The Research On BOT Risk Sharing Issue From The Perspective Of Stakeholders

BOT model has played an active role in the field of China's infrastructure construction. However, BOT project has great uncertainty and more risks than the average project, for which is large investment, long duration, complex structure and involving numerous stakeholders. Thus, the risk management of BOT project is crucial. The theory and practice of BOT projects at home and abroad showed that the key to the successful use of BOT model lies in identifying the various risks involved in BOT projects and using a certain method of risk sharing between its stakeholders in the project. In this paper, the stakeholder theory of corporate governance is introduced, and regard BOT project as a integrated systems with diversifying interest entities. Depending on identifying risk factors in BOT model, analysising of the BOT project stakeholders'interests and demands, studying the principle of risk allocation and so on, this paper plans to establish a reasonable BOT risk-sharing mechanisms to explore how to achieve the balance of risks sharing between all stakeholders in BOT through effective coordination, so that BOT model has more rapid development. First, the paper introduces the background and significance of the study, research ideas, the main research methods, the article points of the structure and innovative aspects, and makes a overview of the present research situation at home and abroad. Then an overview of the stakeholder theory, BOT finance theory and risk management theory in order to provide theoretical support for the follow-up study. Then this paper makes a analysis of the stakeholders and the relevant BOT project risks and describes the current stage of China's BOT project risk-sharing status and problems, to provide bedding for the design of the BOT risk-sharing mechanisms from the stakeholder perspectives. Chapter V is the core of this paper: first it defines BOT project risk sharing,analysis of the characteristics, and summarizes the basic principles of risk-sharing, then improves risk-sharing mechanism for BOT projects from the perspective of stakeholders based on relevant theories. At last, according to the case presented, the paper conducted a risk-sharing framework for it using the BOT stakeholder risk-sharing mechanism designed.