at final part of this chapter, the analysis of features, advantages and disadvantages of BOT project finance was given.Chapter two: Taking Australia, Hong Kong, Philippine and India as examples, it is focused on the comparative analysis of application of BOT project finance in the developed and developing countries or areas. The case study-Euro-tunnel Project-is given to illustratethe BOT project finance process. This chapter is ended with the analysis of development trends and outlook of BOT project finance in the world.Chapter three: Firstly, it analyzes the necessity and favorable conditions of introducing BOT project finance structure into Chinese infrastructure construction presently. Also the advantages that China could benefit from BOT project finance are analyzed in details, for the purpose of emphasizing the... |
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