Study On Repurchase Pricing Of BT Project In Infrastructure

In the process of city-developing, because the contradiction between infrastructure construction and the government funds is becoming more and more serious, the government introduced a lot of financing modes, one of them is BT model, in which BT undertaker is charge of investment and financing, construction and handover in the period of project construction, in the period of project repurchase the organizer pay the repurchase price in accordance with the terms of contract. At present, the BT model is widely used in infrastructure construction, not only to raise a lot of social capital to ease the gap of construction funds for the government, and the undertaker will gain more considerable economic returns than the general project.The repurchase price of BT project is the key to win the bid and directly related to economic interests of the undertaker, therefore, how to get a reasonable repurchase price to win the bid and gain the reasonable profit is very important. Now the research of the repurchase price is mainly on the composition of repurchase price and the analysis of influence factors in the period of repurchase, but few on the influence factors of the repurchase pricing in the bidding stage from the undertaker’s angle. And few considering the competitors’influence on determining the rate of return on investment. So this article is to solve the problem of repurchase pricing from the BT project undertaker’s point of view. The main content of this study includes the influence factors and reasonable determination method of the BT project repurchase price.The second chapter firstly analyses the composition of the repurchase price of BT mode and then analyzed influencing factors of the two main factors, the repurchase base-price and rate of return on investment, of repurchase pricing in the process of bidding respectively.The third chapter concerns how to determine a reasonable rate of return on investment of the undertaker. This chapter puts forward the model assumptions and the process of determining the rate of return on investment, through the analysis of the relevant data of competitions, obtain the corresponding distribution of competitors’ repurchase base-price and the rate of return on investment, and then simulate competitors’ repurchase price by Monte Carlo simulation method, finally obtain the optimal rate of return on investment of the undertaker.