摘要
本文以权衡理论分析公司价值的模型为基础,通过分析项目融资中BOT方式的融资特点,着重考察我国BOT项目资本结构对项目公司价值的影响与改变项目公司资本结构的动因,提出了评估BOT项目公司在给定条件下估计项目公司价值的模型;通过对公司财务困境成本的分析判定当前我国BOT项目最优化结构在理论上的存在;归纳了我国BOT项目公司提前偿债的动机与对公司价值影响,证明在特定时期不能排除项目投资方与项目管理层之间存在委托一代理问题。
This paper tries to establish a new model to evaluate company value under certain conditions based on the Trade - off theory and the typical model. An analysis of the financing features of Build - Operate - Transfer（BOT） projects and an investigation focusing on the effects of the capital structure of BOT projects in China on company value and the motivations that change the capital structure of project company, have all applied to this essay. It also proves the existence of the optimal structure of BOT projects in China theoretically, by analyzing the financial distress cost of the company Most importantly, the article summarizes the motivation to repay debt in advance in BOT projects company in China and the effects of early debt - paying on corporate value, thus illustrates that the problem could not be excluded in principal - agent relationship between project investor and project manager in certain conditions
出处
《经济与管理研究》
CSSCI
北大核心
2010年第5期24-28,共5页
Research on Economics and Management
基金
首都经济贸易大学大学生科研创新资助项目
关键词
BOT项目
资本结构
公司价值
权衡理论
项目管理
Build - Operate - Transfer
Capital Structure
Corporate Value
Trade - off Theory
Project Management
