但是城市市政基础设施投资滞后的问题却制约着城市的发展，大中型城市交通
拥堵越来越严重，城市供水、燃气、热力管网、无害化污染处理及污水处理等
基础设施满足不了城市发展需求，城市基础设施建设资金严重短缺。如何化解
政府在基础设施建设中资金缺乏，积极寻求解决办法，已逐渐成为政府、企业、
金融界的思考。随着金融市场的充分发展，金融工具不断创新，BT 模式这种新
型的投融资模式在基础设施及公用项目得到了政府、银行及金融机构的支持，
被引入到城市基础设施建设中来，有效的缓解了资金的短缺。同时，作为 BT 项
目投资人的国有大中型建筑企业通过自身强大的融资能力和施工管理能力，以
BT 模式参与工程项目的投资建设，抢占市场份额，改变投资渠道，促进了企业
转型发展，实现国有资本的保值增值。

本文以 BT 模式运作项目对投资人财务结构的影响为中心，首先从 BT 模式
的融资理论基础进行系统分析，描述了 BT 模式的特点和运行流程，明确了投资
人在 BT 模式中的关键作用，并对投资人财务结构的含义和影响进行了分析。之
后本文重点分了析投资人在 BT 项目的融资方式对投资人财务结构影响，最后本
文以武汉二环线 BT 项目为案例，分析了投资人如何通过 BT 模式来运作项目，
采取合适融资方式，改善财务指标，优化财务结构。本文的研究将为投资人在
BT 模式运作项目、优化财务结构、防范债务风险、提升资产运行质量提供借鉴
和实际指导意义。

关键词：BT 模式；投资人；融资方式；财务结构Abstract
As of the end of 2012 , China's urbanization rate was 52.6% , China's
urbanization has entered a crucial stage of development. But the city municipal
infrastructure investments lag problems are restricting urban development, traffic
congestion is getting worse and medium-sized cities , urban water supply , gas, heat
pipe network, sound pollution treatment and sewage treatment and other
infrastructure can not meet the urban development demand , urban infrastructure
funding shortfalls . How to resolve the government in infrastructure development in
the lack of funds , and actively seek solutions , has become the government,
enterprises , the financial sector in China. With the full development of financial
markets , financial instruments, innovative , BT mode This new mode of investment
and financing projects in infrastructure and public by the government , banks and
financial institutions to support , was introduced into the urban infrastructure
construction in the past, effective eased the shortage of funds . Meanwhile, as the BT
project investor -owned large and medium construction enterprises through its strong
financing capability and construction management capabilities to participate in the
BT model project investment and construction , to seize market share, change of
investment channels, to promote enterprise restructuring and development of
state-owned capital preservation and appreciation.
This mode of operation in BT 's financial structure of the project on the impact
of investment in the center , starting with the theoretical basis of the financing of the
BT model for system analysis , BT model describes the characteristics and running
processes , a clear investment in BT mode key role financial institutions and investors
to the meaning and effect are analyzed. This paper focuses on the analysis of later
investors in the BT project financing for investors influence financial structure , the
final thesis BT Wuhan Second Link project as a case study to analyze how the
investor to operate the project through the BT model , take the appropriate financing ,
improvement financial indicators , optimizing financial structure. This study will be