摘要
BOT项目公司的股东结构将影响到项目的收益,本文将BOT项目公司的股东结构划分为两类,一类包括纯投资者和专业公司;另一类全是纯投资者。利用委托—代理理论对两种不同股东结构下的项目公司收益和股东收益进行了比较分析,结果表明,项目公司的股东包括专业公司的情形优于全是纯投资者的情形。在前一类的股东结构下,专业公司在建设或运营项目时会有更高的努力水平,且项目公司及其股东都可以获得更高的收益,社会效益也得到提高。最后,给出了项目发起人让专业公司参股的最优比例。
This paper partition shareholders＇ structure of Build Operate Transfer （BOT） project company as two kinds which one only conclude pure investors, the other one conclude specialized company and pure investor. On the basis of the principal-agent theory, the paper deals with the structure of shareholders that make up the project company. The re- sult of study shows： the situation that shareholders are all pure investors is superior to the situation that shareholders of the project company include the specialized company. In case of the former, the specialized company has a higher effort level while building or operating the project. The income of the promoter dedicating to make up the project company and the income of specialized company become higher. At the same time, social benefit even raise to some extent. The study also draws the optimum proportion that the promoter lets the specialized company participate in by shares.
出处
《预测》
CSSCI
2007年第6期76-80,共5页
Forecasting
关键词
BOT
股东结构
委托-代理
BOT
structure of shareholders
principal-agent theory
