弹性特许期在BOT项目特许融资中的优势分析

Analysis on Predominance of Flexibility-term in the Financing of BOT Project

目前,在基础设施投资随经济增长不断增加的情况下,BOT模式在基础设施建设中被广泛应用。然而,特许期作为BOT项目特许权合同的关键要素之一,一直是学术界和实践界关注的热点。本文通过查阅国内外该领域文献及案例,以固定特许期原理为媒介,分析其应用中的不足——中标者不一定是有能力的项目公司以及易发生频繁的合同谈判。进而在总收入净额和维护成本纯二维出价的基础上提出一种以最低收入现值、最低收入净现值为原理的新的特许经营机制——弹性特许期。相比于固定特许期,这种新机制在选择有能力的项目公司和消除风险等方面起到积极的改善作用。为我国基础设施特许融资项目提供了借鉴意义。

At present,BOT project is widely applied to infrastructure construction in the process of increased investment with the economic growing.As a key factor of concession contract in BOT project,concession term has been the focus both in academic and practice.This paper is analyzed the application of deficiencies,which it is not necessary that successful bidder is the company competent or having frequent contract negotiations,in the basis of fixed concession term theory through literature review.A new franchising mechanism named Flexibility-term is then proposed,which is based on bidimensional bids for total net revenue and maintenance cost in the principle of the least-present-value-of-revenue and the least-present-value-of-net-revenue.Compared with fixed-term concessions,this new mechanism plays a positive role in promoting the selection of competent concessionaires and eliminating the risk,and thus provides a guidance for the financing of infrastructure projects in China.