The Research On BT Investors Risk Assessment In Cheng'gong New Area, Kunming

BT is a kind of project financing mode, which is from building to transferring. That is, the Government introduces social capital into the infrastructure construction through the franchise agreement. After the completion of the project construction, the Government will redeem the project in accordance with BT agreement. This mode is widely used in the field of infrastructure constructions when the government without sufficient financial resources. On the one hand, the government financial pressure will be eased and new profit growth point will be created by implementing BT Mode; on the other hand, it provides investment opportunities for folk adequate capital, and also creates the new profit growth point. However, BT mode faces many risks in particular practice process due to the complexity of the external environment and the uncertainty of the organization itself. For example, a series of threats are formed towards investors, serious adverse effects are brought towards the project.The paper is defined BT Mode, and the implement characteristics, operation mechanism, the relationship between participants, in the implementation of the main risks faced are analyzed and studied under the guidance of the engineering project financing theory, related theory of risk and risk management, on the basis of current research achievements. At the same time, taking 15 BT projects in Cheng'gong New Area, Kunming as the research object, using analytic hierarchy process to establish the index weight for BT investors in Cheng'gong New Area, Kunming, and also evaluating the main risks investors faced during the implementation process of BT mode.Based on theory and empirical research, this essay reach the conclusion:(1) investors face a higher risk in BT model project; (2) capital controls, repurchase payments, main material price change, design change, organizational ability, quality control process, policy changes, weather affect and key government leadership change are the main risk factors investors faced during the implementation process of BT mode; (3) below the circumstance that a serious shortage of government financial capital, the government credit risk increased.In order to control the risks effectively in the implementation process of BT mode:(1) BT investors must establish government risk assessment system before the implementation of the project, identify and control government credit risk effectively; (2) to strengthen their own organization management and the emphases is the control of main risks by using a variety of means during the implementation process of projects; (3) to urge the Government and other relevant departments in accordance with BT repurchase agreement as soon as possible to recover costs and reasonable remuneration through various channels after the project; (4) in the long term, to strengthen communication and coordination between the participating parties and establish a sustainable cooperation mechanism are also important ways to reduce the risk of BT investors.