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摘 要
BOT 模式作为一种全新的融资和建设管理模式，在我国得到了积极推广。BOT 模
式运行过程中所有权归属不明、资产性质不清和负债确认难的问题，严重影响 BOT 项
目管理和政府清产核资。论文探讨了 BOT 项目资产性质与负债确认的金融资产兼无形
资产观。认为 BOT 项目运作以特许经营权为前提，特许经营权决定了 BOT 项目的资产
专用性。BOT 项目运作架构表明，产权理论、契约理论、资产专用理论和融资理论是
BOT 项目运作中项目公司正确确定 BOT 项目的资产性质与负债的理论依据。项目公司
中 BOT 项目的资产性质，在“B”阶段，融通资金时，项目公司的资产、负债、所有
者权益同时增加；项目建造时，BOT 项目所建造的资产所有权不属于项目公司，项目
公司将项目发包给他方不应确认建造服务收入，应当按照建造过程中支付的工程价款等
考虑合同规定分别确认为金融资产或无形资产。在“O”阶段，BOT 业务所建造基础设
施不应作为项目公司的固定资产；建造合同收入应当按照收取或应收对价的公允价值计
量，并分别以下情况在确认收入的同时，确认金融资产或无形资产。在“T”阶段，特
许经营期结束时，无形资产已经摊销完毕，资产账面净值为零，不再确认为资产。项目
公司中 BOT 项目的负债确认，在“B”阶段，如果是负债融资，根据借款期限分别计
入长期借款或者短期借款，若是权益融资，则计入股本（或实收资本）。在“O”阶段，
BOT 项目资产的实质决定了 BOT 项目资产性质的金融资产模式或无形资产模式，项目
公司自授权方取得资产时，应以其公允价值确认，未提供与获取该资产相关的服务前应
确认为一项负债。在“T”阶段，BOT 项目企业成为金融工具合同的一方时，应当随金
融资产账面净值归零而将金融负债归零。最后依据 BOT 项目的资产性质与负债确认的
理论分析，进行了案例研究，对实践中的 BOT 项目的资产性质与负债确认具有一定的
借鉴意义。

关键词：BOT 资产性质 负债确认ii
Abstract
BOT mode, as a new financing and construction management mode, has been
popularized in china. Ownership of assets of unknown, ambiguous nature and liabilities
difficult problems in BOT mode operation, serious impact on BOT project management and
government assets. This paper discusses the nature of assets and liabilities BOT project
confirmation of financial assets and intangible assets concept. Think BOT project operation
to franchise as the premise, the franchise decided the asset specificity of BOT project.
Operational architecture BOT project shows that, the property right theory, contract theory,
the special assets theory and financing theory is correct in the operation of BOT project item
company theoretical basis for determining the nature of assets and liabilities of the BOT
project. Asset nature of BOT project item company, in the B stage, financing, item
company's assets, liabilities, owner's equity and increase; during construction of the project,
the construction of BOT project ownership of assets do not belong to the item company, the
item company will projects to his party should not confirm construction service income,
should be paid in the course of construction in accordance with the provisions of the contract
project cost considerations are recognized as financial assets and intangible assets. In the O
stage, BOT business to build infrastructure should not be used as the fixed assets of the item
company; construction contract revenue should be in accordance with the received or
receivable for the price of the fair value measurement, and the following in the confirmation
of income at the same time, recognition of the financial asset or intangible assets. In the T
stage, the end of the concession period, intangible assets are amortized, the carrying amount
of the assets is zero, as no longer recognised assets. The BOT project item company in
liabilities, in the B stage, if the debt financing, according to the loan period included in
long-term borrowing or short term loan, if the equity financing, is credited to share capital (or
capital). In the O stage, real BOT project assets determines the nature of the BOT project
assets financial assets or intangible asset model, item company since the authorized party
acquired assets, it should be confirmed in its fair value, does not provide access to services
and the assets related to the former should be recognized as a liability. In the T stage, the
BOT project enterprise to become a party to a financial instrument, financial assets book
value shall be zero and the financial liabilities is zero. Finally, according to the nature of
assets and liabilities BOT project confirmation of the theoretical analysis, a case study, the
nature of assets and liabilities for the practice of BOT project that has a certain significance.
Keys：BOT Assets nature Liabilities identificating