工程建设项目BOT融资风险管理研究

工程建设BOT项目融资实施风险管理,不仅可以促进社会经济的发展,保障BOT项目的顺利完成,还有利于维护项目利益相关者的利益。然而在对其实施风险管理的过程中还存在一些问题,为了促使BOT融资方式在我国工程建设中应用的更广泛,应完善关于BOT融资方式的法规,建立完善的信用管理制度,设立专门负责机构并加紧培养我国BOT方面的专业人才。     

An exploratory study of project based international joint ventures: the case of Chek Lap Kok Airport in Hong Kong

A large number of international collaborative ventures was established for the purpose of constructing the Chek Lap Kok Airport in Hong Kong—one of the mega construction projects of the last decade. This study reports on the findings of an in-depth survey of international contractors involved in this mega-construction project. Its focus is on the unique characteristics of project-based joint ventures. The study highlights significant managerial problems and potential success factors in managing project-based international joint ventures. Several propositions are offered for future research. A managerial framework for analyzing project-based international joint ventures is also presented.     

关于我国开展BOT方式的现状及思考

BOT(建设—营运—转让 )作为政府引进非官方资本加快基础设施建设的一种投、融资方式 ,具有很大的优越性。自其产生以来 ,逐渐受到发达国家乃至发展中国家的青睐。我国自 2 0世纪 80年代初引进BOT方式 ,取得了一定的成效 ,但总体规模小 ,存在的问题很多。因此 ,如何克服目前存在的问题 ,扩大BOT项目融资 ,加快我国基础设施建设 ,乃是当务之急。     

BOT模式在我国西部旅游扶贫项目中的应用

由英国国际发展局(DFID)提出的PPT模式是消除地区贫困、发展经济的一种有效途径。但是西部地区由于资金的缺乏,致使旅游扶贫项目难以顺利进行。因此,为确保项目的顺利进行,选择合适的融资模式就显得尤为重要。根据我国西部地区以及PPT项目的特点,我国PPT项目可以采取BOT模式进行融资。     

建设项目融资方式比较研究

针对建设项目适用的BOT、ABS、融资租赁三种典型的融资方式进行研究、比较,可以看到融资方式在基础设施领域应用中都存有自身的优势与不足。因而在具体应用时,企业不应片面强调哪一种方式,而应根据各阶段具体的情况,选择运用其中一种方式。政府应尽快完善与之相配套的法律和政策,对项目公司进行必要的约束和引导,使项目运作规范化、法律化,以拓宽融资渠道,加快对新型融资模式的探索和实践。     

环境基础设施特许经营的运行机制研究

随着市场经济的快速发展给社会带来了负面的影响,巨大的生活垃圾与污水排放给环境造成了极大的污染,严重制约着我国经济的持续发展。生态环境基础设施建设领域需要大量资金投入,环境基础设施项目融资则成为首要问题。BOT是比较适合于环境基础设施建设项目的融资方式,在我国环境基础设施项目建设中引入BOT等融资模式,实行特许经营制度,不仅能够对环境基础设施项目的价格进行有效地管理,并且通过特许经营,吸引非国有资本或非国有企业进入环境基础设施项目建设领域,解决政府投资严重不足的问题。因此,对环境基础设施建设领域引入特许经营制度的融资机制、特许经营管理模式、投资收益机制等方面设计运行机制具有重要意义。     

Competing for large-scale infrastructure projects in the emerging Asian markets: Factors of success

This paper aims to provide some general guidance and factors of success for those interested in the burgeoning Asian infrastructure sector. What separates successful foreign contractors from those that flounder? This investigation is based on interviews with managers, directors and other executives from American construction and engineering firms that have had an established and successful presence in the region for at least 10 years. Also interviewed were representatives from government and local firms. The two groups typically play a vital role in the prosperity of the foreign contractor. Three general success themes emerged from our investigation: the growing competitive role of knowledge transfer, the use of local firm networks for managing government entities and the importance of adapting firm risk orientation to the host country's legal and cultural environment. The authors provide an overview of the challenges facing these emerging economies as well as the challenges to firms wishing to gain entry. The concept of a “triple alliance” between foreign firms, government constituencies and local entities is used as a framework for analysis.     

Memory Effects of Different Relational Links between Brands and Sponsored Events

Sport sponsorship is an important marketing communication tool, and stakes in sponsorship deals are high. Therefore, sponsors strive to ensure that their investments are effective and protected from competitors—that is, ambusher marketers’ attacks. Still, little is known about how ambush marketing affects sponsor identification and misidentification of ambushers as sponsors. This study investigates levels of sponsor and ambusher identification in three experimental settings, controlling for the presence/absence of an ambusher, communication modality, and response formats. A field study in the context of a large sports event demonstrates the external validity of the findings. The results provide evidence of a nondestructive interference of ambush marketing, indicating that ambush marketing does not necessarily harm sponsor identification. Misidentification of nonsponsors as sponsors occurs because of the indirect link established between the event and the company through ambush marketing, but not as a consequence of other communication activities by a competitor with no link to the event. Finally, a combined sponsor–ambusher perspective indicates that sponsors do not necessarily have a consistent “official sponsor” advantage over ambushers. Findings are discussed with emphasis on implications for sponsors, ambushers, and marketing researchers.     

The effects of consumer knowledge on responses to event sponsorships

Research into consumer responses to event sponsorships has grown in recent years. However, the effects of consumer knowledge on sponsorship response have received little consideration. Consumers' event knowledge is examined to determine whether experts and novices differ in information processing of sponsorships and whether a sponsor's brand equity influences perceptions of sponsor–event fit. Six sponsors (three high equity/three low equity) were paired with six events. Results of hypothesis testing indicate that experts generate more total thoughts about a sponsor–event combination. Experts and novices do not differ in sponsor–event congruence for high‐brand‐equity sponsors, but event experts perceive less of a match between sponsor and event for low‐brand‐equity sponsors. © 2004 Wiley Periodicals, Inc.     

Does reputation of sponsors matter in IPO? Evidence from Hong Kong

Contrary to other markets where underwriters perform a combined role of underwriting and sponsoring in an Initial Public Offering (IPO), IPO issuers in Hong Kong must appoint at least one sponsor in addition to the underwriters. The splitting of the single role of underwriters into two separate ones offers an ideal setting to disentangle the effects of the two roles and to examine which of the two roles—sponsor or underwriter—is more important in explaining IPO underpricing and initial volatility in the Hong Kong equity market. Interestingly, our findings provide supportive evidence that the sponsor reputation does matter in an IPO and it is even more significant than the underwriter reputation in explaining the IPO underpricing phenomenon. Given the recent high-tech fervor, our research goes deeper to examine specifically the role of sponsors on high-tech firms, with results indicating that the reliance on sponsors is higher for traditional issuers than for technology firms. We further discover that sponsors and underwriters are playing substitution roles rather than complementary roles. In order to examine the regulatory policy impact, our research also compares the role of IPO sponsors before and after the launch of the new sponsor regulatory regime in 2013. The empirical findings lend support to our argument that after the launch of the new regulations, public awareness of sponsors is raised, respect towards more reputable sponsor increases, and thus, the role of sponsors becomes more important than before.     

关于建立工程项目风险管理制度的设想

工程项目建设过程存在着各种各样的风险,而工程建设项目风险管理在我国还是一个薄弱环节。因此,建立风险管理势在必行,化解各种工程项目的风险是十分必要的。本文提出推行如下几种信用担保制度：投标信用担保制度、履约信用担保制度、预付款信用担保制度、业主支付信用担保制度,并提出了完善措施。     

“一带一路”建设工程争端预防机制的应用

诉讼、仲裁等争端解决方式在建设工程领域饱受高成本、低效率的诟病。国际上开始在工程实践中引入规范合同条款、争端预防专家小组、早期中立评估等形式的争端预防机制,通过及时化解业主和承包商之间的分歧以避免争端形成。对"一带一路"倡议框架下的建设工程而言,争端预防机制具有促进伙伴关系、降低交易成本、合理分担诉累等预期价值,应当通过提升企业预防争端的法律意识、构建高业务水准专家队伍、细化扩展行业规则以及借助第三方平台推广争端预防示范文本等措施,切实推动"一带一路"建设工程争端预防机制的应用。     

海外BOT建设项目风险管理探析

作为日渐流行的国际工程建设方式,BOT越来越为广大的中国外向型企业所重视.由于BOT项目建设特点,其所蕴涵的风险是非常高的.对于到海外参与BOT建设的中国公司而言,为了取得预期收益,必须正视并重视BOT项目的风险,并且采取相应的措施管理好BOT项目.     

Political risk in private participation projects: The effects of political discretionality and corruption

This article investigates the impact of political risk on the performance of private participation infrastructure projects in emerging markets. Previous studies have shown that firms in regulated sectors are prone to employ political capabilities in their investments overseas. Our analysis of 32,257 projects in 114 emerging countries from 1997 to 2013 shows that higher political discretionality in the host country is negatively associated with project completion. In contrast, a higher level of corruption in the host country is positively associated with project completion. The study makes a contribution to the literature on political risk in foreign direct investments.     

Entitativity of Concurrent Sponsors: Implications for Properties and Sponsors

We examine concurrent sponsors’ entitativity as a driver of people’s intentions to view the sponsored property and ultimately their intentions to purchase from a concurrent sponsor. Entitativity is the degree to which audiences perceive a collective as a group. We consider moderators to the relationship between entitativity and viewing intentions within two sponsorship contexts, namely, sponsors investing financial versus nonfinancial resources in properties. We use factorial survey designs and structural equation modeling (SEM) to test the model across two studies. The results are consistent. Entitativity is positively related to the likelihood of viewing a sponsored property, and viewing intention is positively related to purchase intention. The entitativity–viewing intention relationship is moderated by sponsor sincerity in the context of sponsors investing products/services but not sponsors investing financial resources. Findings are discussed, and avenues for further research drawn.     

系统视角下城市一体化交通节点项目投融资机制优化研究——以南京为例

BOT投融资模式改变了城市重大基础施建设仅靠政府出资的单一形式,调动了社会资本参与城市重大基础设施建设的积极性,加快了城市发展进程。但由BOT融资模式自身决定的项目使用收费机制,使得交通节点BOT项目,成为制约城市经济社会一体化发展的"软"瓶颈。本文以南京市为例,基于系统论视角,关注城市一体化进程中交通节点BOT项目的外部效应,打破条块分割,将项目与正外部性受益主体作为一个整体系统,提出城市一体化交通节点项目投融资机制优化的新思路,通过外部效应内部化,改变BOT项目通过收费回本获利的传统机制,实现城市发展总体效益的最大化。     

公路工程项目经济评价方法探讨

工程经济分析贯穿公路建设的整个过程,是项目可行性研究的有机组成部分和重要内容,对项目投资有着十分重要的影响,是决定项目投资命运的关键,是企业投资决策的前提.     

如何做好当前铁路建设项目投资控制及管理工作

目前我国铁路建设项目中投资失控现象时有发生,其中原因错综复杂.随着我国社会主义市场经济的不断发展,国家对铁路建设的投资不断增加,各级领导和业主都越来越重视建设项目的投资控制和管理,想方设法采取措施来加强投资控制,尽可能的提高建设项目投资效益.     

创新型城市基础设施建设融资体系构建——以景德镇市为例

景德镇市作为一个创新型城市,其基础设施建设需要大量的资金,仅仅政府财政拨款是远远不够的,对城市基础设施建设进行融资非常必要。景德镇市应从BOT融资、债券融资、IPO融资、ABS融资四个方面构建城市基础设施建设融资体系,以加快创新型城市建设。     

外商投资BOT项目风险问题研究

BOT是近年来被世界上许多国家采用的新型基础设施投资方式。BOT方式能有效吸引外资进行基础设施建设,对于包括中国在内的发展中国家来说,具有重要意义。但是,由于BOT方式在我国起步较晚,实践经验还很少,对BOT方式的理论研究水平还不高,尤其是BOT项目中的风险问题更是引起了很多学者的重视。对于BOT投资方式所面临的风险进行研究、分析,从中找到减少风险、乃至化解风险以便更好地从事BOT项目投资是非常必要的。