Refinancing and Restructuring of Build-Operate-Transfer (BOT) Projects in China
The large demand of infrastructure and energy projects and governments” lack of financial and technique resources in China provide a broad stage for project financing strategies.BOT strategy has been used since 1980s in China and recent applications of BOT include energy industry projects,infrastructure projects,and other large projects such as hospitals,communication plants and schools.Refinancing and restructuring techniques have been applied in many developing counties and so do in China.However,the use of these techniques lacks pre-design and they are unsystematic planned.In this article,the author develops a refinancing and restructuring mechanism aiming at improving the financial robustness of BOT projects in China,with considering available financial instruments and techniques in Chinese financial market and the international financial atmosphere for China”s BOT projects.The mechanism is developed upon activity-based risk analysis software in this article.CASPAR will be used to illustrate the mechanism.Risks that impact the BOT cash flow in China will be modeled.Suggestions on the possible refinancing and restructuring techniques and steps of choosing the techniques will be brought in after the illustration of the mechanism.Awareness of available refinancing and restructuring techniques in planning stage of a project would improve the future financial robustness and reduce project termination risks.
refinancing project financing risk management BOT
FU Xiao HU Yuan-yuan Liu Zhi-tao
School of Mechanical, Aerospace and Civil Engineering The University of Manchester, Manchester, UK
国内会议
大连
英文
265-279
2007-07-24（万方平台首次上网日期，不代表论文的发表时间）