| Since the1980s, with the rapid economic development, population growth, and expansion of urban construction, demand for urban infrastructure and public utilities as well as growing in most nations, while the economic crisis has led to serious local government budget deficits and weak investment capacity, governments need to seek new ways to raise funds to build urban infrastructure, public-private partnerships is an important way which private entities participate in urban infrastructure construction, BT mode is one kind of public-private partnership mode. BT mode as one of public-private partnership models which is authorized by the government or relevant departments of government construction projects as promoters, in accordance strict procedures select qualified project undertaker build utilities or infrastructure projects.Project undertaker should establish BT project company which is responsible for financing, investment and construction in the project construction period. After the completion of construction projects, the government or government-related sector as the project sponsor of the project implementation repo and pay the repurchase price to the organizer of the project.BT model as a public-private partnership mode, its innovation in financing and construction are not only bring more social capital to enter the field of public infrastructure, but also contribute to the formation of a more rational and efficient relationship between government and enterprises, encourage enterprises to reduce dependence on government funding. BT model which embodied in the advanced mechanism, philosophy, management and personnel and other factors work together to promote the establishment of modern enterprise system, realize long-term healthy and sustainable development. BT model is showing up project operation management and important financing features that makes considerable progress in the field of application in infrastructure projects in our nation, such as the Olympic Games of Beijing Subway Line, Shenzhen Metro Line5, BT Foshan municipal infrastructure construction project, Tianjin Jinbin Light Rail project, these are both BT infrastructure mode using examples. At present, there are many disputes on the repurchase pricing for BT project in urban rail traffic. The substance of the dispute is that the two parties of BT project in urban rail traffic cannot make agreement on the adjustment right over the repurchase price and reckon that the risk beard could not reflected from the repurchase price. Therefore, how to ensure the accuracy of the buyback base price on risk-sharing basis and a reasonable return on investment is the key to success of BT project issues. The paper takes repurchase pricing of BT project pricing as a research object, tries on the reasonable risk-sharing foundation to study on the BT project repurchase pricing and ROI.The paper is divided into five parts, in accordance with the contents are introduction, literature review, BT projects repurchase pricing determine and adjust implementation, BT project repurchase pricing case analysis, conclusions and recomm endations.The first part is the introduction. This part from the overall analysis discusses the background, as well as the problem of the theoretical and practical significance, defines the BT project, BT project repurchase pricing, and summarizes the paper’s thesis structure, innovation and shortcomings.The second part is the literature review. This section summarizes the major domestic and foreign scholars in the basic concepts of BT repurchase pricing and repo total factors, repurchase price theory, repurchase ROI and other aspects of research results. From the literature review compiled we can be found in the BT project for the repurchase pricing theory, more qualitative research, quantitative research less. Currently most of the literature discusses the repurchase pricing adjustment, but merely describe the timing of the buyback base price adjustment or individual factors leading buyback increase or decrease in the overall direction in price adjustment, few literature discussion as factors which affecting repurchase pricing occur while the base price adjustment should be made to the specific values.The third part is BT projects repurchase pricing determine and adjust implemented. This chapter is divided into three parts:First, the price of BT project repurchase pricing composition and influencing factors. Repurchase price mainly by construction costs, construction period financing costs and repurchase of investment income of three parts. And during the construction of the project, funding methods, the construction period, engineering change, bank benchmark interest rate, repurchase payment, repurchase term changes will affect the BT project repurchase price changes. Secondly, analysis of the BT project repurchase pricing adjustments. Then analyzed the risk factors which entirely by BT organizers, the macro&Meso risk factors shared by host and organizer, describes the impact of the repurchase pricing adjustment mechanism and numerical examples demonstrate. Third, the part studies BT project determine the return on investment, and use of single-factor arbitrage model which selects year benchmark bank lending rate as the market common factor in the analysis of inflation and builds on the BT project ROI model on the assume that the probability occurrence of force majeure event.The fourth part is BT project repurchase pricing case studies. This chapter takes Shenzhen Subway Line as example, analysis of the composition and price adjustments of this BT project, and uses single-factor arbitrage model which introduced in Chapter III re-establishes the original ROI, then gets a more reasonable return on investment rate level.The fifth part is BT project repurchase pricing proposals recommendations. This chapter puts forward that the government and enterprises should adhere to the win-win principle of risk-sharing, BT project contractor companies should focus on the balance between risk and return, the parties clear BT project repurchase price calculation and actively establish and improve relevant systems BT project, take targeted effectively control in the bidding, construction and repurchase stage to ensure the smooth transfer of BT project and complete.The sixth part is conclusion. Based on the results of risk-sharing projects the paper focus on analysis of BT repo base price adjustment and the use of single-factor arbitrage model project ROI, the main conclusions of this study are as follows:First, the BT projects repurchase price and investment income from the buyback together constitute the base price. Second, the BT project repo base price adjustment factors assume different subjects divided into three categories.Third, the use of single-factor arbitrage model BT is more reasonable in rate of return on investment prediction. |
