Research On Rent Pricing Mechanism Of BLT Model In Infrastructure Projects From Risk-sharing Perspective

Derived from BOT model, BLT model is not only a kind of financing model forconstruction project, but also a model integrated the EPC general contract and thecharacteristics of finance leases, which provides a solution to owner absence of governmentinvestment project. There are many disputes on the rent price between organizer and investorfor BLT project. The essence of the controversy is that the both of them require the right toadjust the rent price, and reckon that the risk beard could not reflect from the rent price. Basedon this, this paper studies influence mechanism of risk factors affecting on rent from theperspective of risk sharing, to provide guidance and reference for organizer and investor onthe rental pricing.Firstly, define the relevant content of BLT model systematically from the concept,subject and object, advantage and operation process, to establish the theoretical basis on BLTmodel when it is used in government investment projects. Then the rent, the core content ofthis paper, has been defined in detail. Analyze the different form of rent, and give the detailexplanation of the meaning of each component.Secondly, determine the risk sources of BLT projects through literature analysis, andidentify the risk factors that influence the rent preliminarily with WBS-RBS method and theDelphi method; analyze the uncertainty of these risk factors to establish the WBS-RBS-CBSmatrix. Furthermore, summarize and classify15risk factors which are identified intoexogenous and endogenous risk.Thirdly, analyze how to share the risk factors by different contract, making clear theapproach of engineering practice; put forward the principle of risk sharing combining thecharacteristics of the BLT projects; at the same time risk sharing framework is established forsolving the problem about Who, When, How of risk sharing. On this basis, analyze the risksharing situation of each risk factor, and demonstrate who bears the risk is more reasonable.At last risk allocation matrix was established.Finally, based on risk allocation matrix, set up the influence model connected risk factorsof construction and lease period with rent respectively. On the basis of systematic analysis ofinfluence factors of rent, divide the risk factors into two phases, construction and lease period,to analyze the influence mechanism of various risk factors on the rent, according to thecorresponding relationship between the components of rent and risk factors. The risk factorsthat organizer bears affect on leasing base price, and the other risk factors that investor bearsaffect on investment return, which form the influence path to provide a reference of the rentpricing problem for organizer and investor.