| Since the reform and opening, China has entered a period of rapid growth. With the accelerating urbanization, the input for development of infrastructure is also increasing, but mainly relies on the Government’s fiscal expenditures. For a long time, our government assumed almost all the mission on providing the infrastructure, from designing, financing to construction, operation and maintenance, and the government has a virtual monopoly on all the infrastructure development. For the public infrastructure provided by the Government has been relying on the financial resources, there are many serious problems, such as budgetary constraints, lack of financial risk management, neglect of normal maintenance of infrastructure, neglect of environmental protection and so on, witch caused investment in infrastructure construction is insufficient, and operation non-efficiency or low efficiency, and consequently this not only has serious damage to the welfare of consumer, but also subjects the development of the urban economy to bottlenecks. Therefore, we must achieve diversified development of infrastructure investment. In view of this, China draws foreign advanced infrastructure construction experience, introduces new investment and financing methods, mainly: BOT financing model, TOT financing mode, ABS financing model, PPP financing models etc, the applications of which brings great progress in urban infrastructure construction, and modifies the situation of a single investor-the government.With the application and promotion of these financing methods, many problems were gradually exposed, so that these financing methods can not be applied to all infrastructure projects. Under the circumstances, a new type of investment and financing modes, named BT, was introduced. BT mode is the evolution of BOT mode, but there is a great difference between the two. Hence, this paper mainly focus on the concept characteristics, scope, application meaning, financing methods, financing structure, operational procedures and risk management of BT patterns, also the relevant issues in the progress and coping strategies were systematically explained. Meanwhile, this paper makes an empirical analysis on the Beijing Olympic Games Metro Line BT projects to illustrates advantages of BT model and reasonable operating mechanism, ultimately concluding that:In order to make a combination between BT model and municipal infrastructure, we have to reform the management, the policy, the financing model and the tax, which will help BT model to be good for municipal infrastructure. |
