1、本科毕业论文（设计）外文翻译原文BUILDOPERATETRANSFERININFRASTRUCTUREPROJECTSINTHEUNITEDSTATESPUBLICFACILITIESKNOWNASINFRASTRUCTUREAREVITALTOTHENATIONSPRODUCTIONANDDISTRIBUTIONOFECONOMICOUTPUTASWELLASTOITSCITIZENSOVERALLQUALITYOFLIFEINFRASTRUCTUREINCLUDESHIGHWAYS,RAILWAYS,PORTS,TUNNELS,BRIDGES,POWERPLANTS,HYDRAULICS
2、TRUCTURES,MASSTRANSIT,MUNICIPALFACILITIES,ANDSIMILARPUBLICFACILITIESWITHTHEPRIMARYFUNCTIONOFSERVINGPUBLICNEEDS,PROVIDINGSOCIALSERVICESANDPROMOTINGPRIVATEECONOMICACTIVITIESHAVINGADEQUATEINFRASTRUCTUREREQUIRESHAVINGADEQUATEFUNDINGTOCONSTRUCTANDMAINTAINTHATINFRASTRUCTUREINGENERAL,IMPLEMENTINGINFRASTRUC
3、TUREPROJECTSREQUIREALARGECAPITALINVESTMENTTHEFINANCINGOFINFRASTRUCTUREPROJECTSHASGAINEDIMPORTANCEASTHESIZEANDCOMPLEXITYOFTHESEPROJECTSINCREASEDINTHELAST2DECADESTHEIMMEDIATENEEDFORSUCHPROJECTSCOUPLEDWITHCHRONICBUDGETSHORTAGESEXPERIENCEDBYPUBLICAGENCIESENCOURAGEDTHEUSEOFINNOVATIVEFINANCINGEVENTHOUGHPU
4、BLICOWNERSARENORMALLYRESPONSIBLEFORPROVIDINGFINANCING,INSOMECASES,FINANCINGMAYBERELEGATEDTOANOUTSIDEPARTYSRESPONSIBILITYINTHISREGARD,BUILDOPERATETRANSFERBOTHASESTABLISHEDITSELFASAVALIDDELIVERY/FINANCINGSYSTEM,WHEREBYAPRIVATESPONSORANINDIVIDUALPRIVATEENTITYORACONSORTIUMOFINVESTORSFINANCESTHEDESIGN,CO
5、NSTRUCTION,MAINTENANCE,ANDOPERATIONOFAPUBLICPROJECTFORASPECIFIEDCONCESSIONPERIOD,ATTHEENDOFWHICHITTRANSFERSOWNERSHIPTOTHEGOVERNMENTAGENCY,HOPEFULLYAFTERRECOUPINGITSCOSTSANDACHIEVINGPROFITSTHEMAINIDEABEHINDUSINGBOTISTOALLEVIATETHESPENDINGONGOVERNMENTSBUDGETSBYSEEKINGCAPITALFROMEXTERNALFINANCIERSESPEC
6、IALLYONLARGESCALEPROJECTSTHEBOTCONTRACTUALARRANGEMENTPROVIDESAMECHANISMFORUSINGPRIVATEFINANCEANDTHUSITALLOWSGOVERNMENTSTOCONSTRUCTMOREINFRASTRUCTURESERVICESWITHOUTTHEUSEOFADDITIONALPUBLICFUNDSBOTGIVESTHEGOVERNMENTSTHEBESTOFBOTHWORLDSTHEBENEFITOFMOREINFRASTRUCTUREPROJECTSBEINGBUILT,WITHOUTTHEBURDENOF
7、ADDITIONALPUBLICBORROWINGATTHESAMETIME,BOTOPENSUPOPPORTUNITIESFORCONTRACTORSTOPENETRATEANEXPANDINGMARKETFORINFRASTRUCTUREPROJECTCONSTRUCTIONANDOPERATION,WITHREDUCEDGOVERNMENTINVOLVEMENTANDAGREATEROPPORTUNITYTOEARNPROFITSBOTISAPPROPRIATEINPROJECTSTHATAREECONOMICALLYVIABLEANDCOULDASSUREAREASONABLERATE
8、OFRETURNENOUGHTOATTRACTINVESTORSPROJECTPARTICIPANTSINCLUDETHEGRANTINGAUTHORITY,USUALLYAGOVERNMENTAGENCYTHEPROJECTSPONSORANDUSUALLYONEORMOREFINANCIALINSTITUTIONSTHEGRANTINGAUTHORITYIDENTIFIESPROJECTREQUIREMENTS,ESTABLISHESTHECONCESSIONPERIOD,SOLICITSTENDERS,ANDAWARDSTHECONTRACTTHEPROJECTSPONSORTYPICA
9、LLYISACONSORTIUMORAJOINTVENTUREOFENGINEERING,CONSTRUCTION,ANDVENTURECAPITALFIRMSINVESTMENTCAPITALMAYCOMEFROMCOMMERCIALBANKS,INSURANCECOMPANIES,ORTHESALEOFBONDSTHECURRENTCONDITIONOFTHEINFRASTRUCTUREINTHEUNITEDSTATESRECEIVEDAPOORAVERAGEGRADEINARECENTASCEREPORTCARDFORAMERICASINFRASTRUCTUREGRADESWEREASS
10、IGNEDONTHEBASISOFCONDITIONANDCAPACITY,ANDFUNDINGVERSUSNEEDTHEASCEREPORTWASBASEDONTHEOUTCOMESOFAPANELOF24OFTHENATIONSLEADINGCIVILENGINEERS,THEANALYSISOFHUNDREDSOFSTUDIES,REPORTSANDOTHERSOURCES,ANDTHESURVEYOFMORETHAN2,000ENGINEERSTHEASCEREPORTCONCLUDEDTHAT16TRILLIONISNEEDEDOVERTHENEXT5YEARSTOIMPROVETH
11、ECONDITIONOFTHEINFRASTRUCTUREINTHEUNITEDSTATESWHILETHEINFRASTRUCTUREINTHEUNITEDSTATESISINNEEDOFLARGEANDIMMEDIATEINVESTMENT,THEFUNDSPROVIDEDBYPUBLICAGENCIESARENOTNEARLYSUFFICIENTTOFACESUCHACHALLENGEINTHEABSENCEOFSUFFICIENTPUBLICFUNDSFORINFRASTRUCTUREPROJECTS,ITMAKESSENSETOEXPLOREINNOVATIVEFINANCINGMO
12、DELSSUCHASBOTTHATWERESUCCESSFULLYUSEDINDEVELOPINGCOUNTRIES,WHICHAREFACEDBYMUCHTHESAMEPROBLEMSASLOCAL,STATE,ANDFEDERALAGENCIESINTHEUNITEDSTATESPRIVATIZATIONISSEENBYSOMEASONEOFTHESOLUTIONSTOTHECURRENTCONDITIONOFTHEINFRASTRUCTUREOFTHEUNITEDSTATESTHEOBJECTIVESOFTHISSTUDYARETODETERMINETOWHATEXTENTGOVERNM
13、ENTAGENCIESINTHEUNITEDSTATESAREUSINGBOTINTHEIRLARGEPROJECTS,TOINVESTIGATETHEIMPLEMENTATIONOFBOT,ANDTHEREASONSWHYSOMEGOVERNMENTAGENCIESAVOIDUSINGBOTPROJECTFINANCINGINVOLVESTHERAISINGOFFUNDSTOFINANCEANECONOMICALLYFEASIBLECAPITALINVESTMENTPROJECTBYISSUINGSECURITIESTHATAREDESIGNEDTOBESERVICEDANDREDEEMED
14、EXCLUSIVELYOUTOFPROJECTCASHFLOWPROJECTFINANCINGREQUIRESCAREFULFINANCIALENGINEERINGTOALLOCATETHERISKANDREWARDSAMONGTHEINVOLVEDPARTIESINAMANNERTHATISACCEPTABLETOALLPARTIESINFRASTRUCTUREPROJECTSAREUSUALLYCONSIDEREDTOBENECESSARYFORINDUSTRIALIZATIONANDECONOMICGROWTHANDHAVEBEENTRADITIONALLYTHEGOVERNMENTSR
15、ESPONSIBILITYTHESEPROJECTSMAINLYCAUSELARGEBUDGETDEFICITS,DEBTS,ANDCUTBACKSINOTHERSECTORSSUCHASHEALTH,EDUCATION,ANDSOCIALWELFAREBOTMAYBEUSEDWHENTHEAGINGINFRASTRUCTURENEEDSTOBEIMPROVEDEVENTHOUGHTHEGOVERNMENTISSTRAPPEDFORREVENUESRAPIDLYGROWINGDEMANDINSERVICESANDFINANCIALSHORTAGEMANYSOURCESOFCAPITALFORP
16、ROJECTFINANCINGAREAVAILABLEINCLUDINGNATIONALCOMMERCIALBANKS,LEASINGCOMPANIES,INSTITUTIONALINVESTORS,INDIVIDUALS,INVESTMENTMANAGEMENTCOMPANIES,FOREIGNINVESTORS,CUSTOMERS,SUPPLIERS,GOVERNMENTAGENCIES,EXPORTAGENCIES,ANDINTERNATIONALAGENCIESBUTTHEPUBLICCUSTOMERMUSTDECIDEWHETHERITCANAFFORDTOFINANCETHEPRO
17、JECTWITHITSOWNDEBTORWHETHERADIFFERENTFINANCINGAPPROACHSUCHASBOTWOULDBEPREFERABLETHEPUBLICCUSTOMERWOULDWEIGHTHETRADEOFFSWITHRESPECTTOQUALITY,COST,ANDSCHEDULEIFRESOURCESARELIMITED,THENANINNOVATIVEPROJECTDELIVERYANDFINANCINGMETHODISNEEDEDAFTERWORLDWARIIMOSTPUBLICPROJECTSWEREBUILTUNDERGOVERNMENTSUPERVIS
18、IONANDFINANCINGANALTERNATIVEWAYWASNEEDEDINTHE1980SDUETOSOMEDRAMATICCHANGESPARTICULARLYINDEVELOPINGCOUNTRIESFIRST,THEINFRASTRUCTURENEEDEDTOBEUPGRADEDDUETOPOPULATIONANDECONOMICGROWTHSECOND,THEGROWINGDEBTOFDEVELOPINGCOUNTRIESHADLIMITEDBORROWINGCAPACITYANDBUDGETARYRESOURCESTHIRD,THEMAJORINTERNATIONALCOM
19、PANIESWEREBUSYINTHEMIDDLE1970SINTHEOILRICHCOUNTRIES,BUTBYTHEEARLY1980STHEYHADEXPERIENCEDADOWNTURNINBUSINESSTHEYWERELOOKINGFORACREATIVEAPPROACHTOPROMOTEPROJECTSFINALLY,INTHEMIDDLEOFTHE1980SANUMBEROFCOUNTRIESASWELLASTHEINTERNATIONALLENDINGINSTITUTIONSHADBECOMEINTERESTEDINTHE“PRIVATIZATION”OFTRADITIONA
20、LPUBLICENTERPRISES,WHEREBYTHEPROCESSINWHICHGOODSORSERVICESDELIVEREDBYTHEGOVERNMENTARESHIFTEDTOTHEPRIVATESECTORPRIVATIZATIONCANTAKETHEFORMOF1CONTRACTINGFORDEFINEDSERVICESANDSUPPLIES2CONTRACTINGFORLARGESCALEOPERATIONANDMAINTENANCEOFTHERELEVANTINFRASTRUCTURE3CONTRACTINGFORTHEDESIGN,CONSTRUCTION,ANDOPER
21、ATIONOFNEWINFRASTRUCTURETYPICALLYBOTAND4SELLINGINFRASTRUCTUREASSETSTOAPRIVATECOMPANYBOTISFASHIONABLEWORLDWIDE,ESPECIALLYINDEVELOPINGCOUNTRIES,TOATTRACTPRIVATECAPITALTOASSISTINDEVELOPINGPUBLICINFRASTRUCTURETHEFIRSTBOTPROJECTOFFICIALLYIMPLEMENTEDINMODERNTIMESWASINTHEMID1980S,ASPARTOFAMOVETOPRIVATIZEIN
22、FRASTRUCTUREPROJECTSANDLARGEPOWERPLANTSINTURKEYTHEBOTMETHODWASUSEDASEARLYAS1834WHENTHEEGYPTIANGOVERNMENTWASFINANCIALLYSUPPORTEDBYEUROPEANCAPITALTOBUILDTHESUEZCANALFINANCINGHASREPLACEDTHEAVAILABILITYOFTECHNOLOGYANDEXPERTISEASTHEMAINPROBLEMININFRASTRUCTUREDEVELOPMENTAROUNDTHEWORLDAFTERYEARSOFLARGECOST
23、OVERRUNSANDNUMEROUSCHANGEORDERSON100PUBLICLYFUNDEDPROJECTS,MANYGOVERNMENTSSTARTEDSEEKINGGREATEREFFICIENCYBYCENTRALIZINGTHEMANAGEMENTANDCONTROLOFCOMPLEXPROJECTSINTHEHANDSOFPRIVATEEXPERTSPUBLICDEFICITS,RESISTANCETOTAXES,ANDASHIFTAMONGDEVELOPMENTSTRATEGISTSTOWARDPRIVATEINVESTMENTINCENTIVESHAVECREATEDOP
24、PORTUNITIESFORPRIVATECOMPANIESANDPUBLICAGENCIESTOCOOPERATEINTHEFORMOFBOTPROJECTSIDEALLY,BOTPROJECTSPUTLARGE,WELLCAPITALIZEDPRIVATEFIRMSATTHESERVICEOFGOVERNMENTSWITHASTRONGCOMMITMENTTOECONOMICDEVELOPMENT,INTHEPROCESSOFFINDINGDESIGNANDCONSTRUCTIONEFFICIENCIES,REDUCINGTHEDRAINONTHEPUBLICPURSE,ANDDISTRI
25、BUTINGRISKSANDREWARDSFAIRLYTHESUCCESSOFBOTPROJECTSDEPENDSONTHEMOTIVATIONSOFAMARKETECONOMYTHATBENEFITALLPARTIESGOVERNMENT,ENDUSER,ANDSPONSORSINCETHELATE1700S,THEEXISTENCEOFPRIVATELYBUILTANDOPERATEDPUBLICFACILITIESWASCOMMONPLACEINTHEUNITEDSTATESBUTAFTERWORLDWARII,EVENTHOUGHSOMENATIONALAGENCIESHAVESUCC
26、ESSFULLYTESTEDBOTONTHEIRPROJECTSANDDESPITETHEEXTENSIVEUSEOFBOTANDITSVARIATIONSINMANYCOUNTRIESAROUNDTHEWORLD,MANYUNITEDSTATESPUBLICAGENCIESWERESTILLRELUCTANTTOIMPLEMENTBOTINTHEIRPROJECTSASHLEYETAL1998POINTEDOUTTHATTHEREISALIMITEDHISTORYOFPUBLICPRIVATEPARTNERSHIPPROJECTSINTHENORTHAMERICANMARKETCOUNTRI
27、ESINNEEDOFBOTTYPEINFRASTRUCTUREDEVELOPMENTSHOULDLEARNLESSONSFROMPROJECTSTHATHAVEASSISTEDTHEHONGKONGGOVERNMENTTODEVELOPAWELLSTRUCTUREDBOTPROCESSTHEBOTSYSTEMINVOLVESTHEINVESTMENTOFPRIVATERISKCAPITALTODESIGN,FINANCE,CONSTRUCT,OPERATE,ANDMAINTAINAPROJECTFORPUBLICUSEFORASPECIFICTERMDURINGWHICHAPRIVATESPO
28、NSORANINDIVIDUALENTITYORANINVESTMENTCONSORTIUMISABLETOCOLLECTREVENUEFROMTHEUSEOFTHEFACILITYTHEPRIVATESPONSORCHARGESTHEUSERSAPPROPRIATEFEESNOTEXCEEDINGTHOSEPROPOSEDINTHEBIDWHENTHECONSORTIUMSLIMITEDTERMOFOWNERSHIPEXPIRES,THETITLETOTHEPROJECTREVERTSTOTHEGOVERNMENT1BUILDOWNOPERATEBOOTHEPRIVATEENTITYPOSS
29、ESSESTHEOWNERSHIPANDHASNOOBLIGATIONTOTRANSFERITTOTHEGOVERNMENTBOOSINCENTIVETOTHESPONSORINVOLVESRECOUPINGTHEINVESTEDCOSTWITHINATIMEFRAMESETBYTHESPONSORTHEDISADVANTAGEOFTHISAPPROACHTOTHEGOVERNMENTISTHATTHEPRIVATESPONSOROWNSTHEPUBLICFACILITYTOOPERATEFOREVER2BUILDTRANSFEROPERATEBTOTHETRANSFEROFTHEOWNERS
30、HIPTOTHEGOVERNMENTTAKESPLACEBEFOREOPERATIONSTARTSBYTHEPRIVATESPONSORACONCESSIONPERIODISGIVENTOTHESPONSORTOOPERATETHEFACILITYINRETURNFOREITHERACERTAINPAYMENTBYTHEGOVERNMENTORFORTHERIGHTTOCOLLECTREVENUESFROMUSERSTOCOVERTHEIRCOSTWHILETHEFACILITYISOWNEDBYTHEGOVERNMENTALLTHROUGHTHECONCESSIONPERIODTHISSCH
31、EMEREDUCESTHEINSURANCECOSTTOTHESPONSORDURINGTHEOPERATIONPERIOD3BUILDOPERATEANDRENEWALOFTHECONCESSIONBORTHISISACONTRACTUALAGREEMENTSIMILARTOTHESTANDARDBOTAGREEMENTEXCEPTTHATTHEPRIVATESPONSORHASTHERIGHTTOREQUESTANEGOTIATIONFORTHERENEWALOFTHECONCESSIONATTHEENDOFTHETERM4BUILDLEASEOWNBLOTHEPRIVATESPONSOR
32、POSSESSESTHEOWNERSHIPOFTHEFACILITYAFTERCOMPLETIONOFCONSTRUCTIONANDLEASESTHEFACILITYTOTHEGOVERNMENTFORLONGLASTINGOPERATIONNOTRANSFERTHEGOVERNMENTISRESPONSIBLEFORTHEOPERATION,MAINTENANCE,REPLENISHMENT,ANDREPLACEMENTOFASSETS,ANDPAYSATTENTIONTOTHEINTERFACEBETWEENCONSTRUCTIONANDOPERATION5BUILDLEASETRANSF
33、ERBLTTHEPRIVATESPONSORRENTSORLEASESTHECONSTRUCTEDFACILITYTOTHEGOVERNMENTAND/OROTHERSFORACONCESSIONPERIODUNTILITRECOUPSITSINVESTMENTBEFORETRANSFERRINGTHEOWNERSHIPOFTHEFACILITYTOTHEGOVERNMENTINFRASTRUCTUREISVITALTOTHENATIONSPRODUCTIONANDDISTRIBUTIONOFECONOMICOUTPUTASWELLASTOITSCITIZENSOVERALLQUALITYOF
34、LIFETHECOSTOFCONSTRUCTING,MAINTAINING,ANDOPERATINGINFRASTRUCTUREPROJECTSISHIGHBOTHASEMERGEDASANOPTIONTOBUILDINFRASTRUCTUREWITHTHEFINANCIALHELPOFTHEPRIVATESECTORWHENGOVERNMENTSSUFFERFROMSHORTAGESINTHEIRBUDGETSBOTISAVALIDDELIVERY/FINANCINGSYSTEM,WHEREBYAPRIVATESPONSORFINANCESTHEDESIGN,CONSTRUCTION,MAI
35、NTENANCE,ANDOPERATIONOFAPUBLICPROJECTFORASPECIFIEDCONCESSIONPERIOD,ATTHEENDOFWHICHITTRANSFERSOWNERSHIPTOTHEGOVERNMENTAGENCYAQUESTIONNAIRESURVEYWASCONDUCTEDTODETERMINETOWHATEXTENTLARGECITIESANDSTATEDEPARTMENTSOFTRANSPORTATIONAREUSINGBOTINTHEIRLARGEPROJECTS,TOINVESTIGATEBOTPRACTICES,ANDTHEREASONSWHYSO
36、MEGOVERNMENTAGENCIESAVOIDUSINGBOTITWASFOUNDTHATTHELARGEMAJORITY88OFTHEGOVERNMENTAGENCIESSURVEYEDWERENOTABLETOJUSTIFYTHEUSEOFBOTBECAUSE1PROVENALTERNATIVEMETHODSOFDELIVERY/FINANCINGAREAVAILABLEANDUSEDWITHREASONABLESUCCESS312POLITICALFACTORSCREATEOBSTACLES163FUNDSFORMOSTINFRASTRUCTUREPROJECTSAREBUDGETE
37、DWITHNOPROBLEM144PROPERLEGISLATIONISNOTAVAILABLE115THEPRIVATESECTORISNOTINTERESTEDINBOTVENTURES8AND6RESISTANCETOCHANGEISAFACTOR7SEVENGOVERNMENTAGENCIESIE,12OFTHEREMAININGORGANIZATIONSTHATRESPONDEDTOTHESURVEYWHOUSEDSOMEVARIATIONOFBOTINVARIOUSTYPESOFINFRASTRUCTUREPROJECTS,REPORTEDTHEREASONSWHYTHEYDIDS
38、OANDPOINTEDOUTTHEDIFFICULTIESTHEYENCOUNTEREDINTHEIMPLEMENTATIONPROCESSBUTGIVENTHELOWNUMBEROFRESPONDENTSONLYSEVEN,ITWASNOTPOSSIBLETODRAWGENERALIZEDCONCLUSIONSGIVENTHEINCREASEDDEMANDFORPUBLICFACILITIESANDTHELACKOFFUNDSTOMAINTAIN,REPAIR,ANDREPLENISHTHEEXISTINGFACILITIES,PUBLICAGENCIESSHOULDRETHINKANDRE
39、ASSESSTHEIRNEEDS,ANDLEARNFROMWHATNATIONALAND/ORINTERNATIONALAGENCIESHAVEACHIEVEDBYUTILIZINGBOTTHEYCOULDHELPTHEPUBLICANDTHEPRIVATESECTORTOUNDERSTANDTHATBOTISOFTENAFEASIBLEALTERNATIVETOEXISTINGDELIVERY/FINANCINGMETHODSANDOVERCOMEPOLITICALBARRIERSTOPASSAPPROPRIATELEGISLATIONSOURCEAYEDMUHAMMADALGARNI,DA
40、VIDARDITI,GULPOLAT,2007“BUILDOPERATETRANSFERININFRASTRUCTUREPROJECTSINTHEUNITEDSTATES”JOURNALOFCONSTRUCTIONENGINEERINGANDMANAGEMENT,VOL133,NO10,OCTOBER,PP728734译文美国基础设施项目的建造营运移交著名的基础公共设施对国家生产和经济产出的分配以及对其市民的整体生活质量是至关重要的。基础设施包括公路，铁路，港口，隧道，桥梁，发电厂，水工建筑物，公共交通，市政设施和以服务市民需要为主要功能的类似的公共设施，提供社会服务和促进私营经济活动。拥有足
41、够的基础设施必须要有足够的资金来建造和维护这些基础设施。一般情况下，实施基础设施项目需要投入大量的资金。近二十多年基础设施项目融资已随着这些项目的规模和复杂性的增加而变得重要。这些项目的迫切需要和公共机构长期的预算短缺，鼓励了资金募集方法的创新。尽管国有公司一般负责提供融资，在某些情况下融资可能变为外部的责任。在这方面，建造营运移交（BOT）本身已成为一个有效的交付/融资体制，由私人赞助（个体私营实体或投资财团）在特许权期限内融资设计，施工，维护和运作公共项目，在结束时转移所有权给政府机构，希望以后收回成本，实现利润。引入BOT投资方式主要是想通过从外部金融家那寻求资金特别是在大型项目上以缓和
42、政府预算开支。该BOT合约的安排为使用私人资金提供了一个机制，并因而使政府无需使用额外公共资金就能兴建更多的基础设施服务。BOT方式给政府两个最好的好处兴建的更多的基础设施项目的受益和没有额外的公共借贷的负担。同时，BOT方式透过扩大基础设施项目建设和经营市场为承包者开辟了机会，减少政府参与和更大的机会赚取利润。BOT是在经济上可行的适当的项目，可以保证合理的回报率，足以吸引投资者。项目参与者包括授权当局，通常是政府机构；该项目主办人；和一般是一个或多个金融机构。授权当局确定项目要求，建立特许经营期，索取招标，签订合同。项目发起人通常一个财团或工程，建设合资企业，风险投资公司。投资资本可能来自
43、商业银行，保险公司，或出售债券。在最近关于美国的基础设施ASCE的报告卡里显示美国基础设施现状的平均成绩不佳。等级是在条件和能力、资金与需要的基础上分类的。该ASCE的报告是依据全国领先的土木工程师的24个小组成果，数百的研究、报告和其他来源的分析，以及超过2000多名工程师的调查。该ASCE的报告的结论是在未来5年内美国需要16万亿美元来提高基础设施条件虽然美国基础设施需要大规模和直接的投资，公共机构提供的资金难以面对这样的挑战。基础设施项目充足公共资金的缺乏，使得探索创新融资模式是有意义的，如已成功地应用于发展中国家的BOT方式，在地方、国家和美国的联邦政府面临很多相同的问题，民营化被认为
44、是美国基础设施当下情况的解决方案之一。本研究的目的是确定美国政府机构在它们的大型工程项目利用的BOT到何种程度，调查以BOT方式的实施，以及一些政府机构避免使用BOT方式的原因。项目融资涉及通过发行设计用于服务的证券资金的筹集来资助的经济上可行的资本投资项目和赎回专门在外的项目现金流。项目融资需要仔细分配金融工程中所涉及当事人各方可以接受的风险和回报的方式。基础设施项目通常被认为对工业化和经济增长是必要的，这在传统上一直是政府的责任。这些项目主要造成庞大的预算赤字，债务，以及其他部门的削减如健康，教育和社会福利。当老化的基础设施需要改进时BOT方式可能就会使用，即使政府的收入拮据（不断增长的服
45、务需求和资金短缺）。项目融资资金的许多来源都是可用的，包括国家商业银行，租赁公司，机构投资者，个人，投资管理公司，外国投资者，客户，供应商，政府机构，出口机构和国际机构。但公共客户必须决定是否有能力用自身的债务为项目融资，或者不同的融资方式如BOT方式将是可取的。公众客户就可以权衡质量，成本和进度的权衡。如果资源是有限的，就需要一个创新的项目实施和融资方法。第二次世界大战后在政府监管和融资下兴建了大部分的公共项目。20世纪80年代由于一些戏剧性的变化，特别是在发展中国家的，另一种方法是必要的。首先，由于人口和经济增长基础设施需要升级。第二，发展中国家日益严重的债务，借贷能力和预算资源非常有限。
46、第三，20世纪70年代中期在石油富国的国际大公司很忙碌，但在80年代初，他们经历了业务下滑。他们在寻找一种创造性的方法来促进项目。最后，在80年代中期一些国家以及国际贷款机构已经对传统公有制企业的“私有化”感兴趣，即由政府提供商品或服务的过程转移到私营部门。私有化可以采取下列形式（1）承包规定的服务和用品；（2）承包规模化经营和有关基础设施的维护；（3）承包新的基础设施的设计、建造和运行（通常是BOT方式）；（4）出售基础设施资产给一家私营公司。BOT方式是全球时尚，特别是在发展中国家，吸引私人资本协助发展公共基础设施。近代正式实施的第一个BOT项目是在1980年代中期，私有化基础设施的项目和
47、土耳其大型电厂的一个活动的组成部分。早在1834年采用BOT的方法的是欧洲资本财政上支持埃及政府建造苏伊士运河。世界各地的基础设施发展中融资已取代技术和专门知识的可用性成为主要问题。经过多年的巨大的成本超支和众多变化的100依靠政府资助的项目，许多国家的政府开始通过由私人专家集中的管理和控制复杂项目寻求更大的效率。公共赤字，抵税，以及发展策略与对私人投资的激励机制之间的转变给以BOT项目形式的私人公司和公共机构合作创造了机会。理想情况下，BOT项目投入大，资金雄厚的私人公司为政府服务和经济的发展提供了强有力的保证，在寻找设计和施工效率的过程，减少公众金钱的消耗，并公平地分配风险和回报。BOT项
48、目的成功依赖于市场经济的动机，有利于所有各方（政府，最终用户，以及赞助商）。自十八世纪后期，在美国私人建造和经营公共设施的存在是司空见惯。但是，第二次世界大战后，尽管一些国家机构在他们的项目上已经成功地实验了BOT方式，尽管在世界各地的许多国家广泛采用BOT方式及其变化形式，许多美国公共机构仍然不愿意在他们的项目实施BOT方式。阿什利等（1998）指出，在北美市场的公私伙伴关系项目的历史是有限。需要利用BOT基础设施发展的国家应该从香港政府援助的项目到一个结构良好的项目BOT的发展中学习经验教训。BOT的体系涉及的私人风险资本投资是一个私人赞助（一个单个实体或投资财团）能够从设施的使用获得收入
49、，在特定时期里设计，融资，建设，运行和维持一个供公众使用的项目。私人赞助商向用户收费不超过该建议的投标人提供适当的费用。私人赞助商收取用户适当的费用不超过在投标时的建议。当财团的所有权限制期满，该项目的所有权归还给政府。1、建造拥有经营（BOO）私人实体拥有所有权，也没有义务转移给政府。BOO对于赞助商的奖励包括由赞助商在设定一个时间里收回投资费用。这种方法对于政府而言的缺点是私人赞助拥有的公共设施并一直运营。2、建造移交经营（BTO）所有权的转移给政府发生在私人赞助开始运营前。赞助商在特许权期限经营某些设施无论是在由政府支付款项或有权收取用户的收入来弥补其成本作为回报，同时该设施在特许期内全由政府拥有的。该方案降低了赞助商在经营期内的保险成本。3、建造营运特许权重建（BOR）这种合同协议类似于标准的BOT方式协议，除了私人赞助商有权在特许权续期结束可以要求协商。4、建造租赁拥有（BLO）拥有私人赞助该设施的所有权和建设完成后，将设施租赁给政府长期经营（不移交）。政府是负责经营，维修，补给，和更换资产，并注意施工和经营接口。5、建造租赁移交（BLT）在特许权期限内私人赞助向政府出租或租赁兴建的设施和/或其他，直到在移交设施的所有权给政府之前回收投资。基础设施对国家的生产和分配经济产出以及公民的整体生活质量时至关重要的。兴建，维护和运营基础设施项目成本是很高的
