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首页> 外文期刊>Journal of Infrastructure Systems >Determining Optimal Capital Structure and Concession Period Length in BOT Scheme Using Trilateral Bargaining Game Model
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Determining Optimal Capital Structure and Concession Period Length in BOT Scheme Using Trilateral Bargaining Game Model

机译：使用三方讨价还价模型确定BOT方案中的最佳资本结构和优惠期长度

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摘要

Equity:debt ratio and concession period length are the most important financial variables to consider when analyzing a build-operate-transfer (BOT) agreement. Because the involved parties have conflicting interests regarding these variables, this research introduces a new trilateral bargaining model which helps the BOT participants to model the BOT negotiation process (especially in a procurement process based on direct negotiation) and reach an efficient agreement on the concession period length and equity:debt ratio considering the conflicting interests and different bargaining powers of the sponsor, government, and lender. First, a mathematical interpretation of conflicting financial interests of the parties is introduced. Then the noncooperative and cooperative bilateral bargaining games are combined as a novelty of this research to develop a trilateral bargaining game model enabling consideration of the negotiation process in BOT projects. The proposed model can be used to predict the concession period length and capital structure simultaneously. Finally, the proposed model is implemented in a real-world BOT project and the application and performance of the proposed model are illustrated.
机译：在分析构建－运营－转让（BOT）协议时，权益：债务比率和优惠期长度是最重要的财务变量。由于参与方在这些变量上存在利益冲突，因此本研究引入了一种新的三边讨价还价模型，该模型可帮助BOT参与者对BOT谈判过程进行建模（尤其是在基于直接谈判的采购过程中）并就特许权期限达成有效协议期限和权益：债务比率，考虑到保荐人，政府和贷款人的利益冲突和不同的议价能力。首先，引入了对当事方财务利益冲突的数学解释。然后，将非合作和合作的双边谈判博弈结合起来，作为本研究的新颖之处，从而开发出一种能够考虑BOT项目谈判过程的三方谈判博弈模型。该模型可用于同时预测特许经营期的长度和资本结构。最后，在实际的BOT项目中实现了所提出的模型，并说明了所提出模型的应用和性能。

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