【正文】 在操作或維護(hù)階段，項(xiàng)目商業(yè)開發(fā)者所得的收入將部分用于項(xiàng)目融資，因此，非盈利性項(xiàng)目的開發(fā)就會(huì)消極的直接影響融資計(jì)劃。在這種情況下，國內(nèi)市場容易被排除在項(xiàng)目之外，所以融資風(fēng)險(xiǎn)就分散的較少。13. 融資風(fēng)險(xiǎn)BOT項(xiàng)目融資是成功的關(guān)鍵。BOT項(xiàng)目成功的商業(yè)開發(fā)是很重要的，因?yàn)樗苁拐麄€(gè)項(xiàng)目可行，并且使盈利有希望實(shí)現(xiàn)。8. 主要利益相關(guān)國家的不利經(jīng)濟(jì)因素主要利益相關(guān)者所在國家的經(jīng)濟(jì)環(huán)境以及他們經(jīng)營的大部分業(yè)務(wù)可能對(duì)該項(xiàng)目的成功至關(guān)重要。因此,要特別小心謹(jǐn)慎,以避免匯率風(fēng)險(xiǎn)。因此，稅收收入能受到嚴(yán)重影響，并造成對(duì)項(xiàng)目的經(jīng)濟(jì)計(jì)劃產(chǎn)生重大偏差。然而，超過30年都能適用的穩(wěn)定稅制并不總是可行的。因此,在規(guī)劃、投標(biāo)、談判階段,這對(duì)潛在開發(fā)商是絕對(duì)必要的:（1）正確辨認(rèn)市場競爭的特點(diǎn)，以確定在未來提供服務(wù)和產(chǎn)品的收入；（2）準(zhǔn)備完善的商業(yè)包裝，以保證該項(xiàng)目的可行性和盈利能力。通貨膨脹率的增加和貨幣貶值可以降低用戶的購買力,因此就會(huì)減少需求。特許經(jīng)營公司資助建設(shè)BOT項(xiàng)目所需的貸款有幾種類型：配合固定或浮動(dòng)利率的短、長期貸款，還有提供單利或復(fù)利的短、長期貸款。本科畢業(yè)論文（設(shè)計(jì)）外 文 翻 譯原文：The Financial Risks in BOT Projects.In this research, financial risks are considered as the risks that have a negative impact on the cash flows of the financial plan in a way that endangers project’s viability or limits profitability. It includes about several levels of Marketrooted risks.Loan riskThe loans granted to the concessionaire to fund the construction of a BOT project can be of several types。受所有必要費(fèi)用和償還利率影響的貸款種類和費(fèi)用以及任何特定貸款制度中的必要具體規(guī)定都會(huì)影響整個(gè)項(xiàng)目的生命周期。如果現(xiàn)有的回報(bào)率基本不夠的話，那么承購協(xié)議所提供的保證將只是部分的覆蓋特許經(jīng)營者。對(duì)諸如結(jié)構(gòu)和市場規(guī)模，市場份額，競爭意圖，有關(guān)質(zhì)量，提升競爭優(yōu)勢等問題深入、細(xì)致和完美的研究可以促成一個(gè)項(xiàng)目的商業(yè)評(píng)估。因?yàn)閷?duì)于某些投資沒有特定的稅收待遇，但不同種類的規(guī)定一般只針對(duì)在東道國投資的國外資金，而且預(yù)計(jì)可修正這些規(guī)定。另一個(gè)由通貨膨脹率增加所帶來影響可能是指貸款的償還，如果這是商定好的外國貨幣，那么通脹的增加和可兌換將導(dǎo)致意想不到的利潤損失。這種風(fēng)險(xiǎn)可能會(huì)涉及到匯率（Kapila和Hendrickson, 2001）或本幣兌換為外國貨幣以及轉(zhuǎn)移到外國銀行帳戶的能力。落后或缺乏穩(wěn)定的經(jīng)濟(jì)可能對(duì)國內(nèi)公司的地位產(chǎn)生不利影響，從而會(huì)影響他們成功經(jīng)營項(xiàng)目的能力。對(duì)BOT項(xiàng)目提供服務(wù)或產(chǎn)品的未來需求進(jìn)行準(zhǔn)確的預(yù)測，可有助于項(xiàng)目可行性和盈利能力的實(shí)現(xiàn)。對(duì)金融結(jié)構(gòu)的挑戰(zhàn)是建立合適的資金來源組合，以確保項(xiàng)目良好的財(cái)務(wù)結(jié)構(gòu)和融資風(fēng)險(xiǎn)的減輕。當(dāng)外國金融機(jī)構(gòu)和贊助商承擔(dān)全部項(xiàng)目融資時(shí)，除非基礎(chǔ)設(shè)施項(xiàng)目是非常安全的，否則他們也不愿意提供大量資金。出處：楊斯任何拖延都會(huì)直接影響施工進(jìn)度，并產(chǎn)生額外費(fèi)用。然而，由于發(fā)展中國家經(jīng)濟(jì)薄弱（不成熟的股票市場，私人資金缺乏，沒有完善的結(jié)構(gòu)等），所以提高國內(nèi)金融水平通常是不容易的。這種復(fù)雜的財(cái)務(wù)結(jié)構(gòu)即使在合同中徹底的描述了，但仍舊可以引起風(fēng)險(xiǎn)，尤其是當(dāng)現(xiàn)金流入不能滿足所有需求，或當(dāng)現(xiàn)金流出超過原先的估計(jì)值并且利益相關(guān)者都不愿意承擔(dān)額外費(fèi)用時(shí)。設(shè)計(jì)師的工作和設(shè)計(jì)的整體成本應(yīng)該得到適當(dāng)?shù)目紤]，以避免在這個(gè)過程的早期階段產(chǎn)生多余的開支。國際經(jīng)濟(jì)衰退可以成為阻礙BOT項(xiàng)目在其生命周期各階段成功的不利條件。6．貨幣風(fēng)險(xiǎn)在大多數(shù)情況下，BOT項(xiàng)目融資通過外國投資實(shí)現(xiàn)。通貨膨脹率的上升會(huì)增加生產(chǎn)成本（供應(yīng)、工資、經(jīng)營成本等），這些成本又將轉(zhuǎn)移到產(chǎn)品或服務(wù)的購買價(jià)值上以彌補(bǔ)損失，此外, 上漲的通貨膨脹率會(huì)通過影響最終用戶的購買力來影響需求。這種規(guī)定在發(fā)展中國家很普遍，主要是為吸引外資對(duì)國民經(jīng)濟(jì)的投入，它們包括對(duì)這些公司降低稅率和實(shí)行稅收保護(hù)等。然而，在一個(gè)開放的市場競爭情況下同樣是有可能的。最終用戶的未來偏好可能受到幾個(gè)參數(shù)的不利影響，其中經(jīng)濟(jì)環(huán)境是至關(guān)重要的因素之一。它包括以下幾個(gè)層次的市場根源風(fēng)險(xiǎn)。 short or longterm loans, with fixed or floating interest rate, with simple or pound interest. The type of the loan, the cost, which includes all necessary costs to take it out and the interest rates to repay it and any necessary specific provisions are included in the specific loan system that governs the whole lifecycle of the project.The appropriate percentage of loans to the overall funding plan is a function of many parameters including, among others, considerations of conflicting interests between the lenders and the borrowers, credibility of the lending organizations and the borrowers, ability for additional loans or renewal of the existing ones and safety of the debt amortization schedule.A nonprotected loan system against all risks would discourage potential lenders from funding the project in the first place or would force them to take extra security measures for their investment with a consequent overburden of the total costs. Difficulties of the concessionaire in serving the debt of loans can cause imposition of heavier loan conditions such as additional guarantees, stricter supervision measures, higher interest rates, faster debt amortization, restrictions in dividends and stricter requirements for balanced liquidity. In extreme cases, lenders could even claim to undertake the project.Fall of demand The demand for the product or service offered by a BOT project is not guaranteed. The future preference by the endusers may be adversely affected by several parameters. The economic environment is one of the most important of them. An increase of the inflation or a devaluation of the currency reduce the purchasing ability of the users