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With the development of economy and the progress of the society, the construction of infrastructure pays the world’s attention, especially for our country which is developing rapidly. The construction, improvement and the perfect of the infrastructure is very important for the economic development of our country, which also brought a lot of pressure to the country. Funds are key factor of restricting the development of infrastructure. So, it urgently needs the funds from the public to keep the infrastructure construction running smoothly. In this situation, project financing turns out. In the 1980s, project financing attracted the worldwide attention and was applied to the infrastructure, which contented the bridges, roads, railways, mineral water and electricity. It solves the important problem of construction funds for our government. The project financing model is becoming mature in actual operation and deriving some practical and the project financing model, such as BOT, TOT, and PPP and so on. In china, the usage of the project financing is not long and the theory and practice are to be further enhanced. Combining the background, this article mainly researches the risk of the highway tunnel TOT project financing. In the process of introducing TOT, there are some difficulties and challenges. The research of the risks provided some reference for the TOT project financing.First, with the elaboration of this article’s research background, the topic rest on, as well as this article’s research goal and the significance, I determine the research content and mentality further. First, carry on the overall understanding to the application of the highway tunnel TOT project financing; Second, recognize highway tunnel’s risk factors; Third, carry on the appraisal to the highway tunnel TOT project financing risk factors, and carry on the introduction unifying the Gejiu-Datun highway tunnel; Fourth, make risk treatment and the establishment risk early warning system to the risk factor; Finally proposes the suggestion.The second chapter briefed the domestic and foreign project financing’s development and the theory research course. Compared with BOT, TOT, and PPP these three kinds of commonly used project financing, and carry on the analysis unifying the practical application’s case. Finally shows the important role of the project financing to solution the national infrastructural facilities fund question.The third introduces the TOT project financing risk, reviews the course of the project financing risk studies, and appraise its practical application effect, drawing out the content and the research summarizes of the highway tunnel TOT project financing risk, which foreshadows for the following chapter’s research.The fourth chapter is the central content of this article, introducing the risk research mentality on the highway tunnel TOT project financing. Carry on the introduction from the risk recognition, the risk assessment; risk handling and the risk dynamic manage four steps. Determine the step and method of each stage, obtaining the overall mentality of the highway tunnel TOT project financing risk investigation.The fifth unifies the example of the Gejiu-Datun highway tunnel to get the risk factor’s weight with the mentality of the fourth chapter. Make risk treatment and the establishment risk early warning system to the risk factor, provides certain reference value for the main participant which are enterprise and the government.The sixth chapter summarized this article’s research conclusion, and gives the Appraisal and suggestion about the conclusion.
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