本文选择太平洋建设集团作为分析案例，首先从决策、融资、建设、回购等
四个方面分析太平洋建设集团 BT 项目投资风险管理现状，然后构建委托代理模
型来深入解析 BT 项目投资风险管理的内在机制，接着以太平洋建设集团承建的
松桃县沿河风光带景观工程 BT 项目为例，从技术风险、融资风险、建设风险、
回购风险、法律风险以及自然风险等六个方面构建 BT 项目投资风险的评价指标
体系，并利用德尔菲法对该 BT 项目投资风险进行综合评价，最后从决策、融资、
建设以及回购等四个层面提出 BT 项目投资风险管理的优化对策。本文的主要研
究结论如下：第一，信息不对称情况下，委托方（政府部门）和代理方（太平洋
建设集团）均增加了风险代价，破解委托—代理问题的有效途径就是在 BT 项目
建设实施过程中建立风险分担机制，即引入监理方。第二，BT 项目综合评价得
分最高的风险类别为回购风险，其次是融资风险，综合评价得分最低的为自然风
险、技术风险、法律风险以及建设风险。第三，决策风险管理的优化对策为加强
BT 项目投资的前期调查研究、完善 BT 项目合同及项目审批程序，融资风险管
理的优化对策为建立完善且规范的资金运转机制、拓宽融资渠道且保障资金来
源，建设风险管理的优化对策为优化 BT 项目建设成本管理、强化 BT 项目施工
进度管理、加强 BT 项目建设质量管控，回购风险管理的优化对策为强化政府信
用度和财政能力调查、在合同中规定合理的担保事宜
关键词：BT 项目；风险管理；太平洋建设集团；委托代理模型iii
Abstract
For the past few years, with the advancement of urbanization and
industrialization development in China, the development demand of urban
infrastructure and public utilities project construction is rising constantly. As a new
model of financing construction, the BT project model arises at the historic moment
and eases the shortage of local government construction funding to a certain extent.
At present, the construction of BT project investment mode is still in the primary
stage of development, and the responsibilities of project participants are not clear
enough. Besides, the risk sharing mechanism is insufficient, and the related laws and
regulations are not perfect. So that the BT project investment construction always
faced with a series of risk problems. Therefore, how to analyze the internal
mechanism of BT project risk management How to build the evaluation index
system of BT project investment risk, and evaluate the BT project investment risk
And these series of problems will become the focus in this paper. Based on these,
this paper chooses the Pacific Construction Group as a case, analyzes the Pacific
construction group status characteristics of BT project investment risk management,
research the internal mechanism of the BT project investment risk management,
evaluate the BT project investment risk and put forward to the optimization
countermeasures of BT project investment risk management, which provide guidance
to the optimization of BT project risk management mechanism to Pacific
construction group and the other BT project companies.
This paper chooses the Pacific Construction Group as a case, and firstly
analyzes the Pacific construction group status characteristics of BT project
investment risk management from the decision, financing, construction and buy-back.
Afterwards, it researches the internal mechanism of the BT project investment risk
management with the Principal-agent Model. Then taking the landscape project in
Songtao county as a example, and evaluate this project investment risk with the BT
project evaluation index system and Delphi method. At last, it puts forward to the
optimization countermeasures of BT project investment risk management in decision,
financing, construction and pay-back. The main research conclusions are as follows:
first and foremost, under the condition of asymmetric information, both the principal
(government) and the agent (Pacific Construction Group) increased the risk cost, and
we should establish risk-sharing mechanism to break the problems of principal-agent.iv
Secondly, the highest comprehensive evaluation score of BT project is repurchase
risk, the next is financing risk, and the natural risk, technological risk, law risk
together with construction risk are the lowest. Thirdly, the optimizing
countermeasures of decision risk management are as follow, strengthen the BT
project investment of prophase investigation, and improve the BT project contract.
The optimizing countermeasures of financing risk management are as follow,
establish a standardized mechanism of capital operation and widen financing
channels. The optimizing countermeasures of construction risk management are as
follow, Optimize the cost management of BT project construction, Strengthen the
management of BT project construction schedule and the construction of BT project
quality control. The optimizing countermeasures of pay-back risk management are as
follow, Strengthen the investigation of government credit and financial ability and
stipulate the Reasonable guarantee in the contract.
Keywords: BT Project, Risk Management, Pacific Construction Group, Principal
Agent ModelI
目 录
摘 要.........i
Abstract ... iii
第一章 绪论 .......1
1.1 选题背景与研究意义 ......... 1
1.1.1 选题背景 ...... 1
1.1.2 研究意义 ...... 2
1.2 国内外文献综述 ..... 3
1.2.1 国外文献综述 .......... 3
1.2.2 国内文献综述 .......... 4
1.2.3 国内外文献述评 ....... 5
1.3 研究思路与框架结构 ......... 6
1.3.1 研究思路 ...... 6
1.3.2 框架结构 ...... 6
1.4 研究方法与创新之处 ......... 8
1.4.1 研究方法 ...... 8
1.4.2 创新之处 ...... 8
第二章 相关理论基础概述........... 9
2.1 BT 项目的概念及特征 ........ 9
2.1.1 BT 项目的概念 ......... 9
2.1.2 BT 项目的优点 ......... 9
2.1.3 BT 项目的适用范围11
2.1.4 BT 项目的运作主体12
2.1.5 BT 项目的运作流程13
2.2 风险管理的概念及识别方法 ........ 14
2.2.1 风险管理的概念 ..... 14
2.2.2 风险管理的原则 ..... 14
2.2.3 风险管理的实施步骤 ......... 15
2.2.4 风险识别与评价方法 ......... 16
2.3 BT 项目投资风险管理的相关理论回顾 ..... 18
2.3.1 公共产品理论 ........ 18
2.3.2 委托代理理论 ........ 18
2.3.3 演化博弈理论 ........ 18
2.3.4 不完全契约理论 ..... 19
2.4 本章小结 .. 20II
第三章 太平洋建设集团 BT 项目投资风险管理现状分析..21
3.1 太平洋建设集团简介及 BT 项目参与情况介绍 .... 21
3.1.1 太平洋建设集团简介 ......... 21
3.1.2 太平洋建设集团 BT 项目参与情况22
3.1.3 太平洋建设集团 BT 项目主要模式24
3.2 太平洋建设集团 BT 项目投资风险管理现状剖析25
3.2.1 决策风险管理现状 . 25
3.2.2 融资风险管理现状 . 27
3.2.3 建设风险管理现状 . 28
3.2.4 回购风险管理现状 . 31
3.3 太平洋建设集团 BT 项目投资风险管理存在的问题总结 . 31
3.3.1 决策方面的问题 ..... 32
3.3.2 融资方面的问题 ..... 32
3.3.3 建设方面的问题 ..... 32
3.3.4 回购方面的问题 ..... 33
3.4 本章小结 .. 33
第四章 太平洋建设集团 BT 项目投资风险管理的内在机制研究 .35
4.1 太平洋建设集团 BT 项目的运作机制解析 ........... 35
4.1.1 BT 项目招投标机制35
4.1.2 BT 项目融资机制 .... 36
4.1.3 BT 项目建设机制 .... 37
4.1.4 BT 项目的总体运行机制 ..... 38
4.2 太平洋建设集团 BT 项目投资风险
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