The Research Of Investment Control Based On BT-Mode

Now BT-mode(Build-Transfer)is flourishing quietly in China,and it relieves the problem that lack of funds for the local government.However,since the lack of laws and regulations,there are some problems in practice,such as indistinct of property right,unreasonable risk allocation and difficulty rational appraisal of ROA and so on.Especially as Project sponsor,the project management is indirect,leading to that it is not effective to control the project investment.Based on the depiction of BT model theories,the paper explores the investment control at the bidding phase.The main study contents are as follows:1、Overview of BT project mode.It includes BT pattern generation,basic concept,classification,and comparison with other modes(BOT,TOT and ABS,etc).2、The selection of BT mode project financing plans.Set up the selection index system of BT mode project financing plans,basing on the theory of project financing.Use the analytic hierarchy process(AHP)and expert evaluation method to determine the equally-weighted of each index.Use the fuzzy comprehensive evaluation method to discuss and elect BT mode project financing plans,basing on the selection index system.3、The calculation of BT project repurchase price.It’s contents are as follows.Analyze the ingredients of BT project investment.Use the pricing model CAPM to calculate the ROA.And then confirm BT project repurchase price,using engineering economic theory and buyback plan formulated in contract.In the process of writing the paper,I use a number of theories,such as project management,engineering economic theory,analytic hierarchy process,project financing theory,financial management and fuzzy comprehensive evaluation method.Explore economic problems of BT model to provide the theory for the following practice.