Fifth, in property right, the property right of student apartments was owned by College A.
　　Sixth, in supervision method, (1) financial monitoring was performed by the Financial Monitoring Center of the logistics management committee of College A; (2) an evaluation mechanism was established for the supervision of service quality. The main function of the quality supervision center of the logistics management committee of College A was building a scientific, rational, and effective evaluation system in accordance with the scope of services and the requirements on service quality. On-site review, scoring system and questionnaire were used as evaluation methods; the principal part of evaluation comprised of logistics management departments, teachers, cadres and students. Students' satisfaction was one of important evaluation indexes. According to the feedback and verification from the quality supervision center, the operator was rewarded or punished by the logistics management committee through the financial center.
Seventh, in return on investment, within the limit of contract, a percentage of net income of student apartments was paid for investor each year.
　　4.Measurement of Economic Indexes of Student Apartments Established by College A
　　4.1.Measurement of total investment in construction of student apartments
　　Table 1: Estimate investment estimate of student apartments
　　
　　4.2.Measurement of annual gross income of student apartments
　　Table 2: Estimate gross income of student apartments
　　
　　
　　
　　4.3.Measurement of operating cost of student apartments
　　 Table 3: Estimate apartment cost of student apartments
　　
　　4.4.Measurement of cash flow of student apartments from construction to operation (discount rate was based on 6% of the comprehensive long-term loan interest rate (5.76) of commercial bank 2002)
　　Table 4: dynamic estimate Cash flow of student apartments
　　
　　4.5.Economic benefits evaluation of student apartments from construction to operation
　　Table 4 shows that in the static case capital cost was included, the investment of BOT Project Company can be returned in the 9th operational year of student apartments, and also profits can be made. Considering the intrinsic value of invests capital and under the condition discount rate is commercial bank interest rate (6%), input-output can basically reach the breakeven point in the 13th operational year of student apartments and investor begins to make surplus. After operation is expiry, student apartments can still be used for several decades, and school can acquire a few millions of income each year, thus beneficial for construction and development of school. For investor, charges from college student apartments are guaranteed and stable, so their enthusiasms are high in investment.
　　
　　5.Effect and Significance of the Application of BOT for College A
　　5.1.Effect
　　BOT model played an active and key role in construction and operation of student apartments of College A. In addition, it was applied by College A in the construction of student cafeteria, bathrooms, external reception center, swimming pool, and other operational projects, and also good economic and social benefits have been achieved.
　　5.2.Significance
　　First, the capital shortage of public construction projects can be solved by BOT. Second, direct financial burden and debt risk of government and public sector can be reduced. Third, an idea that non-governmental capital enters the construction of public projects is provided, realizing the diversification of investment subjects, financing options and investment channels of construction projects. Fourth, it is helpful for the establishment of scientific public project operation and management systems. Because the build-operate-transfer way is implemented in BOT model, investors will certainly implement market-oriented operation and scientific management on public projects and improve service quality for the motivation of investment return and capital appreciation. Simultaneously, if operator is entrusted by investor to operate and manage project, compensation, medical and other welfare expenditures on relevant management and working personnel can be saved for government.
　6.Acknowledgements
　　Fund Projects: This paper is supported by the Research Project of Henan Federation of Social Science Circles and Henan Federation of Economic Organization—Research on the Construction and Operation of Urban Infrastructure Investment and Financing Platform.
　　
　　7.References
　　[1]Adrian Hornbrook. Project Finance Yearbook 1994/1995. Euromoney Publications PLC, 1994
　　[2]Clifford Chance. Project Finance. IFR Publishing Ltd, 1991
　　[3]Peter K. Nevitt, Frank Fabozzi. Project Financing. Six Edition. Euromoney Publications PLC, 1995
　　[4]Robert Bruce, Bruce McKern, Ian Pollard, Michael Skully. Handbook Of Australian Corporate Finance. Fourth Edition, Butterworths Pty Limited, 1991 (责任编辑：南粤论文中心)转贴于南粤论文中心: http://www.nylw.net(南粤论文中心__代写代发论文_毕业论文带写_广州职称论文代发_广州论文网）