BOT项目融资模式风险分析

The risk analysis on the BOT financing model

BOT是一种新型的项目融资模式。它的基本特点是开放基础设施领域以利用外资 ,适用于在基础设施投入不足的发展中国家为大型电力项目筹集建设资金。风险问题是BOT项目的核心问题。BOT项目的风险分为系统风险和非系统风险。前者包括政治风险、法律风险、金融风险、或有风险 ;后者包括完工风险、生产风险等。风险分配是BOT项目风险管理的基础。深圳沙角B电厂是我国首次使用BOT融资概念建设的基础设施项目 ,它采用了有效的风险管理机制 。

BOT is a new project financing way. Its basic feature is to open the infrastructure construction restrictions in order to use foreign capitals. Such financing is suitable to the developing countries where the capital input for infrastructure is short, such as financing for the construction of large sized power project. The core problem of such financing is risk problems. The risks in BOT projects can be divided into systematic and non systematic risks. The former includes political, lawful, financial and probable risks and the later includes project completion risk and production risk. The distribution of risks is the basis of risk management of BOT project. The Shajiao B Power Plant in Shenzhen is the first infrastructure project using BOT financing way in China. This project adopted effective risk management mechanism, which can be used as a reference for the implementation of BOT project in some developing countries.