Empirical Study On The Risk Of BT Project In The Government Repurchases Process From Investor Perspective

BT(Building-Transfer)construction mode,is a kind of financing mode that the government uses non government funds to operate non-operating infrastructure projects.Since the first BOT project(Shenzhen Shajiao B power plant construction project)in China carried out in 1980 s,BOT(Build-Operate-Transfer)financing mode has been familiar to the public.As an evolution of the BOT model,the BT model is gradually used for government public project financing as a kind of government investment and financing mode.With the application of BT mode is more and more extensive,some problems,such as the blind investment of the local government for the pursuit of performance,random expansion of the scale of construction,repurchase credit loss,began to emerge.BT model has no Benefit of project management as a return on investment in the future.Its income is mainly dependent on the process of construction cost control and investment income,and the investment income in the repurchases process.So in the repurchase process of the project,Project Problem will cause large economic loss of investor.According to the above problems and the present situation,this thesis puts forward the following research content: Empirical Study on the risk of BT project in the government repurchases process from investor perspective.This thesis mainly does the following research:(1)identify the risk factors of BT project in the government repurchases process,(2)analyze the impact of different factors on the repurchase of the BT project;(3)explore the intrinsic relationship between these factors;(4)through the empirical study on the Zibo high tech Industry Development Zone infrastructure and park construction projects,analyzing the risk factors of the project and summing up the prevention and control measures of the risk of BT project in the government repurchase process from investor Perspective.Drawing the following conclusions:1)Among the 22 factors identified through the literature,there are 17 factors that are very significant on XXXX.Among them,the most important 6 are belonging to government revenue,Implementing the performance of similar projects,The urgency of the local government to the project,the proportion of government expenditure on construction expenditure per year,the implementation of the preferential terms of commitment and Government financial debt ratio.2)Exploratory factor analysis was obtained in six groups.They are Credit of government,Payment capacity,regional financial situation,Guarantee condition of repurchases,External environment condition and Construction risk.3)Through the author's own experience of the project-Zibo high tech Industry Development Zone infrastructure and park construction projects,The author summed up the prevention and control measures of the risk of BT project in the government repurchases process from investor Perspective.They are to understand the development of regional economy,to increase the investigation of government reputation,to master the government's financial strength and ability to pay and strict implementation of the government's guarantee system.