【正文】 Rate of Return (IRR) are the most widely accepted DCF techniques. The most important criterion in the calculation of NPV is the discount rate employed which should take into account the risk involved in the project . it should include an appropriate premium for risk. IRR is the rate of return or the discount rate at which the present value of cash inflows equal the present value of cash outflows14. However, IRR as a measure of financial performance has a drawback as it assumes that returns from the project would be reinvested at the same rate (IRR). Therefore, Modified Internal Rate of Return (MIRR) is used where reinvestment rate is given as an input. The use of non DCF techniques like ?payback period? and ?accounting rate of return? have bee rare since time duration of infrastructure projects in very large and these techniques do not consider the time value of money. In a typical BOT project, there are tremendous risks and uncertainties for both granting agency as well as the concessionaire, which include political, institutional, financial, environmental and technical risks. Therefore, identification and allocation of risks are essential. All these risks directly or indirectly affect the cash flow statement of the project and therefore risk analysis for critical parameters like construction cost, maintenance cost, operation cost, traffic volume and toll revenue should be undertaken15. Acceptance Criterion The projects are accepted or rejected financially based on their NPV or IRR. The general acceptance criteria for BOT projects in India are: 1. NPV should be positive for discount rate of 1718%. This rate takes into account the usual cost of capital of about 1315% and approximately 4% as risk premium. 2. In the present economic scenario, project with IRR in the range of 1823% is acceptable. FINANCIAL MODEL The BOT projects are highrisk projects, and behave differently when pared to industrial projects. The risks in such projects are very high in the initial stages。此外，該 模型對關鍵的項目參量執(zhí)行靈敏度分析和方案分析。 1980 年至 1992 年間，國際商品貿(mào)易平均每年增長 %。但是有些因素與經(jīng)濟業(yè)績相關而效益成本比率又無法反映，所以世界銀行開發(fā)了一種高級的工程經(jīng)濟分析工具來進行分析。風險分析至關重要，它可以使投資者了解偏差如何，確定造成項目最大風險的因素。他們也獲許可以通過償債基金方法提供貶值和在前八年運行中結(jié)轉(zhuǎn)經(jīng)營損失。 BOT 項目資金的傳統(tǒng)來源是債務和股東。高收費同樣也許會使交通轉(zhuǎn)移到免費道路，尤其在發(fā)展中國家，在那里人們愿意付出的非常的少。內(nèi)部收益率是現(xiàn)值的資金流入等于現(xiàn)值的資金流出時的回報率或折現(xiàn)率，然而內(nèi)部收益率作為投資行為的一種衡量有一個缺點，因為它假設了從項目中回收的又再用去投資的資金是以同一個比率的。這個速度考慮 了資金成本的 13%～15%和大約 4%的風險溢價。 政策因素 這是由特許機構控制和完全決定的關鍵變數(shù)，通常是政府。 所有費用和收入按共同的折現(xiàn)率折現(xiàn)使用。在這一因素主導下的 BOT 項目的變數(shù)包括利率、折現(xiàn)率、通貨膨脹和負債率。金融分析師是依靠數(shù)學模型來研究這些項目的動態(tài)行為的。因此，有必要確定和分擔風險。 現(xiàn)金流量的考慮 ,從實際 狀況的 流入和流出范圍 (即收費收入和建設、運行和維護費用 的支出 )和金融領域 (出售股票的資金流入 、還本付息和紅利的 支出 )。此外，獎勵提前完工，可以獲得最大的經(jīng)營效益和獲得更長的收費時間。因此交通量和通性費的靈敏度和方案分析就成為必然。因為基礎設施項目和工業(yè)項目截然不同，所以政府的相關法律，比如貶值和稅收也不同，進而影響項目的資金流動，因此必須不斷開發(fā)模型適應法律。因為投資回收是吸引私營者投資公路部門的激勵因素，所以財務分析就相當重要，因為項目周期的財 務分析使投資者可以預計回收的風險和項目盈利期限。 由于資源有限，實施交通運輸項目的費用很高，這些項目必須經(jīng)過與其它基礎設施項目評估比較后方可實施，這一全過程叫做項目評估。 引言 研究表明通過便利國內(nèi)和國際貿(mào)易、提高醫(yī)療、教育設施以及地方和國家公共設施的利用交通運輸不斷發(fā)展。這些方法在發(fā)達國家中很常見，但在發(fā)展中國家其融資手段，稅率和記賬技術都截然不同。s economic growth and hence government needs to exercise control over them, but the investment requirements to fulfill the demand is far too large pared to what governments could provide. Due to this, the transportation sector had seen mercialization since last few decades. Since, the incentive for private players to step into the road sector is the return on investment。 the financial analysis bees extremely important. The financial analysis over the life of the project enables the developer to measure the risk on returns and provides an insight into the financial viability of the project. The analysis of projects is necessarily based on uncertain future events and involves implicit or explicit probability judgments. There is considerable uncertainty in the c