Michel Lyonnet du Moutier () (Université de Paris 10 Nanterre)
Abstract
(VF)Le BOT (Build-Operate-Transfer) est un type de financement sur projet (Project Finance) par lequel un concédant public donne à un opérateur privé le droit de réaliser une infrastructure, de la financer, de l’exploiter à ses risques et périls, avant de la lui rendre. L’article expose l’élaboration d’un modèle pour vérifier l’applicabilité de la grille de la théorie positive de l’agence à ce mode de financement original, peu étudié dans la littérature. Une application est faite sur le montage d’une autoroute à péage au Proche-Orient, avec un recueil de données mené grâce à une position d’insider.(VA)BOT (Build-Operate-Transfer) are specific project finance schemes by which a conceding authority grants a private operator the right to build, to finance and to operate an infrastructure, and to ultimately transfer it back to the grantor. The paper explains how to build a model aiming at verifying the relevance of positive agency theory for this original type of financing, not much studied in the financial literature. The conceptual framework is tested for the financing of a tolled-motorway in the Middle East, with data gathered thanks to an insider position.
Download Info
To download:
If you experience problems downloading a file, check if you have the
proper application to
view it first. Information about this may be contained
in the File-Format links below. In case of further problems read
the IDEAS help
page. Note that these files are not on the IDEAS
site. Please be patient as the files may be large.
Volume (Year): 7 (2004) Issue (Month): 3 (September) Pages: 147-168 Download reference. The following formats are available: HTML
(with abstract),
plain text
(with abstract),
BibTeX,
RIS (EndNote, RefMan, ProCite),
ReDIF