Projelerin finansmanında yap-işlet-devret modeli
The Build-Operate-Transfer approach for the financing of projects
- Tez No: 126474
- Danışmanlar: Y.DOÇ.DR. GÜVEN SAYILGAN
- Tez Türü: Yüksek Lisans
- Konular: İşletme, Business Administration
- Anahtar Kelimeler: Belirtilmemiş.
- Yıl: 2003
- Dil: Türkçe
- Üniversite: Ankara Üniversitesi
- Enstitü: Sosyal Bilimler Enstitüsü
- Ana Bilim Dalı: İşletme Ana Bilim Dalı
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: 119
Özet
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Özet (Çeviri)
SUMMARY The Built-Operate-Transfer (BOT) approach was developed at the end of the 1970s as a way for countries with limited sovereign borrowing capacity and severe budgetary restraints to acquire needed infrastructure. Build-Operate-Transfer scheme is a contractual arrangement whereby the contractor undertakes the construction, including financing, of a given infrastructure facility, and the operation and maintenance thereof. The contractor operates the facility over a fixed term during which it is allowed to charge facility users appropriate tolls, fees, rentals, and charges sufficient to enable the contractor to recover its operating and maintenance expenses and its investment in the project plus a reasonable rate of return thereon. The contractor transfers the facility to the government agency or local government unit concerned at the end of the authorization period. The main advantage of BOT scheme to the Government is that a valuable infrastructure or some other asset that promotes development of its economy without any capital - expenditures or the need to incur debt. Alternatively, the government would need to raise the funds for the project through taxation or issuing public debt of direct borrowing. BOT projects will involve limited recourse financing, which means that the funds for the projects will be raised without any direct sovereign guarantee of repayment. Instead, the investors in, and lenders to, the project must look to the revenues carried by the sale of goods and/or services for their returns on equity and the servicing of their loans. The development of BOT project requires effective integration of the financial, technical, commercial and legal processes. The process includes the clarification of the host government's objectives and constraints, including financial constraints, the completion of negotiations on technical, commercial and financial issues, the development of contractual arrangements and the completion of the contract and loan documentation. As BOT projects are highly complex from both a legal and financial point of view, it is important to note that the development and negotiation process takes very long time. 112Although numerous BOT projects have been proposed to developing counties like Turkey, relatively few large infrastructure projects have actually proceeded to financial close and implementation all over the world. Turkey has not still succeeded to implement a BOT project though the concept was developed at the beginning of the 1980's. However, the volume of the infrastructure investment is expected to gain momentum with the completion of BOT regulations at the end of 1994. Past experiences shows that counties with high GNP's relative to other developing counties, on the whole, have been doing fairly well in promoting BOT projects to the extent that the investor's and lenders perceptions of the political risk is low. In those countries BOT scheme allows projects which previously would have been done in the public sector to be done in the private sector, so that the public sector's resources can be used elsewhere. However, in the countries constrained by the risk aversion of investors and lenders or public expenditure constraints, BOT approach appears to a mechanism for developing projects which would not otherwise be build provided that these countries are sophisticated enough to deal with the technical, financial and legal complexities, are willing to provide the necessary government support, and are sufficiently creditworthy to attract the necessary private sector equity investment and debt financing. In conclusion, the commercial and political risk of the country intending to implement BOT model is the key element for the investors and lenders. As the risks vary the level of government support required also varies and the cost of the project to the government is also increasing, which makes the implementation of the project unfeasible due to the demand of expensive government support. 113
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