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【正文】 pposed to be wellknowledged in financial techniques. Accordingly, techniques for financial risk hedging, such as exchange rate swap, can be employed as long as the risk is fully analyzed.On the other hand, for external investors, their equity investment to a BOT project normally forms one portion of their portfolio. Risk analysis for investors is directed to diversification of risk in their portfolio. Because BOT projects are highly risky by nature, much higher return is expected and required by investors.Source: Prasanta K. Dey, Stephen O. Ogunlana. Selection and application of risk management tools and techniques for buildoperatetransfer projects. Industrial Management amp。 net present value (NPV)。 return on investment (ROI)。s attitude that it is expecting the private sectors to take as many risks as possible so that it be free from them. Tiong and Alum (1997a) analyzed the requirements in BOT projects from the viewpoint of governments. The topics in these studies are, proposal evaluation criteria, the financial and contractual elements in final negotiation, requirement in request for proposal (RFP) (Tiong, 1995a), financial mitment (Tiong and Alum, 1997b), and importance of equity in the financial package (Tiong, 1995b). Particularly in his one study (Tiong, 1995a), he testified a hypothesis:[…] the ability to be awarded the concession in a BOT tender is strongly related to the ability of the project promoter to retain and reallocate risks and offer guarantees against risks and uncertainties.From an analysis of the study, he concluded: There is a positive agreement in the views of the promoter and government respondents with regard to the hypothesis.One thing governments should recognize is the additional cost of risk transfer. The government provides funds for public sector projects at cost and without charges for the project risks. The private sector prices risks and charges more for projects with highest risk (Saunders, 1998).Joshua and Gerber (1992) pointed out the potential problem that the public have to bear a higher toll price caused by unreasonable risk transfer in a privatized tollway. It is called value for money (VFM) paradox, which may occur in PFI projects in trying to achieve VFM through the transference of risks to private consortia (Owen and Merna, 1997). On the other hand, what is a contractor39。 government source or private source。 construction pletion risks。 cited in Nadeem, 1998): political risks。 fundamental or particular。 and measurable or immeasurable (Charoenpornpatiana, 1998). These classifications facilitate all the following steps of the risk management framework. analysis in BOT projectsThe reasons of risk analysis in BOT projects are summarized by Walker and Smith (1995) as follows:A rigorous risk analysis is necessary before a project is embarked upon in order to establish its financial and technical feasibility. It can help to screen out financially unsound projects and get minds working together early enough to overe foreseen technical difficulties. An increased understanding of the project risks leads to the formulation of more realistic plans in terms of cost estimates and programmes. Knowing the magnitude of the possible impact that may be caused by the contingent factors, the parties can seek for better allocation of the risks through the agreement of suitable contract clauses, procurement of insurance or other risk response measures. Apart from these, a more positive and rational risktaking attitude will result from a carefully prepared risk analysis as the risktakers know where they stand.There are several, or many, tools and techniques, which are applicable to risk analysis in BOT projects. The application is dependent on the contents and contexts of projects. attitude in BOT project
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