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Research on the Managerid Risks of BOT Project

Author: GuoDingSong
Tutor: HuPei
School: Southwest Jiaotong University
Course: Business Administration
Keywords: BOT INVESTMENT RISK MANAGEMENT
CLC: F283
Type: Master's thesis
Year: 2003
Downloads: 723
Quote: 11
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Abstract


Considered as the "bottle neck" of the economy, infrastructure is utmost important to the development of a state, since 1978 the year that China began to implement the reform &opening policy, under the background of high-speed growth of economy, the infrastructure construction in China has been optimized.Nevertheless, suffering from inadequate and inefficient investment, the existing infrastructure is still proved to be insufficient. In the following decade, with the process of China’s real accession to the WTO rules and the start of ’west Development Campaign’, development of infrastructure construction accelerates correspondingly. In this case, huge-scale capital is prerequisite.The World Bank estimates that during 1998-2000, 744 billion us dollars would be invested on the infrastructure with the speedy growth of economy and the urbanization in China. The amount rates 7.4% of the GNP. It is hard for the government to pay the whole big bill, BOT can share the burden effectively.Introducing BOT to the infrastructure construction has been proved to be an efficient way for the flow-in of capital and proceeds improvement. The work can also promote the healthy, stable, harmonious development of our socialism market economy.BOT (abb. Of build-operate-transfer) has been a more and more popular international project-financing mode since 1980s. The mode utilizes commercial capital to invest on infrastructure construction and transfers the property and operation right gratis when the promissory time expires, that means, the financing and constructing of a project and then the final property.Compared with the traditional financing modes, BOT can not only ease direct finance burden and debt risk from government, but also introduce the advanced technology and management in, to improve the operating efficiencyof project, to meet the social and public requirement s in advance. However, its unavoidable weaknesses, e.g. huge scale capital requirement long term operation cycle, complicated structure, a lat of uncertain factors, esp. different sorts of risks, are always annoying. For successful DOT management, it is the key knot to reduce, avoid and share risks with reason. Fail risk management induces the harm to the host country’s benefit, investors’ positivity and the final operating outcome of project, for this reason, all the BOT projects are based on the ascertaining and the sharing of the risks.At present, as BOT operation is still in its testing period in China, the risks’ management always follows international terms. It has to be acknowledged that some experience has been got from practice, but at the same time the incompleteness of the lex, the inaccuracy of the pre-feasibility-research, overcharged liability by the government impose passive influence on the BOT project operation. Here we could make a conclusion that it is urgent and extremely important to introduce the successful case from foreign countries and to improve BOT project management at home, so that both government and investors’ benefits can be protected and BOT mode could be promoted widely and favorably in China.The major contribution of this paper, achieved by probing into The B Br anch of ChengDu Running Water Factory and The JiaLingJiang Bridge in Ma XiaoXi in LangZhong city respectively, lies in its objective revelation of the existing riskes of the two projects and the possible relating serious consequen ces. And the causes of such consequences have been deeply analyzed. In thecourse of presentation, some disadvantages of the risk management project h ave been discussed, and some systematic factors have also been further foundout. Although the employing of words may be somewhat sharp in this paper,the opinions and ideas of the author are clearly expressed. The whole paper is composed of five chapters:In chapter one, a brief introduction of the current situation on BOT inve stment, its purpose and meaning and research on the risks existing in BOT pr eject management are included.Chapter two focuse

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