CAJ | 학술논문

渤海海峡跨海通道工程建设周期长、投入大，工程投融资以及回报等是工程规划、设计和项目决策需要考虑的一个重要问题，也是项目建成后收费运营需要研究的一个现实问题。本文比较分析了国内外已有的跨海工程融资情况，提出渤海海峡跨海通道可采用建设-运营-移交（BOT）融资模式进行建设。该项目的内部报酬率约为9.63%，高于社会一般折现率，说明该项目具有一定的投资价值，具有经济可行性。从收益的角度考虑，该工程是一个政府、民众、投资商等众多利益相关者“多赢”的项目。
발해해협과해통도공정건설주기장、투입대，공정투융자이급회보등시공정규화、설계화항목결책수요고필적일개중요문제，야시항목건성후수비운영수요연구적일개현실문제。본문비교분석료국내외이유적과해공정융자정황，제출발해해협과해통도가채용건설-운영-이교（BOT）융자모식진행건설。해항목적내부보수솔약위9.63%，고우사회일반절현솔，설명해항목구유일정적투자개치，구유경제가행성。종수익적각도고필，해공정시일개정부、민음、투자상등음다이익상관자“다영”적항목。
The Bohai Strait cross-sea passage is a long period,large investment construction project. It’s an important problem about the investment,financing,and the return on investment(ROI)of the project. This paper,comparative analysis of the existing cross-sea channels at home and abroad,puts forward that Bohai Strait cross-sea channel can take build-operate-transfer(BOT)financing mode. The internal rate of return(IRR) of this project is about 9.63%,higher than the social discount rate commonly,which indicates that the project has economic feasibility. In terms of revenue,this is a“multi-win”project for the government,public,investors and many other stakeholders.