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Assistant Professor Professor

Department of Business Administration Institute of Traffic and Transportation

Providence University National Chiao Tung University

200, Chung-Chi Rd., Shalu, Taichung Hsien, 114, 4F, sec. 1, Chung Hsiao W. Rd., 100,

433, Taiwan Taipei, Taiwan

Fax: 886-4-2631-1187 Fax: 886-2-23494965

E-mail: cckang@pu.edu.tw E-mail: cmfeng@cc.nctu.edu.tw

Szu-Chi Huang

Master

Institute of Traffic and Transportation

National Chiao Tung University

114, 4F, sec. 1, Chung Hsiao W. Rd., 100,

Taipei, Taiwan

Fax: 886-2-23494965

E-mail: austin18@cm1.ethome.net.tw

Abstract: The purpose of this paper is to develop new financial models of BOT projects to

replace the SLR (self-liquidation ratio) since SLR cannot be used to analyze BOT projects. In

this paper, we use the financial cash flow concept and mathematical analytical method to

develop the PCCR (private construction cost ratio), GCCR (government construction cost

ratio), ongoing royalty, and GFRR (government finance recovery ratio) for the BOT finance

policy decision model. Also, we explore the relationships among the PCCR, GCCR, ongoing

royalty, and GFRR models.

1.INTRODUCTION

The BOT (Build, Operate, and Transfer) approach has been widely employed to implement

infrastructure projects by many developed and developing countries around the world (Walker

and Smith, 1995). The good financing project is one of the critical factors in BOT contract

delivery system. Only with good load bank can a BOT project be carried out (Chang and

Chen, 2001). In the process of the financing planning, there are many assessment methods

such as NPV (net present value), BCA (benefit cost analysis), IRR (internal rate of return),

and PBY (pay back year) can be used to evaluate the financing project of the BOT projects

(Finnerty, 1996). To meet this need, in 1999, the Ministry of Traffic and Communication

(MOTC) in Taiwan has developed a model for financing and evaluation of bidders’ proposal.

The SLR (self-liquidation ratio) index has been applied to assess financing project of BOT

projects based on the Act for Facilitation of Private Participation in Infrastructure Projects

(AFPPIP).

Prior studies show that the B/C analysis has been widely used to evaluate the economical or

financial effectiveness of an investment project (Daniel, 2002; Hanspeter, 1973; Asensio and

Roca, 2001; Xing and Wu, 2000). SLR and B/C are indifferent in their definitions. However,

can SLR be used to evaluate the financial project of the BOT project? This issue is seldom to

explore from the past studies (Chang & Chen, 2001; Lu, 2000; Wu, 2002). The purpose of this

Journal of the Eastern Asia Society for Transportation Studies, Vol.5, October, 2003

2921

paper is to introduce a new finance model in order to analyze the financial project of the BOT

project.

The paper is organized as follows: Section I introduces motivation, purpose of this research;

Section II details problem statement; Section III develops the new finance model; and Section

IV concludes this paper.

According to AFPPIP, the SLR or SFA (self-financing ability) is used to assess how much or

what percentage of the investment cost in construction / operation period can be recovered

through the net income earned in the operation period. The SLR is computed by dividing the

total net cash flow in the operation period by the total investment cost: Total net cash flow =

operation revenue + affiliated business revenue + revenue from land development – operating

maintenance cost - asset purchase cost- asset replacement cost- royalty (see Chang & Chen,

2001). SLR have two meanings, one is cost (the overall investment cost, the public

investment cost, and private investment cost). Another one is rate of return. Higher SLR

implies higher rate of return, more stable financial status and more bankable load credit.

The financial cash flow of a BOT project is different from that of a non-BOT project.

Government can only carry out the non-BOT project. Figure 1 shows the investment fund

source of the non-BOT project including public budget, A or B bonds. The construction cost

fund source comes from public budget, A or B bonds. They are used to build facilities such as

high-speed rail, highway, or other facilities. The government receives the fees, tolls, or

operation revenue from users or passengers and use them to pay construction cost during the

construction period, operation cost, maintained cost, depreciation cost, and any other costs

during the operating period, also to pay back the A and B bond. This structure of net cash flow

mentioned above is conception of the self-financing project proposed by Musgrave (1959).

Concept of the self-financing project is shown in Figure 1.

user fee

infrastructure project passengers

government

A Bond B Bond

Now, considering that the government adopts the BOT approach to implement infrastructure

project. The original non-BOT project of Figure 1 becomes a private-public joint venture

project. It is because the private sectors’ investment costs joint during the construction and

operation period. Thus, the structure of net cash flow will be changed and the concept is

depicted in Figure 2.

Journal of the Eastern Asia Society for Transportation Studies, Vol.5, October, 2003

2922

user fee

users

BOT projects opereting and maintained cost

operating income

public sector's investment cost

royalty, landuse tax and tax

credtiors stockholders

Figure 2 shows that the construction cost of the BOT project during the construction period

contain two parts: one is private sectors’ investment cost, another is public investment cost.

The source of the private sectors’ investment funds comes from stockholders, credit loading

capital, etc. The operation revenue of BOT project will be belong to private sector’s revenue

because the private sector acts as a role of an operator rather than the government in the BOT

project during the operation period. However, government will receive royalty, tax, or

land-use rent from concessionaire to recovery its investment cost.

From the concept of the Fig. 1 and Fig. 2, it is easy to compare the difference in the structures

of cash flow between the BOT project and the non-BOT project. Therefore, we can easily

understand that the SLR index can no longer be applied to analyze financial project of the

BOT project. From the concept of Fig. 2, it implies that the B/C method or SLR index, which

Xing and Wu (2000), Lu, et al., (2001), or Chang and Chen (2001) have adopted, was not a

good financial indicator to express the detail relationship between private sectors’ investment

and government investment in the structure of cash flow. To deal with this problem mentioned

above, we will develop new finance model of the BOT project to correct the drawbacks of

SLR index.

3.THE MODEL

The government can calculate royalty as lump sum fee or depending on the output, total

revenue of the BOT project (Wu, 2002). Whereas, the royalty as lump sum fee is easier used

than other methods for public sector (Kang, et al., 2002). The royalty depends on the total

revenue or the output of the BOT project in operation efficiency of the private sector is better

than other methods (Wu, 2002). In this section, we will develop the models which calculate

royalty depending on the total revenue and the output of the BOT project.

3.1 Notation

The notations of variables are defined as following.

Cgt: government investment cost at time t during the construction period;

Cpt: private investment cost at time t during the construction period;

C: the sum of present value of the construction cost which is discounted to the first year in

construction period of BOT project during the construction period (including land

acquisition cost, engineering cost, but not including capitalized interest);

Journal of the Eastern Asia Society for Transportation Studies, Vol.5, October, 2003

2923

Cg: the sum of present value of the construction cost by government investment, and the cost

is discounted to the first year during the construction period;

Cp: the sum of present value of the construction cost by private investment, and the cost is

discounted to the first year during the construction period;

Rt: nominal total revenue of the project at time t；

Kt: nominal operating cost (including asset maintained cost, asset replacement cost, salary,

change in net working capital, other cost, but not including land-use rent, royalty, interest

expense);

Bt: nominal land rent at time t;

Tc: marginal tax rate of the BOT project;

Dt: nominal tax expense of the private firm which is supposed to be un-levered at time t；

L: the sum of the present value of the part of construction cost which government agree to pay

in advance, L is included in Cg;

h: the first year for royalty-collection, n + 1 ≤ h ≤ N ;

θ : the royalty rate depends on the total revenue of the BOT project at hth year,

α:the annual growth rate of θ ;α>0 is increasing by growth ratio; α<0 is decreasing by

growth ratio; α=0 presents that the growth rate is constant. To keep the variable of royalty

is not negative value, variables of the α>-1, θ ≧0 and the other variables must be not

negative.

g : the multiplier of the total quantity of the BOT project at hth year,

φ : the annual growth rate of θ ; φ >0 is increasing by growth ratio; φ <0 is decreasing by

growth ratio; φ =0 presents that the growth rate is constant. Also to keep the variable of the

royalty is not negative value, we assume the variable of φ >-1,g≧0 and other variables

must not be negative.

Qt：quantity of the BOT project at time t；

A. Royalty which depends on the total revenue of the BOT project (Model I): the nominal

royalty is computed based on the variable of θ ;

B. Royalty which depends on the output of the BOT project (Model II): the nominal royalty

is computed based on the multiplier of g;

Suppose the concession period of BOT project consists the construction period ( t = 0 ~ n )

and the operation period ( t = n + 1 ~ N , t is year). And assume that government has no

affiliated business income, no joint develop income; also the government no subsidizes to the

private sector, and the salvage of fixed asset of the BOT project is not considered. After the

concession expires, the facility of the BOT project is free returned to the government. And

assume the planning cost of government is not considered. Also the royalty is not

tax-deductible. Such the BOT project is valuated by the WACC method. To explore this

royalty model in which depends on total revenue of the BOT project, we use the concept of

Figure 2 to develop this model, and the concept of the cash flow of BOT projects that is

valuated by WACC is shown in Figure 3.

Journal of the Eastern Asia Society for Transportation Studies, Vol.5, October, 2003

2924

Cgt

Government BOT project

Cpt Kt Rt

Bt+θ*(1+α)t*Rt + Dt

Concessionaire

of the total revenue of the BOT project

Concept of the Figure 3 shows that the investment funds source of the BOT project contains

the government investment and the private sectors investment. The construction cost resource

comes from government investment (Cgt) and private investment (Cpt). Private sector pay the

land-used rent, royalty and tax (that is Bt+θ(1+α)t Rt + Dt) to the government by operating

revenue and affiliated business income.

Let GCCR (government construction cost ratio) and PCCR (private construction cost

ratio) are government investment ratio in construction cost and private investment in

construction cost, respectively.

Cg Cg

GCCR = = (1)

C Cg + C p

Cp Cp

PCCR= = (2)

C Cg + C p

It can be calculated as C g = GCCR × C , C p = PCCR × C by Equations (1) and (2). Since

C g + C p = C , both sides of this equation divide by C then get GCCR + PCCR = 1 .

Considered variable of Cg, Cg is part of the construction cost which government agrees to pay.

L

Therefore Cg≧L, and ≤ GCCR ≤ 1 . Since GCCR + PCCR = 1 , so the upper and lower

C

bound value of PCCR is:

L

0 ≤ PCCR ≤ 1 − (3)

C

Equation (3) implies that the upper and lower bound value of the PCCR are affected by

variable of Cg and L. Assumed private sector used the NPV method to evaluate the BOT

project and used the WACC method to determine the cost of capital. Based on the concept of

Fig. 3 and Equations (1) and (2). The NPV p1 was defined as:

NPV p1 = NI − θ ⋅ fac p1 − PCCR ⋅ C (4)

where NI = ∑

N Rt − K t − Bt − Dt N

; fac p1 = ∑

(1 + α ) Rt ; r is the risk-adjusted cost of

t −h

t =0 (1 + r )

t

t =h (1 + r )t

capital of the project of the concessionaire, and r > i .

The weighted-average-cost-of-capital with corporate tax is:

B S

r = rB × (1 − Tc ) × ( ) + rs × ( ) (5)

S+B S+B

where rB is the cost of long-term debt of the BOT project for the private firm; rS is the cost

of equity of the BOT project for the private firm; B is the market value of the debt of the BOT

Journal of the Eastern Asia Society for Transportation Studies, Vol.5, October, 2003

2925

project for the private firm; S is the market value of the equity of the BOT project for the

private firm.

Although the private sector uses NPV p1 ≥ 0 rule to evaluate financial project of the BOT

project, the government will let NPV p1 be equal to 0, i.e. NPV p1 = 0 , because government

wants to get more royalty from the private sector to eliminate the profit premium of the

concessionaire. Therefore, setting Equation (4) equals 0, that is

NI − θ ⋅ fac p1 − PCCR ⋅ C = 0 . Then get θ ⋅ fac p1 = NI − PCCR ⋅ C . So the value of θ is:

θ = ( NI − PCCR ⋅ C ) / fac p1 (6)

Equation (6) shows that θ and PCCR exist negative relationship, θ and GCCR exist

positive relationship. This relationship implies that the more private sectors investment cost in

construction cost, the lower private sector willing to pay royalty to public sector. Since the

value of royalty should not be negative value so the ( NI − PCCR ⋅ C ) must be not negative

value, i.e. ( NI − PCCR ⋅ C ) ≥ 0 . So we can obtain the upper bounded value of the PCCR is:

1

PCCR ≤ ( NI ) (7)

C

From Equations (3) and (7), the interval value of the PCCR can be obtained:

L 1

0 ≤ PCCR ≤ min[1 − , ( NI )] (8)

C C

To keep equation (8) exist a solution, the NI must not negative value, that is NI ≧0. If

NI =0, then PCCR=0 and get θ =0, so the BOT project becomes the OT model

(operating-transfer approach). If NI <0, it implies that the operating revenue is deficit for the

BOT project, so the financial model proposed by this paper can not use to evaluate financial

project for BOT projects.

Towards to realize the financial recovery ability for government according the concept of

the Figure 3. We define GFRR (Government Finance Recovery Ratio) as the proportion of the

government income that can recover government investment. The government income

includes royalty, land-used rent, and tax to cover its investment cost. We use the GFRR index

to evaluate government’s financial ability but not SLR. And the GFRR was defined as

Equation (9).

GFRR=

1

Cg

[

ren + θ × fac p1 ] (9)

where ren = ∑

N

Bt + Dt N

; fac p1 = ∑

(1 + α )t − h Rt ; i is the interest rate of the government

t =0 (1 + i )t t =h (1 + r )t

bond.

Equation (9) shows that the GFRR and (ren + θ × fac p1 ) exist positive relationship. It infers

that the more of collection in royalty, tax, and land-used rent the higher of the GFRR index.

The GFRR is increasing when royalty is increasing; GFRR is decreasing when GCCR is

increasing.

Comparing SLR and GFRR, it is easy to understand that the SLR was just only used to

analyze the non-BOT or non-joint venture project, and the SLR can not describe the

relationship of between SLR and PCCR and between SLR and GCCR. But the GFRR can be

used to represent the characters of the financial project of the BOT project. Also it can be

Journal of the Eastern Asia Society for Transportation Studies, Vol.5, October, 2003

2926

provided us to find the value of the PCCR, GCCR, and royalty and to get the relationships

among the variables of PCCR, GCCR, GFRR, and royalty.

Use equations of the (1), (2), (6), (9), and GCCR + PCCR = 1 to solve the value of GFRR,

and we obtain the value of GFRR* :

fac g1

GFRR*= 1

ren + ( )( NI − PCCR × C ) (10)

C × (1 − PCCR ) fac p1

whereas PCCR ≠ 1 of equation (10). If PCCR=1, the GFRR can’t be computed by equation (9)

because the government investment is zero. Moreover, considered the GFFR association with

the minimum value by the legislation-regulated case. Let the GFRR0 be the minimum value of

GFRR, and GFRR0 will not be greater than 1, that is GFRR0 ∈ [0,1], GFRR ≥ GFRR0.

Use Equation (10) and GFRR0 ∈ [0,1] to solve GFRR, and we obtain Equation (11).

1 fac g1

ren + ( )( NI − PCCR × C ) ≧GFRR0 (11)

C × (1 − PCCR ) fac p1

Re-arranged the equation (11), the upper value of the PCCR is:

facg1

PCCR≦ ren + ( fac p1 )( NI ) − GFRR0 × C = X1 (12)

facg1

C × − GFRR0

fac

p1

Also, we use the Equations (8) and (12) to find the interval value of the PCCR is:

L 1

0 ≤ PCCR ≤ min[1 − , ( NI ), X 1 ] (13)

C C

Equation (13) shows that the lowest solution of PCCR is 0, the upper value of PCCR is the

L 1

minimum value of [1 − , ( NI ), X 1 ] under three conditions including the royalty value is

C C

not negative, GFRR has lower bounded value, and the government agree to bear the

proportion of construction cost of the BOT project.

To keep the equation (13) hold, value of the X1 of equation (13) must be not negative value,

fac g1

that is [ren + ( )( NI ) − GFRR0 × C ] ≧0。Use equation (13) and we obtain the value of

fac p1

GFRR0 is:

fac g1

GFRR0 ≦ (ren + ( )( NI )) / C =X2 (14)

fac p1

Equation (14) shows that the GFRR0 was affected by variables of the operating cost, project

revenue, land-used rent, tax, development fee, royalty, and construction cost. We obtain the

interval value of GFRR0 by equation (14) and GFRR0 ∈ [0,1], GFRR0 is:

0≦GFRR0≦min[1,X2] (15)

Equation (15) represents that the government finance recovery ratio, which was set by

government, must be considered the factors of the private sectors’ investment and minimum

lower bounded value of GFRR. Also, we get the PCCR* by equation (13), the PCCR* is:

L 1

PCCR*= min[1 − , ( NI ), X 1 ] (16)

C C

Since GCCR * + PCCR * = 1 , we use GCCR * + PCCR * = 1 and equation (16) can be easy to

obtain the GCCR * value; similarly, substituted the PCCR* value into the equations (10) and

Journal of the Eastern Asia Society for Transportation Studies, Vol.5, October, 2003

2927

(6), so we get the GFRR* and θ* value, respectively. The values of GFRR* and θ* are

following as equation (17) and (18), respectively.

fac g1

GFRR*= 1

ren + ( )( NI − PCCR * × C ) (17)

*

(

C × 1 − PCCR )fac p1

θ * = ( NI − PCCR * × C ) / fac p1 (18)

Equations (18) and (17) show that the GFRR* value was affected by variables of the royalty,

land-used rent, PCCR, and α. Also it infers that there exist the negative relationship between

θ* and private operating income despite the case of α>0, α<0, or α=0. The result of

equations (17) and (18) imply that the higher of the GFRR*, the more collection in the royalty,

land-used rent, and tax.

The result of model I shows that the government can easy to compute the PCCR*, GFRR*,

and annual royalty value under government has pre-set the lower value of government

financial recovery ratio for the BOT project.

The royalty-collection of model II depends on the output of the BOT project. Similarly, we

can use the concept of model I to develop the model II.

Suppose nominal annual royalty depends on the multiplier of the output of the BOT project.

Concept of the cash flow is shown in Figure 4. The difference between Figure 4 and Figure 3

is the value of the Bt+ g (1+ φ )tQt + Dt and the Bt+θ(1+α)t Rt + Dt. The other assumptions

for model II are the same with model I.

Cgt

Government BOT project

Cpt Kt Rt

t

Bt+ g (1+φ ) Qt + Dt

Concessionaire

on the multiplier g of output of the BOT project

We follow the conception of model I to construct the model II. Similarly, use the NPV method

to evaluate the financial project of the BOT project by private sector investment. Then

Equation (4) can be modified as equation (19):

NPV p 2 = NI − g × fac p 2 − PCCR × C (19)

where, fac p 2 = ∑ (1 + φ )

t −h

N

× Qt .

t =h (1 + r ) t

Let NPV p 2 =0, i.e. NI − g × fac p 2 − PCCR × C = 0 . Re-arranged it and we get

g * × fac p 2 = ( NI − PCCR × C ) , and the value of g * was shown as equation (20).

g * = ( NI − PCCR × C ) / fac p 2 (20)

Journal of the Eastern Asia Society for Transportation Studies, Vol.5, October, 2003

2928

Equation (20) shows that there exist the negative relationship between value of g* and Qt ,

and the positive relationship between value of g* and φ . Also we obtain the value of GFRR*,

GFRR0, PCCR*, and g* according to the procedure of developed model I, respectively. The

result of GFRR* was shown as equation (21),

1

GFRR*= [ren + ratio× (NI − PCCR× C)] (21)

C × (1 − PCCR)

The interval value of GFRR0 was shown as equation (22):

0≦GFRR0≦min[ 1, 1 [ren + ratio × NI ] ] (22)

C

N (1 + φ )t − h × Qt

∑

where ratio = t = h (1 + i )t . And we get the interval value of PCCR was shown as

N

(1 + φ )t − h × Qt

∑

t =h (1 + r )t

equation (23):

L 1

0 ≤ PCCR ≤ min[1 − , ( NI ), X 3 ] (23)

C C

ren + ratio × NI − GFRR0 × C

where, X3= .

C [ratio − GFRR0 ]

From equation (23) and PCCR*+GCCR*=1, therefore, we get the value of PCCR* was shown

as equation (24).

PCCR*= min[ 1－ L , NI / C , X3] (24)

C

The value of GFRR* and g*can be obtained according to the value of PCCR*. The result of the

GFRR* and g* were shown as equation (25) and (26), respectively:

GFRR* =

1

(

C 1 − PCCR*

)

[

ren+ ratio(NI − PCCR* × C) ] (25)

Journal of the Eastern Asia Society for Transportation Studies, Vol.5, October, 2003

2929

Model Variables Formula

*

Model I: Interval value of GFRR0 0≦GFRR0≦min[1,X2]

PCCR* L 1

min[1 − , ( NI ), X 1 ]

C C

GFRR* 1 fac g1

*

ren + ( )( NI − PCCR * × C )

(

C 1 − PCCR ) fac p1

Annual nominal royalty value

(1+α)t−h ×θ* ×Rt ( ( NI − PCCR * × C ) / fac p1 ) (1+α) Rt

t −h

C

C

GFRR* 1

[

ren+ ratio(NI − PCCR* ×C) ]

(

C 1− PCCR*

)

Annual nominal royalty value (( NI − PCCR * × C ) / fac p 2 )(1 + φ ) t − h Qt

(1+φ)t−h × g* ×Qt

In this paper, we explore the concept of financial cash flow of the non-BOT projects and the

BOT projects. Also, we use the financial engineering method to develop a new finance model

in which the value of GCCR, PCCR, ongoing royalty, and GFRR were obtained to modify the

drawbacks of SLR. The SLR has been used to evaluate financial project of BOT projects in

Taiwan. The result indicates that, from the viewpoint of the public sector, the SLR index, that

is BCA, cannot be used to evaluate financial project of the BOT project. Moreover, we find

the relationship among PCCR, GCCR, ongoing royalty, and GFRR. But the SLR cannot

provide the relationship of private-host utility.

The results of these two models show that the annual royalty value and GFRR* value of

model I and II are different in variables Qt × g * × (1 + φ )t − h and Rt × θ * × (1 + α )t − h . Also it shows

that there exists relationship among the PCCR, GCCR, ongoing royalty, and GFRR. The new

finance model for of the BOT project in this paper we have developed could be applied to the

BOT project practice.

Some issues of this paper can be explored for future study, (1) to develop finance model for

PCCR, GCCR, subsidy, and GFRR for BOT projects. Because the model in this paper cannot

be used to analyze operating revenue associate with deficit of the BOT project. (2) To

construct finance model of the BOT project according to the private sector’s viewpoint, and (3)

to develop bargain model of the royalty and the proportion of the construction cost for BOT

projects by using game theory or mathematical programming. To illustrate the model I and II,

the empirically case should be explored for future study.

Journal of the Eastern Asia Society for Transportation Studies, Vol.5, October, 2003

2930

ACKNOWLEDGMENTS

The authors would like to thank the National Science Council of the Republic of China for

financial supporting this research under Contract No. NSC90-2416-H-126-011.

REFERENCES

Shan-Ying Wu, (2002) Royalty Models for the BOT Projects of Transportation Infrastructure,

Master thesis of the Institute of Traffic and Transportation, National Chiao Tung University.

Chao-Chung Kang, Cheng-Min Feng, and Szu-Chi Huang, (2002) “Develop of the Royalty

Model of BOT Projects: The Lump sum case”, Proceedings of the 17th annual conference

for the Chinese Institute of Transportation, Taiwan, 66-74 (in Chinese).

Chao-Chung Kang, Cheng-Min Feng, and Szu-Chi Huang, (2003) “Develop of the BOT

Finance Model- the GFRR, PCCR, GCCR, and royalty Model”, Transportation Planning

Journal Quarterly, (in Chinese, forthcoming).

Projects Beyond Cost-Benefit Analysis. An Application to Barcelona’s 4th Ring Road”,

International Journal of Transport Economics, Vol. XXVIII, No. 3, 387-402.

Chang, L. M. and Chen, P. H., (2001) “BOT Financial Model: Taiwan High Speed Rail Case”,

Journal of Construction Engineering and Management, Vol. 127, No. 3, 214-222.

Daniel, J. I., (2002) “Benefit-Cost Analysis of Airport Infrastructure: the Case of Taxiways”,

Journal of Air Transportation Management, Vol. 8, 149-164.

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Finnerty, J. D., (1996) Project Financing: Asset-Based Financial Engineering. New York:

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Survey. London: Butterworths.

Lu, Y. C., Wu, Soushan, Chen, D. H., and Lin, Y.Y., (2000) “BOT Projects in Taiwan:

Financial Modeling Risk, Term Structure of Net Cash Flows, and Project at Risk Analysis”,

The Journal of Project Finance, 53-63.

Musgrave, R. A., (1959) The Theory of Public Financing- A Study in Public Economy.

London.

Walker, C. and Smith, A. J., (1995) Privatized Infrastructure: the Build Operate Transfer

Approach. Thomas Telford Publication, London.

Framework for BOT Power Projects in China”, The Journal of Project Finance, 56-67.

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Windsperger, J., (2001) “The Fee Structure in Franchising: A Property Rights View”,

Economic Letters, Vol. 73, 219-226.

Xing, W. and Wu, F. F., (2000, January) “Cost-Benefit Analysis of BOT Power Plants”,

Proceedings of the IEEE PES Winter Meeting, Singapore, 23-27.

Journal of the Eastern Asia Society for Transportation Studies, Vol.5, October, 2003

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