TOT项目融资模式及其风险分析

TOT项目融资模式是借鉴传统BOT融资模式和我国城市土地市场交易的理论和实践而提出的一种基础设施建设项目融资模式。其实质是融资方把已经投产运行的项目在一定期限内移交（Translation）给投资者经营（Operation），以项目在该期限内的现金流量为标的，一次性地从投资者那里融得一笔资金，用于建设新的项目，投资者以营期满后，再把原来项目移交（Translation ）回融资方。以此为基础，结合我国土地市场交易，分析了TOT项目融资的主要过程和特点，以及融资双方的主要风险，为基础设施采用TOT项目融资奠定了一定的基础。

TOT financing mode and its risk analysis

References to the mode of traditional BOT financing,also the theory and practice of urban land market business in China,TOT project financing mode is brought forward for the construction of infrastructure.The basic processes of the TOT include three steps;First,the client translates the project that is put to production to the investror,and based on the future income of the project,the client obtains the money from the investor.The money is used for building new project.This step corresponds to translation.Second,the investor obtains the project operation right,and earns profit by operating the project in a concession term.This step corresponds to operation.Last,after the operation right fells in,the investor then translates the project back to the client.This step corresponds to the translation.Three steps form TOT financing mode.Based on the conception of TOT financing and the land market bosiness in China,the paper analyses the process and the characteristics of the TOT,and also analyses the risks of both financing sodes,so the paper can be helpful to establish base for the application of TOT in infrastructure construction.