BT模式下可原谅的工期延误对项目回购基价的影响机理及防范

Influencing mechanism and countermeasures of excusable delay on project buy-back price baseline under BT model

BT(Build and Transfer)模式作为一种新型的有利于吸引民间资本和国外资本的投融资模式,在我国日益受到重视。由于BT模式运作的复杂性,项目发起人必须加强投资控制,对回购基价实施有效管理。研究选择影响回购基价的因素之一即工期延误,探讨其对回购基价的影响机理;通过算例计算可原谅的工期延误引起的项目回购基价增加值,验证其影响的机理及因素;最后提出可原谅工期延误造成回购基价增加的防范措施。研究结果表明:项目回购基价增加的根源在于工期延长而造成的建设期资金成本的增加,增加额的影响因素包括可原谅工期延误事件发生的时点、造成总工期延误的时间、已投入工程的资金数额、约定的融资费用计算规则。防范工期延误造成的回购基价增加,关键在于理清工期延误的责任归属;BT合同条款的限定、工程建设过程中对工期延误事件的及时分析、处理和计算是控制项目回购基价的有效途径。

As a new type of financing model conducive to attracting private capital and foreign capital, Build and Transfer （BT） model attracts much more importance in China. Because of the complexity of BT model, project sponsors must strengthen the control of investment and manage the buy-back price baseline effectively. Choosing one of the factors - extension of time （ EOT）, this study explores the mechanism of influence of EOT on the buy-back price baseline, performs example calculations for the added value of buy-back base price caused by excusable delay, validates the influencing mechanisms and factors, and proposes preventive measures to the increase of price baseline. The study indicates that the increase of price baseline is rooted in the increase of the capital cost during construction due to EOT. The influence factors include time and period of excusable delay, amount of capital investing in the project before EOT, and promissory calculation rules. To prevent the increase in the buy-back price baseline caused by EOT, the key is to sort out responsibility for the delay of the project. The restriction of BT contract terms, timely analysis and treatment to construction delay events are effective approaches to controlling the price baseline of BT projects.