CAJ | 학술논문

为研究BOT项目有限追索权融资中贷款资金与股本资金在贷方和项目公司之间合理分配问题（即BOT最优融资结构）,本文考虑项目公司和贷方根据CAPM方法进行投资决策,通过分析它们投资策略在利益上的冲突关系而建立一个BOT融资模型,并且用博弈论方法研究模型最优解的存在性及其性质。研究结果不仅为项目公司和贷方提供了对BOT项目融资决策的理论方法,而且为政府对BOT项目的管理提供了重要的理论工具。
위연구BOT항목유한추색권융자중대관자금여고본자금재대방화항목공사지간합리분배문제（즉BOT최우융자결구）,본문고필항목공사화대방근거CAPM방법진행투자결책,통과분석타문투자책략재이익상적충돌관계이건립일개BOT융자모형,병차용박혁론방법연구모형최우해적존재성급기성질。연구결과불부위항목공사화대방제공료대BOT항목융자결책적이론방법,이차위정부대BOT항목적관리제공료중요적이론공구。
BOT （Build-Operate-Transfer） has become a major project-financing schema since the 1980s. Investors of BOT projects generally include the right-interest investor （ project company） , who invests in the project by the equity, and the debt investor （creditor） , who invests in the project by the credit. However, the limited or none recourse financing under the BOT scheme can lead to investor＇s demand for different capital structures, which refer to the proportion between the debt capital and equity.