在公共基础设施项目建设中引入BT模式能够极大缓解政府公共部门的财政压力,但却可能使其面临债务风险,解决的关键在于对BT项目进行有效的投资控制。由于BT项目控制权的转移与配置,使得项目治理结构出现了层次分解,进而在BT项目投资控制体系上呈现层次化的特征。在此基础上,以某地铁项目为例,利用扎根理论的研究方法,对投资控制体系不同层次的关键要素进行了进一步的识别,以充实和完善BT项目的投资控制体系,并以项目的契约治理层面的投资控制核心要素为重点,阐述了项目控制权与风险的耦合、合理的风险分担,以及回购方案对投资控制的影响机理。研究结果表明,BT项目的投资控制核心要素之间存在着复杂的关联性,政府公共部门需统筹考虑上述要素,构建合理高效的BT项目投资控制框架系统,实现其投资控制目标。上述研究结果将为政府公共部门的投资控制提供重要的决策依据。%It is well known that introduction of BT mode to the construction of public infrastructure can reduce financial pressure of government public sectors greatly, but it might make the public be exposed to the debt risks. The key of resolving this problem is to control the investment in BT project effectively. Due to the transfer and allocation of BT project control rights, the governance structure of BT projects can be decomposed hierarchically, which leads to some hierarchical features in the investment control system. Based on this hierarchical structure and a practical metro project example, the grounded theory was employed to identify key factors in the hierarchical structure for completeness and improvement of the investment control system. Furthermore, it studied the influence mechanism of key factors on the investment control system, some factors located in the level of contractual governance were discussed with emphasis. The research results show that those critical factors been discussed above have complicated relevance, which should be considered comprehensively by the public in order to build an effective investment control system and accomplish the objective of investment control. The research provides an important decision-making guideline for the project investment control of public sectors.
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