基于利益相关者理论的BOT项目风险分担研究

The Research on the Risk Sharing of BOT Projects Based on Stakeholder Theory

BOT作为一种基础建设领域的融资模式,其涉及的项目投资规模大、融资结构复杂、特许经营持续时间长、利益相关者多,因而具有很大的不确定性,面临更多的风险,因此,基于利益相关者的风险分担也成为BOT项目研究的一个重要方向。分析了BOT项目风险分担中存在的问题,并针对这些问题以利益相关者理论为基础,通过基于博弈论原理的风险分担模型,确定合理的BOT项目风险分担比例,并以此作为各利益相关者之间拟定风险合同的依据。

BOT is a financing pattern in the field of infrastructure.Large investment scale,complex financing structure,long franchise time and complex relationship of stakeholders are the characteristics of BOT projects.Thus,BOT projects face great uncertainty and more risk.The risk sharing of BOT projects based on stakeholder theory has become an important research direction.Firstly,the existing problems in the risk sharing of BOT projects have been analyzed in this paper.Then,the paper focuses on these problems and tries to establish a risk sharing game theory model,which is based on stakeholder theory,determines the risk sharing ratio of BOT projects,and provides some bases for the making of the contracts between the stakeholders.