合同治理对BT项目投资控制的案例研究

A Case Study on the Investment Control of Projects under BT Model Based on Contract Governance

通过对BT项目多层多级委托代理链的分析指出,BT合同是衔接公、私两个阵营投资控制主体的重要节点,因而合同治理对于BT项目投资控制效果具有决定性作用。为此,以深圳地铁5号线BT工程为例,分析了其回购总价款的构成及影响因素、投资控制风险分担方案以及控制权配置情况。结果显示:深圳地铁5号线BT工程良好的投资控制效果得益于其合同设计中较高程度的"权、责、利对等",以及政府适当掌握的BT项目建设期间特定控制权,从而使政府在BT项目投资控制中处于主导地位。

Based on the analysis of the multi-level principal-agent chain,the paper points out that contract for BT project is a critical link between the public and the private subject of investment control. Therefore,the investment control result of BT project depends on its contract governance. Then, the BT contract of Shenzhen Metro Line 5 is taken as a case,whose composition of the price of buy-back, influential factors ,allocation of the risks and distribution of the rights of control are analyzed. The findings indicate that the fine investment control effect of Shenzhen Metro Line 5 comes from the proper design of its BT contract according to the principle of the matching of rights, responsibilities and interests, as well as the government＇s proper possession of control rights during the construction period of BT project. These will help the government to be in dominant position in the investment control of BT project.