Bot Highway Project Based On The Domestic Real Options Theory To Investment Decision-making Research

The construction of traffic infrastructure, such as the built of highway etc., is considered to be a necessary prerequisite for industrialization and economic growth. The built of highway belongs to fund-intensive industry, so how to together the fund for construction is a critical matter. With the expansion of the international market, the depth and extent of the international economic cooperation is continually intensified, and the new means of circulate necessary fund constantly appeared in the world. The project finance represented by the BOT mode is increasingly took into account internationally and is more and more exerted into the field of infrastructure, since the beginning of open-policy in early '80s, the theory world of the BOT mode have noticed the feasibility of the project finance in construction of infrastructure in China, and has put it into practice in some ones. The BOT mode possessed the non-instead able importance in arresting foreign fund and the private capital flowing into the field of infrastructure. And also, for some corporation in China, the BOT mode in the built of highway is regarded as the main means to realize the maximum value, and to the further development of corporation.This paper, from the theory and practice of the BOT mode in highway construction in China, aims for the question existing in the investment decision-making and the economic evaluation, combines with the theorymethods of financial works, economic theory, traffic project and the theory of systematic project, and applies the real-option theory systematically makes a deep and detailed study, from the benefit and cost, to the investment evaluation in the application of the private capitalist BOT mode. This paper formulates a more perfected theory system of the BOT mode in highway construction, so possesses certain value and practical significance.This paper make a progress in the developmental direction of the BOT mode in China in the future through the systematic analysis for the BOT mode in the highway construction, and further more, it utilizes the real-option theory to set up the decision-making evaluate model of the highway construction, and to realizes the quantum study in this aspect.