BT模式中承约商偿付机制的设计框架

偿付机制是BT（Build-Transfer）模式成功的关键。BT项目偿付机制由偿付时间计划、基准回购价格和风险补偿机制三个要素构成。偿付时间计划确定承约商获偿的支付时间和支付次数。其中,支付时间可以是项目移交后较短时期内支付或较长时期内支付,支付次数可以是一次付清或多次付清,它们组合成四类偿付时间计划,即标准偿付计划、惯用偿付计划、远期偿付计划和分期偿付计划。基准回购价格可以是固定的或可调的。风险补偿机制可以是内含式风险补偿或外设调价机制。基准回购价格在进行偿付计划修正后,结合风险补偿机制形成两种偿付机制：内含风险补偿的固定回购价和带有调价机制的可调回购价。

A Framework Design for Contractor's Compensation Systems of Build-Transfer Projects

Compensation systems are the key to the success of BT(Build-Transfer) projects.Through case studies,a compensation system for BT contractors’ efforts consists of a payment schedule,base buyout price,and risk compensation mechanism.The payment schedule consists of four categories as the normal schedule,customary schedule,amortizing payment,or balloon payment.The base buyout price can be a fixed price or an adjustable one,and the risk compensation mechanism can be a built-in risk premium or a price adjustment mechanism.The varieties of payment schedule,base buyout price and risk compensation mechanism can be combined to create various compensation systems.The findings would be helpful for the government to design a suitable compensation system for a given project.