BOT（建造—运营—转让）投资方式在中国还是一个新的概念。该投资方式在外国受到重视的时间也不长。因为这是由一揽子的解决办法来完成的，三个阶段自有其特点，主要适用于资金特别短缺，又急于改革开放的发展中国家或地区的基础设施项目，如公路、地铁、桥梁、码头、电厂等。同时，它还涉及政府、项目筹建集团、承建商、银行及融资机构、运营管理公司等，构成一条龙作业。并且在整个BOT项目中，需要签订各方面的大小合同将近十个。
BOT的风险需要由各方面来分担，而不是单独由一方承担。相对于其他各方来说，政府在整个BOT项目中所承担的风险显然是最小的。正因为如此，基于资金的严重短缺以及需要兴建的基础设施太多，政府才愿意采取BOT投资方式，把大型基建交给私人公司去承建和经营。政府决定把某个基础设施项目采取BOT的投资方式时，必须首先立法，发出许可证，寻找合作对象，展开谈判，然后签订合同。政府的风险就在于把许可证发给一个有可靠实力的私人项目公司筹划整个BOT项目，而不要将许可证“发错人”。
1.BOT是英文Build-Operate-Transfer的缩写，通常直译为“建造—运营—转让”。这种译法直截了当，但不能反映BOT的实质。BOT实质上是基础设施投资、建设和经营的一种方式，以政府和私人机构之间达成协议为前提，由政府向私人机构颁布特许，允许其在一定时期内筹集资金建设某一基础设施并管理和经营该设施及其相应的产品与服务。政府对该机构提供的公共产品或服务的数量和价格可以有所限制，但保证私人资本具有获取利润的机会。整个过程中的风险由政府和私人机构分担。当特许期限结束时，私人机构按约定将该设施移交给政府部门，转由政府指定部门经营和管理。所以，BOT一词意译为“基础设施特许权”更为合适。
2.一揽子的解决办法 a package of settlement/arrangement
3.一条龙作业 integral coordinated operation(www.xing528.com)
BOT Investment Pattern
BOT (Build, Operate, Transfer), as a way of investment, is still a new concept in China.It is also not long for BOT to gain importance in foreign countries.That is because this project which embraces the three stages of BOT (build, operate, transfer) is completed by a package arrangement so it has its own characteristic.BOT is mainly applicable to infrastructure projects such as highway, underground railway, bridge, dock and power plant in a developing country or zone which is especially short of capital but is eager to embark on reform and opening to the outside world.It involves at the same time government, group in charge of preparation for project construction, construction contractor, banking and financing institutions, operation management company and other, thus forming nearly integral coordinated operation.Besides, in the whole BOT project, about ten contracts, big and small,need to be concluded with various parties.
The risk in BOT should be shared by all parties, rather than being undertaken by one party.In the whole BOT project, the risk undertaken by the government is obviously the smallest, relative to the other parties.It is just because of this that the government is willing to adopt the BOT way of investment, assigning a private company to build and operate a large-scale capital construction, considering the serious shortage in capital and the numerous infrastructures to be built.When the government decides to adopt the BOT way of investment on certain infrastructure project, the first thing to be done is legislation, to be followed by issuance of license, looking for target of cooperation, conducting negotiation and then concluding contract.The risk of the government lies in issuing the license to a private project company with reliable strength to plan the whole BOT project, not making the mistake of“trusting the wrong person”.
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