Research On Legal Issues Of Government Guarantee In Risk Sharing Mechanism In BOT

With the promotion of the Belt and Road Initiative and the policy support of the Public-Private Partnership investment model,BOT has raised a new upsurge again in infrastructure investment in recent years.Although all investments involve risks,BOT project,based on its characteristics of large scale,lengthy period,many parties,complicated process,huge money,slow return,is often of more and higher risks than general investments.So,how to manage and allocate project risks becomes not only the core issue BOT parties have to face,but also the critical factor concerning the success of BOT projects.Risk sharing mechanism in BOT sets the principle of sharing the risks among the project participants.However,the investor,because of the unequal status and some legal obstacles,is subject to stronger risk impact than government in practice.Therefore,it is the top priority to insure and strengthen the government's ability of sharing BOT's project risks and then to optimize BOT's risk sharing mechanism and to ensure BOT's successful running,which is concerned with issues of government guarantee.This thesis,from the prospective of risk-sharing and with concrete cases,falls into three parts to analyze the legal issues of government guarantee in risk sharing mechanism in BOT,which is aimed at confirming the necessity,validity and maneuverability of government guarantee in sharing project risks and to propose related suggestions based on these legal obstacles unfavorable for government's sharing the risks in BOT.The first part elaborates some general and basic matters of risk sharing mechanism and government guarantee in BOT.Firstly,this part gives a brief explanation about the risk sharing mechanism in BOT,pointing out the importance,basic principles and general content of reasonable risk-sharing among BOT participants and the norm for government to take related risks.Next,this part,from risk managing and allocating view,defines government guarantee's connotation,essence,types and its function in risk sharing mechanism in BOT.Only make clear these ambiguous points can government guarantee have the validity and practicability to play a full role in sharing BOT risks,which provides the possibility of continuing discussion as well.The second part discusses the specific legal issues of government guarantee in risk sharing mechanism in BOT.From the macroscopic perspective,this part analyzes the legislative obstacles of government guarantee in sharing project risks in BOT.Precisely because of these problems and lacking complete and united legal institutions,government guarantee is hard to give full and efficient play to share risk.From the microscopic perspective,this part chooses three most representative types of government guarantee,analyzing their role and function in taking corresponding risks and the legal obstacles unfavorable for optimizing risk-sharing.The third part puts forward the suggestions for improving the legal issues of government guarantee in risk sharing mechanism.That is the solution of all the legal problems discussed above.This part is aimed at elaborating how to improve and perfect government guarantee regulations and how to strengthen and optimize the positive function of government guarantee in risk sharing mechanism in order to maintain BOT project constructing and running without a hitch.