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About China's introduction of BOT investment in the project financing process of the main problems and countermeasures

Author: DingYong
Tutor: LongMaoFa
School: Southwestern University of Finance and Economics
Course: Business Administration
Keywords: BOT financing Infrastructure construction Introduction foreign investment Risk management Perfection of legislation
CLC: F283
Type: Master's thesis
Year: 2005
Downloads: 882
Quote: 7
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Abstract


BOT(Build-Operate-Transfer) is a type of project financing, through which the contractors (often financial groups) get the concession of public infrastructure projects from local government. As a way of financing and project management, BOT project, proved to be a promising pattern of absorbing both foreign and civil capital for infrastructure, first appeared at the beginning of the 80s with the development of world economic situation. It has evolved into up to 20 patterns to date according to different laws and projects, BOT financing, with strong vitality, is being widely adopted in not only developed countries but also developing countries especially in Asia-pacific areas. China began implementing BOT financing at early 1980s, with the B Electric Power Plant of Shajiao, Shenzhen as the first BOT project. Along with the step of concession legislation, a series of successful projects are constructed including the B Electric Power Plant of Laibin, Guangxi, the Sixth Waterworks of Chengdu, the Electric Power Plant of Changsha and the Tenth Waterworks of Beijing, which are useful experiences. However, problems still exist during BOT financing process leading to unexpected project result. The article makes a study of these problems and puts forth countermeasures respectively. The article is composed of five chapters. The meaning, development, function and practice of BOT are introduced in chapter one; and chapter two issues the participants of BOT and their relation and activities, as well as the factors having key influence to the success of BOT. In chapter three, on the basis of several cases, the major problems of BOT in China are summarized and illustrated including bidding, price and interest, cost of financing, risks allocating, quote of foreign contractors, exchange rate and transfer of projects, etc. The main causes to these problems are also analyzed, such as lacking of knowledge and healthy laws of BOT, the need-to-be-improved management level of the government, poor elusion of side effect of BOT financing, and so on. Chapter four gives reasonable countermeasures to above problems. Useful measures are as followed: Choosing appropriate BOT project and making sufficient feasibility studies, electing a qualified sponsor according to the hallmarks of BOT project, trying to reduce cost of financing and enhancing risk management, establishing and perfecting laws and regulations on BOT financing, improving special knowledge and training professionals, etc. It is discussed in Chapter five that civil private capital should be absorbed in order to extend the financing channels and the field of appliance of BOT; further studies on regional cooperation of BOT projects are carried out to improve its function in projects financing in China, what’s more, it should play an important roll in infrastructure construction in the Great Development of China’s West. The fresh points of view of the article lie in two aspects: first, it makes a comprehensive analysis on appliance of BOT in China, drawing out the main problems and its key causes, effective measures to solve these problems are also provided. Second, the author issued his own opinion on extending the BOT financing channels by absorbing civil private capital, as well as the appliance of BOT in the Great Development of China’s West. Through careful study of problems and countermeasures to BOT financing, the article is intended to provide some useful reference for the application of BOT in China.

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