大型体育场馆LBPF融资模式的风险和收益分析
Risk and Return of Large-Scale Stadium’s LBPF Financing Model

摘要：应用文献资料法、专家访谈法等研究方法对大型体育场馆融资模式的风险和收益进行研究。研究认为：LBPF融资模式下，大型体育场馆建设最重要的两大问题就是盈利和风险；由于大型体育场馆LBPF融资模式的特性，不确定的因素贯穿于整个项目的实施过程，与此同时，在项目的整个生命周期，对于风险的识别工作也应连续、动态地开展，其所有风险因素可分成宏观、中观、微观；在LBPF融资模式下，大型体育场馆项目的风险分担原则是：在保证项目经济平衡的前提下，考量各风险承担方（政府和经营伙伴）的风险承担及管理能力，并根据承担能力来分配项目风险；在大型体育场馆的策划决策阶段，面临的最重要任务是投融资，有关主体之间的博弈主要是政府部门和社会投资方之间的二者博弈。
Abstract: This paper analyzed risk and return of large-scale stadium’s LBPF financing model by the methods of literature review and expert interview. In LBPF financing model, profitability and risk of large-scale stadium are the two biggest problems. Because of large-scale stadium’s LBPF financing model characteristics, uncertain factors will be in the whole program implement process. So, risk identification work should be continued dynamically in the whole period. Risk factors can be divided to macro factor, middle factor, and micro factor. In LBPF financing model, risk share principles of large-scale stadium program include considering parties’ risk-taking and managing ability and allocating program risk under the economic balance precondition. In design and decision-making stage of large-scale stadium, the most important task is investment and financing, and subject gaming is between government and social investor