道橋外文翻譯--發(fā)展中國家公路bot方案的經(jīng)濟(jì)評(píng)價(jià)-公路隧道(編輯修改稿)
2025-02-24 00:57 本頁面
【文章內(nèi)容簡介】 ding, designing, building and operating the facility for sufficient period, to service and repay the debt raised, then control is transferred back to public sector11. The main parties involved in BOT project can be broadly divided into five categories: Granting agency,Concessionaire or Promoter or SPV (special purpose vehicle), Financiers, Consultants amp。 Contractors and Road users. The granting agency provides the contract to the concessionaire to design, built and operate the facility. In return, the concessionaire collects the toll from road users for a specified time called concession period. The revenues produced are used to payback the financiers. Since, infrastructure projects are capital intensive, financing of funds is one of the important issues. Private financing and raising resources for such projects is a challenging task for the private sector. The traditional sources of funds for BOT projects are Debt and Equity12. Financial institutions in India favor low Debt/Equity ratio, and for BOT projects in India, this ratio usually varies in the range of to . An important feature is the construction period since, in public sector projects, time overrun is a usual phenomenon. However in BOT projects the concessionaire pays special care to this as any time overrun would reduce the profitability of the project and increase the interest mitment on debt. In addition, there is an incentive to finish construction ahead of time and avail the maximum benefit by operating and collecting tolls for a longer duration of time12. Another relevant issue pertaining to BOT projects is toll charges since, user charges forms the major part of revenues collected. The determination of the toll rates demands due consideration from granting agency as well as from concessionaire. Levy of minimum tolls is a desirable social objective of the government13. A very high toll rate may also divert the traffic to other tollfree roads especially, in case developing countries, where the willingness to pay is very less. Financial Evaluation The financial analysis consists in paring revenue and expenses recorded by the concerned economic agents in each project alternative (if relevant) and in working out the corresponding financial return ratios. The process of financial evaluation consists of estimation of cash flow and calculation of performancemeasuring factors. The cash flow statement presents cash inflows and outflows for the entire duration of the project, . the concession period. The cash flow takes into consideration, the inflows and outflows from the real sphere(. revenues from toll and outflows for construction, operation and maintenance costs) and from the financial sphere (inflow of capital from equity, and outflows for dividends and debt service). A wide range of criteria are applied to cash flows to judge their worth. Discounted cash flow techniques (DCF) take into consideration the time value of money. Net Present Value (NPV) and Internal 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
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