本科毕业论文（设计）外 文 翻 译原文：The Financial Risks in BOT Projects.In this research, financial risks are considered as the risks that have a negative impact on the cash flows of the financial plan in a way that endangers projects viability or limits profitability. It includes about several levels of Market-rooted risks.Loan riskThe loans granted to the concessionaire to fund the construction of a BOT project can be of several types; short- or long-term loans, with fixed or floating interest rate, with simple or compound interest. The type of the loan, the cost, which includes all necessary costs to take it out and the interest rates to repay it and any necessary specific provisions are included in the specific loan system that governs the whole lifecycle of the project.The appropriate percentage of loans to the overall funding plan is a function of many parameters including, among others, considerations of conflicting interests between the lenders and the borrowers, credibility of the lending organizations and the borrowers, ability for additional loans or renewal of the existing ones and safety of the debt amortization schedule.A non-protected loan system against all risks would discourage potential lenders from funding the project in the first place or would force them to take extra security measures for their investment with a consequent overburden of the total costs. Difficulties of the concessionaire in serving the debt of loans can cause imposition of heavier loan conditions such as additional guarantees, stricter supervision measures, higher interest rates, faster debt amortization, restrictions in dividends and stricter requirements for balanced liquidity. In extreme cases, lenders could even claim to undertake the project.Fall of demand The demand for the product or service offered by a BOT project is not guaranteed. The future preference by the end-users may be adversely affected by several parameters. The economic environment is one of the most important of them. An increase of the inflation or a devaluation of the currency reduce the purchasing ability of the users and, therefore, diminish demand. The guarantees provided through the off-take agreement only partially cover the concessionaire if the existing rate of return is rarely sufficient. The risk of the fall of the products or services demand is very important and should be confronted adequately.Competition risk Projects developed under the BOT scheme are usually serving public needs either individually or as parts of an infrastructure network. Satisfying such needs (energy, transportation, communication, etc.) is primarily a states responsibility, but there are great potential of involvement of private enterprises depending on the host countrys economic system. As a result, each market, depending upon different public needs, may be a monopoly, oligopoly or an open market. The fact that BOT projects are mainly large infrastructure projects most often renders the concession company a player in an oligopoly market with the consequent advantages (e.g. larger market share, few competitors) and disadvantages (e.g. pricing policy imposed by the market and tough competition). However, the case of the competition in an open market is equally possible. Therefore, at the planning, bidding and negotiation stage, it is absolutely necessary for the potential developers to:(1) identify correctly the markets competitive characteristics in order to determine the revenues for the services/products offered in the future; and(2) prepare a sound commercial package that will guarantee viability and profitability of the project. A thorough, detailed and faultless research on issues such as structure and size of the market, market shares, intention of competition, competitive advantages concerning quality, promotion, etc. results in a commercial appraisal of the project. This appraisal offers a sound base of arguments for guarantees in the negotiation stage concerning:(1) protection from competitive projects (including those in public ownership);(2) low rates of development and deficiencies of the public authorities planning; and finally(3) the projects viability and profitability.On the contrary, inefficient estimation of the competition issues jeopardizes the projects success.Taxation risk The tax rate is always an important factor for the realization of an investment. The concessionaire is interested in retaining a steady tax system for the whole lifecycle of the project. That can be achieved through special tax provisions that refer to foreign investments. Such provisions are common in developing countries in order to attract foreign funds to the national economy, and they include reduced tax rates for corporations, tax shields, etc. However, a steady tax regime for a period of more than 30 years is not always feasible. Because there is no particular tax treatment for certain investments, but different kind of pro