道橋外文翻譯--發(fā)展中國家公路bot方案的經(jīng)濟評價-公路隧道(已修改)
2025-02-04 00:57 本頁面
【正文】 附錄 1 英語翻譯 FINANCIAL EVALUATION OF ROAD PROJECTS UNDER BOT SCHEME IN DEVELOPING COUNTRIES ABSTRACT The past decade has witnessed many developing countries opening up their economy resulting in greater private sector participation in road infrastructure projects. These countries traditionally followed economic evaluation for the project appraisal. The economic evaluation includes intangible costs and benefits of the project which do not appear in cash flow statement. Hence the economic evaluation cannot indicate the financial performance of a project. Therefore, financial evaluation is important in the context of privatization and mercialization of road projects under BOT scheme. Even though such approaches are very mon in developed countries, the financing methods, tax rates and accounting techniques are quite different in developing countries. Therefore, to examine the financial performance of the project and to determine the risks involved, sound financial model are necessary. This paper presents a simulation based financial model for BOT projects. The model takes the length of road, cost of construction volume of traffic, mode wise toll rates and other project specific details as input, performs financial evaluation, and calculates IRR and NPV for project and equity separately. In addition, the model also performs sensitivity analysis and scenario analysis on critical project parameters. A case study of a 40 km road expansion project from Pune (India) has been taken to demonstrate the working of the simulation model. The model gave financially sound project and equity IRR. The sensitivity analysis showed volume of traffic and toll rates as the most sensitive parameters to financial performance for the given project. INTRODUCTION Studies show that transport generates growth by facilitating trade, both nationally and internationally, and by increasing access to health and education facilities as well as local and national amenities. At the macroeconomic level, crosscountry studies have confirmed that investment in transport raises growth by increasing the social return to private investment. On the other hand, at the microeconomic level, transport improvements directly lower agricultural input prices and hence production costs, increase access to markets and hence diversification of outputs, and indirectly facilitate the development of the nonagricultural rural economy1. The importance of transport does not diminish as countries industrialize. International trade in merchandise, and by implication the movement of goods, grew on average throughout the world by % per annum between 1980 and 19922. Until the 1980s, transport infrastructure in developing countries was primarily provided by the public sector, for all modes of transportation. In transport service provision, railways were usually a public sector monopoly。 while the air and maritime transport, were also usually in the public sector. In contrast, in trucking, bus and inland waterway transport the private sector was predominant3. Since the amount of resources, going into the transportation projects is very high。 these projects need to be evaluated in parison with other infrastructure projects as well as among themselves. The whole process of project evaluation is known as project appraisal. One of the important parts, of project appraisal report is the economic evaluation. The economic analysis pares alternatives, which, helps planners choose the best way to acplish their objectives4. The most widely accepted parameters describing the economic performance of the project are BenefitCost ratio and Net Present Value5. However, engineeringeconomic analysis is an advanced tool developed by World Bank keeping
教學(xué)課件相關(guān)推薦
鄂ICP備17016276號-1