BOT项目投资决策模型研究

A study on BOT project investing decision-making mode

企业的投资决策对于企业是非常重要的,特别是在采用BOT项目融资方式的项目投资决策中需要仔细考虑项目面临的各种风险,包括市场风险、政治风险、经济风险等。BOT项目的项目评估方法应该综合考虑这些风险因素。在传统的项目评价方法中,有的方法考虑了项目的风险因素,但是往往只是考虑了风险的某一个侧面,存在着局限性。在综合分析现有的评价方法的基础上,本文提出了一种新的投资评价方法,即风险NPV法。这种方法综合了WACC和风险报酬。利用这种方法能够为BOT项目提供新的投资评价方法。

Investing decision-making is very important to company. The project investing decision-making using BOT project financing mode requires careful all kinds of risks confronted, including market, politics, economics risks. BOT project appraisal incorporates all these risks. Some conventional appraisals only take an aspect of project risks into account. The author develop a new method ---NPV by combining the weighted average cost of capital(WACC) and risk-return methods. The method provides a new investing appraisal method of BOT project.