优先发展公共交通是破解我国大城市交通困境的唯一方法，是城市可持续发展的必 由之路，广州市全面构建“公交都市”，目前已基本建成“以轨道交通为骨干，常规公 交为主体，水上巴士等为补充”的立体公共交通体系，公共交通呈现了良好的发展态势。 虽然政府不断加大公交场站建设的力度，但在财政资金有限的背景下，公交站场缺口仍 然较大。在此背景下，Z 公交站场需要探索改变以往政府单独投资模式，积极引进民间 资本、利用 BOT 建设模式、加快公交站场建设、构建新型公交换乘体系。 本文从 Z 公交站场 BOT 融资建设项目实际情况出发，分析公交站场发展所面临的财 政资金紧缺、公交发展模式更新及建设效率缺乏等因素，介绍了 BOT 模式的应用情况与 基本理论。分析 Z 公交站场现状情况，提出项目的建设模式和布局方案。运用财务评价 分析方法，通过测算收益，论证 Z 公交站场项目的经济可行性。从项目发起人从角度， 针对影响 BOT 融资的建设成本、资金成本、建设期、自有资金比例、经营收入、经营成 本及预期收益率等主要因素进行了测算与分析，提出 BOT 投资方特许经营期和招标策略 的建议和措施。最后，对 BOT 招标的方式、方法及流程进行了分析与研究，提出了 BOT 招标策略。 在研究的过程中，本文既通过定性及定量的分析，运用理论与实际相结合的办法， 具体论证了 Z 公交站场 BOT 融资模式的可行性和必要性，对特许经营期进行详细研究， 从而为广州市相关部门及单位制定公交站场建设的开发策略提供参考。 关键词， BOT；公交站场；项目融资；可行性研究；特许经营期；II ABSTRACT Prioritize public transportation is the only way to solve the traffic problems in big cit ies of our country; it is inessential way to sustainable development. Guangzhou is structu ring “transit-oriented cities”; it has been built public transport systems which urban rai l transit as the backbone， bus as the main body and vehicles harmonized developed， t o form multi-dimensional traffic system; it has shown good momentum of development. A lthough Guangzhou continuously improve construction of bus station， limited financial re sources is a big problem， so many bus station need to construction. On this backgrou nd， the Z bus station construction must change the investing and financing model depe nded on government completely， attraction of the private capital， use BOT construction financing model， becomes imperative in developing public transport systems. This paper based on Z bus station of BOT construction financing model， analysi s of bus station development facing the shortage of financial fund， lack of update ef ficiency of public transport systems and construction efficiency. It starts with a introduct ion of the theory and practical application of BOT construction financing model; analyze the actuality of Z bus station， we should put forward the construction financing mode l and design of the project; adopts the financial approach to estimate the financial profit and project feasibility of the project; Consider from project sponsor (government) to analyz e financing cost，capital cost，construction period， the proportion of its own funds， operating income，operating cost and the prospective earnings of BOT construction fina ncing model，we suggest BOT concession duration and tender strategies. Finally，The p aper analyses and research the BOT bidding way， method and process， and then put f orward the project bidding strategy. In the process of research， we use Combination of qualitative and quantitative analysis and Combination of theory and Practice to acquire a result. Concrete demonstration feasibility and necessity of Z bus station by BOT construction financing model. The strategy improvement in this paper may provide some reference with bus station developing of Guangzhou traffic sector in future. Keywords ，BOT；Bus Terminal；Project Financing；Feasibility Research；Concession Period；III 目录 摘要 ...........................................................................................................................................I ABSTRACT.............................................................................................................................II 第一章 绪论 ..............................................................................................................................1 1.1 研究背景和意义..........................................................................................................1 1.1.1 研究背景...........................................................................................................1 1.1.2 研究意义...........................................................................................................1 1.2 国内外相关案例综述、理论研究.............................................................................4 1.2.1 国内外 BOT 建设模式的应用........................................................................4 1.2.2 公共交通 BOT 建设模式的应用.....................................................................5 1.2.3 BOT 建设模式理论研究情况..........................................................................5 1.3 研究内容、方法和技术路线.....................................................................................5 1.3.1 研究方法..........................................................................................................5 1.3.2 研究内容..........................................................................................................6 1.3.3 技术路线...........................................................................................................6 第二章 Z 公交站场项目概况 ..................................................................................................8 2.1 项目基本情况.............................................................................................................8 2.2 项目建设方案..............................................................................................................9 2.2.1 建设规模...........................................................................................................9 2.2.2 功能划分.........................................................................................................10 2.3 存在问题与解决方案................................................................................................ 11 2.3.1 存在问题......................................................................................................... 11 2.3.2 解决方案.........................................................................................................12 2.4 融资模式分析............................................................................................................13 2.4.1 融资模式对比................................................................................................13 2.4.2 职责划分........................................................................................................15 2.5 本章小结....................................................................................................................16 第三章 Z 公交站场项目财务评价分析 ................................................................................17 3.1 项目成本分析...........................................................................................................17 3.1.1 建设成本分析................................................................................................17 3.1.2 运营成本分析.................................................................................................19 3.2 项目收入分析...........................................................................................................21 3.2.1 开发定位分析.................................................................................................21 3.2.3 租金收入分析.................................................................................................21 3.2.3 收入测算分析.................................................................................................22 3.3 项目财务分析测算...................................................................................................24 3.3.1 财务评价依据..........................................................