" % 89: C52, G32,G38,R51,R40: JEL. Downloaded from mieaoi.ir at 8: on Saturday January 26th "" ) d " EPC. - ) bc 7)* +, N + > > f

Transcription

1 / " # % 7 % _ ( ) ) ( # (! ) #! /06/07: 1397/02/25: " % / " )* +, - ". / +""# " + " 012 / " # %! (# " 6 "6 ; <!#!= > # 8 9# / + : / / )* +, 3 % # #+ 4 0@!. 7A 9B! 9 4 A+C :D 02 7? / +# / " BF +# G HI 4 A>. > +# 9 + / )* +, +# JB+ K L I""C " "# M""1= N"" " (# / A> 1 # + / + 7 QR )* +,!= 7N ( + )/+ 0 <H <1 / )* +, Y "2UZ /?(1 # WX 7NV+B + +# "/ T 1, +V = 5 # - )> -U2 T +10 7/ JB! +"" 7 " + >"" 7>"" + >"" 4!= B+;R #! V R!; %! 5 +, G +Z 4-4[ 1""\ 7AHPM"" T Expert Choice 9""V -+"" M""1= "# 7>"" # " +"" "# Q;+"" / + H 2!# + / )* +, +# +K 0C BF 12 ] + /" _/+ B: 1% +# +K / ^ ("" # 7W " V < " N +!#!= > > +B /> #N + / )* +, (# / +# % "R : H / JB! + N 001 # - 7W 4 7` +V 7 BOT,LC Buy Back <# H "..N""V+B +"" < 0I )> +B! H )> <C a # + / + 7 QR Q +,.> > +"" ) d " EPC T 1, +V = 7!C+2 [ ^V 7 +bc F, / +# > G HI.+B )* +, 7 (# Eshtehardian@modares.ac.ir M.Hajiani@modares.ac.ir Davood_sor@yahoo.com 7 7/> #N : " C52, G32,G38,R51,R40: JEL 89: f > N #+ ) bc 7NR )* +, N + > ) +B f > N #+ ) bc 7NR )* +, N + > > f - ) bc 7)* +, N + > > f.1 =.2 =.3

2 B "G E < 3 F 3!E /...@ <= >" " -. N Q?!^ NR > c= 0D.N"" +# <T""c "# "0D " )* +"", " " " ".N N )> 2 +# 9 )* +, "# N"" b >""H ";1= <T""c "# 0D /. / N=+ 7 c= (1394 7) 4: ) / +""# 9"" ) - 1 ) # >I b >H J / ) = (@H.> ; +B > " A >"" G""HI / ".(1396 7/ "Hd i).n!v+c!# +H 012 N=+ / +""# 7 "H %!^ :c! +#!I [ 7 0= / N /+! 20 4 > :c6 +""\ >""C 8! " Q"" / % >!# # o!# / l b " # (""@ q1 N />? - o ruc 7! +#,/ l >C 34 (1395 7/ d@% ). # > R R+# N 4 :c! +#,l! # (# " ";1= +b A+Z 4 NR + 4 / )* +,!#!^ l / c= 4!#! # NR " + 4 / " )* +, > > +B 7 )* +, b >H <;H / +# V=!^"" / " r+z / +""#)+ # " " N + >"" "C %R 5 # 4 /+ B)+ # +# " Q +"" >"" +"": "R 79=+1 + s )>12 < [ 4. ( #) +B 9=+1 /4 " C %R+#!^"" l " "c= 9V 4 > = 7!^ l / c= 4 / # "# " f " +""#.( b 4+V) N ) # C %R 5 #!# Y t / JB " ) b # N 1 # )> q, 8 9# / )* +, N )> +B C %R / )* +,!^ >"" +B +"" N"" HV "# )* +"", "c / M +# +# : H /!1 # u!v 4 NR " + 4!^"" "C %R 5"" # 7 G#!#! #!=.(1999 7W= V) 5"" # " >"" +B < 2 w 1..(1999 7U +,) N ) # + = # 5 #! " / ) + B N= c N ) # 5 # R +# G#!= 4# C %R.( T )> # w " 4) d T % # NR + 4 / )* +, N 1!# N 2 # + w!#! # 7 )* +, / "= (EPCT+F ) +"" 7 Q""R )* +, "# / +""\ 7)* +"", x""0 = Y >!#+. )> )> T 1, + 9 "? " # r+""z " / +""# " (# / 5 6 < [ # 1\!= > +o / " )* +, 1 Y u )* +, G V ->2 G V!# N; /> #N +"" 1= - " # "# " (# " " + +# - B (/+ 0 / )* +,)!# c )>"" - ". Y H HI /+o ; + # > # 5 F, J.> #!# + c # c #+K

3 " # % ) d # B+;R := #?7 )b 4 + / )* +, / BF ] + 1\ Y #+. #!0C a WX 7) += /> #N Expert Choice 9V -+ AHP M T 4.: / + 7 QR H"8. " 4 0 (# "0= + % M > # 75 F, 12-0C N0T +4 I 9 / 7 M T N 1!#! # 1 G;Z!CUR Z!#.:!v.> c= + %!# 1<T )* +,

4 B "G E < 3 = KKKKKK KKKKKK KKKKKK F 3!E /...@ <KKKKKK M T / )* +, "( )* " # ppp +./,%- 0,%- 1 23,%- 4( / 5 ) % ) 5 *! + "/. %7 9: 4# 61 3 % / 8 ( 3 %/ " # *2 % / >". 64 L"KKKKKK!8 :1 > KKKKKK! % <=

5 " # % H"8. "N" "# "= "? 4 / >^!CUR 7N! V+B -. )* +,! 4 / 4 / 5 F, :N )>!v! > y + G HI w \ )>"" +# B + / )* +, z / +T (1388) ) ru""c " q1 7! " )* +, N=+ M 4 c= M += > T + (1389) "0 0.N"" ) "c, 9 /4 )+ Ri z +> R N""d N^ "C / JB! +"" / +""# "R " z"" / ) " /> #!;!# R 5 F, U / 1 / " - 7/ "; 2 { "@R FDI 7BOT 7<""# H ("" # +!#! R +, + / J""B " z"" " - "o # " 4.N ) c, W 4 W V 7 1u (1391) " ; G"" HI +"" / +# b!v C %R 5 #!# N R + 4 / )* +, N"" ) +""= " +# "R / J""B! +"" J Y 9 (1392)/+.N 5"" # N= "c / +""# "uv > = N +12! # / )* +,!= ) c, / J""B! +"" J / 5 6. : +V R / JB! + J N + C %R " )>"" "c, " +# (1394) "u V Q"" H +o 4 + c= R. " : +""V > c=!=! + / +# U ` H > +B +A d Q;+ :N"" )!v T R / JB! + +# : +I Y +K +# 1\ (1395) d0 +""= N"" R -3 7 "C %R 5"" # "# R / JB! + >, -27 M 5 =-1. R! + J N Q + /4 )? N N"" ) += U 6!= > c 6 /F + (2012) M Y /*+"" / JB! +"" 4 "; =+ 7"H@ i "d? N"" "# / "% >"" ""d / +# Q"" 7)* +, c= M N 1= 7 +.> -. 5 /4 / U "c= M"" " Y +@R > c c 5 F,.N (2014) #!C < 1!# 7 )* +, z + Q+ w <# Y +K A T B. ) 0I Y!# /+ c # Y R )>! = /9=+ N N R 4 )>! < 2 +: M < / )4 z : T +# (2016) " +# w "\ " B > M"" + / +# : H ) +B!!# )* +, M 9 +# "c, " +# (2016) " "c += Q JB! + 4 N 1 9.N ) += 9"" )* +"", G"" +Z 4 7N"" +""# ) U""2 7> x ^\ R +o 4!= / c= )> "= N"" " V+B ". (2016) " = + 6 N"". " ) J""B! +"" "# "u

6 B "G E < 3 F 3!E /...@ <= >". 66! " ;! +"" "= N"" " 4) d +12 / )* +, / +# + 4 M"" + )>"" ) +1"" +""# Y "H HI "= N +=i.f # T # : <} Y d ) B> 4!= 5 F,.> ) 1 +# (# w \ 3 R scope 4 "B N""d / " )* +, " " +""# + c # > ) 1 +# )* +, N + > +o "C %R N= "c 2 "!#?!= /+ / )* +, 3 %R ) # 9=+1 w "\ N"" 1 "# " "# 7< 1!#.> ) +T ) / T +B r+@ 12 - ". N2+"" N"" d = +""# [ #!# M1= A> # 5 F, 6 >c -. #N +B + +# 7+ B+;R M1= # / 7 + / )* +,. +B!v? / +# /> #N 7a!#! = 1374 /! Z + / )* +, / +# _N"" ) "# ? +}= >"" / JB! +"" 4 " G"" +Z l " >"" +V? "Z "= +""= +""c /! "c # "; " + <"" "# T " +""B 9b " 012 > "? "Z )>!v > 7 + / +# / +""#)+ # :!#! # /+ 0 :> = N ^; 2 <T (# 3 # + B5 >0 E < P Q4 r+z ) 4 += 012 Y #+. +# # 4 < > =J ) Z =J"" Y " 012 ( +"" "o "# N % Y 4 V / % / M1= c= / r+z R / +# /> > 001 # )> ~ Q + =J! c # / )* +,.> x 9 0; > +V >c 12 / b )* +, 4 <C / >? = <O= : 2 > 7 R S < + R S <

7 67 " )* +, " > " 1397 " # %! 9 >? V+Z ( )* +, # R + 4) + / )* +, w N!# "^ + " 4 )* +, / + / +# (# w \ ) ; l ^.> 1 Uu^ <Tc 6 H"8.? H"8. /. " "= " 4 +""b "# >"" +"" (/4! +o " G"" HI >"".(1389 7/ ) + J, Y C N 1 O G ^ ) G HI / A>!# # # G HI NR.N )> +B!v 3 /> #! " + I 4 ) # / +# = /!^ H HI A> I 4 G HI "cv> w " f " +# Y "H HI /> #!H;Z N! > #. + B / "2 d C "Y H HI _N"" Y "H HI w " "# G c / Y d 3 R / 9# / ^!# +\ l "} / +""# _>"" " d b " # :"" "# >"" + > M Y H HI +}=!T0#.(1389 7/ )> / +# = Y H HI / +# #+ 4 >12 / # Y H HI "H 7/ JB! +"" 7 " + >"" 7>"" + >"" 4 <T""c / "^ / "?!^ G"" HI B> =N=+ >^! 1 ) +B :..> # + # Q;+ / + G"" HI Y[ t"" ""# : H "" { ""; ( ""d =- d ""C ) G"" HI "# " ""#.( > ) 1.Methodology 2.Descriptive research

8 B "G E < 3 F 3!E /...@ H"8. # <= >". 68 :3 > 4 /!H;Z!# ( w \ B+;R) /?!^ 4 /! 1 V+B / +# :"". " ^ / +""#. +""= B+;R 7 QR )* +, T 1, ( + N=+ ) +V =!^ 3 " += "= "("@# ) l +V G +Z 4 > 1 +# G HI w \! 5 +, 9# #!=! 1.> > R ) d.. : += = l +V / +""# 50 ; +H :. V+B +o += = l +V / +V 5, 1 I!#! # 44 " 1 >""^ "# "@#!;"" I G;Z " l +V? /?!^.: " 4 " / "= x""0 Y "H;Z w \ ) B+;R 4 +d 50 >^ G@ 1 # +"" <12 yu < 0I! 9. / +# /?(1 < 1T +o 4! 5 +, 40 >^.> V+B

9 " # % +"" )* +"", / " "BF 1 ) 1"" " 5"" +, "= > #! 5 +, / G HI " " / " 7M"" ) 1"" " 5 +, a # -! 5 +, > > /> #N M"" T 4 />"" #N / +""# 7 " ) <"" 0I! 9. o!# G HI.> > /> #! _" 5"" +, " -+""V G"" +Z 4 )>"" /?(""1 Y "2UZ " ) _> > R ) d AHP M"" T l>"".n""v+b > R + < 0I! 9. Expert Choice 9V -+ 4 ) d # 1 A>""? 1 L@"" N"" " R+# L@"" " 4 "= N"" " ; +!0"" 0 N""R AHP 0""C / " ^? 2 L@"" 7( + / " )* +, " / /> #N # 4 ) >"" >"" R ) d?4 Y d / +T # /> #!; / +#!= N 1.> # + + / )* +, % / +T? 3 L@ G HI w \ B+;R 4 +d 10!#!v B+;R 4? G +Z 4 G HI! 5 +, ) d " " [!@# 4 3 %R > > R-. "+ 4 Y[ t!# >. 1 : R ({(n-m/2)/(m/2} 0.6! 5 +, >^ m.> ) N;} : l t + / +#!@# l t!#!= N / +V >^ n H"8. B T" 4< (3 1 1 ) : T!o U 34 B U A 13% T V +B / V< 52% B : 1 Y C!# /? /! 1 Y 2UZ > P< < :1 < 0% 35% 1.Goal!= X 30 P 7 X X X 50 P Y

10 B "G E < 3 34 B U F 3!E /...@ P< <= >". 70 < :2 < 3% X 3P 22% X % 27% X 10 5 X 10 P 34 B U Z 3 " P< 7 Y < :3 < 5% 0% 8% L7 "R L7 S < P P "R 43% 45% >8 > E 1 B5 B 4[ >". +"" +""o >"" " )* +, w )> r+z )4 1 ) 1! 5 +, ] > Y[ t! 5"" +, Y[ " ] >"" "BF )>"". + 4 l > r+!# :)* +, )4 :N ) 5 "6 "# / " )* +, 4 " / " BF ) "# /+ " 0 / )* +, 1 ) 1 ")* +"",")>"" >, 3 %R - 2 Y C!# BF 4 R+#!= N L \!# -4[.> JB " / +""# "BF " +"" ` >% + c # )>, ) b T > ` >% "" ^ ""BF +"" N"" 1 B> ""!; ""% 7Y+""T x"" Z ""# "=.>"" # "" )* +, "# l t"" ) 1 ) 1! 5 +, 4 N1 :)* +, = )4 (1l > ).> += +K " = )4 + / )* +, / BF N 1! ] + / +# Y+T x Z G@ (2 l > ).N )> ) d )* +, 2.Scope

11 " # % B5 " 5 " \ ] ^_ Xa S9 B 4[ :1 X G 4[ 3 < M ( )* +, / + / + Y ; +) )* +, / + " Y 9. w :! NR 6 a,!v N <! 4 C %R ^ 5 T 6 :. 7 = 9 8 )* +, / + <I / V +s NcB+# NV + )4 (... ) b )>.# 9 +V :. 10 >^7 QR G12 7 QR l Z) + 0C Y % c )4 : +I 4 /+ J,+ Kz 9 )9 (/* T) 6 )9, ) = 0 / )* +, )* +, / M 13 4 )* +, <= /! 9 /+ N+> V5 lh )* +, R 0^V + / )* +, NC+V /! 9 u w Nc )>. lz + / )* +, /4 Nd )>d ) + w 0R ) 4 # ƒ+ 5 ) ` l >"" ] >"" a "!CUR!#! #! [(l +V)!@# G;Z :1 ) 1! 5 +, 4 "R+# T " >"" # "; <# / 1 ) 1! c +, w 1. Y[ + 4 ( 4 1 3l > ).N l ; <# + D!= 5 = L@ Y[ # /+ J,M 17 18

12 B "G E B5 < 3 F 3!E /...@ " " \ ] ^_ <= S9 >". 72 B 4[ : 2X G Xa ` 4[ 3 < M +V = ; 2 )* +, 4 ) +B / + +V =!#+. )* +, 0C T 1, ; 2 )* +, 4 ) +B / + 0C T 1,!#+. )* +, / /> 2 4 / +#)+ # +#)+ # N=+!#+. )* +, = +# + / )* +, ^d i / JB+ Kz L@ N (N= c ) /+ J,5H C %R 5 # /+ J,5H N= c 9 Y t / +# /+ 0 / )* +, N # 0@!@ / N=+ /+ J,5H N= c 9! 6 a, 5 Nd Nc! ) (1 d 73 " ) Y X< c :3X G ! " Nd x Z G;Z ()* +, = )* +,))4! # l t ) 1! 5 +, l t +!# )> ), / >2 b 4 1 Z!= )> )> +, B>, 4 1Y+T N )>c ),!=! 5 +,!= L \ #.N )> )? +!# N )>c! V+B +o > # ) # < R b ^!= )>2? / +# 1.likert

13 " # % Xa B U O " < :4 < , -, -, -, -, -, -, -, -, -, -, -, -, -, -2, -, -, -, -, -, -, -, -, -, -, -, -, -, Average f g<% % # # 4 >". -4[ +"" / " )* +, " (# " / ) /> #N B!# / +# :"" / " BF 0!# (/> #N +K / ^ ) / BF!# 5H 1\ N " 5"" +, 4 <""C a < 0I! 9. + <12 yu #!0 +.! R +, " "# Y +"" s " V+B +o # 9. )4 +o > BF 28 w 1. 4 _1 ) 1 ::! =168 : 7*28=196 :1 )4 " +o > BF 28 w 1. 4 _1 ) 1! 5 +, 4 <C a < 0I! 9. "# 84 >2 V+B +o # >2 [ # Y ; I!#! # Y + s! V+B +o # 9. "1 N"" +""\ "# " #!= ) ; >? > %!= BF >^ _! 2

14 "G E < 3 F 3!E /...@ <"" R / " ^ "1= "; # / +# J N +# "# M"" ) 1""! 5 +, 4 BF 12 >^ Jb <= h" = 4 7 g] TOC i< j B5 Y X k 4 IRR 19 EC Type of Contract >" )> =< 1T / - B! [# 4 < >^ 74!# 84 >2 /+ B: 1%.(4 l > ) >? N B 4[ 4[ 3 < Xa 1 <= ( )* +, / + / ` B + Y ; +) )* +, / + " Internal Rate of Return Employer Credit + w 1 0R ) 4 # ƒ+ 2 +V = ; CD Construction Duration 12 SI Sanction Influence 21 CC Contractors credit 22 CRE Contractors Relevant Experience 25 GI 16 TPC 10 TCP Total commuted Passenger 7 TOG Amount type of Guarantee 24 SR Stakeholders Role ^d i / JB+ Kz L@ RT Riske Taking /+ J,M TOP Amount type of procurement Y 9. w : NPV Net Present Value 20 ERR Employers Relevant Reputation Government Involvement Total Project coast NR ) lz 4 : +I 4 /+ J,+ Kz 5 )* +, 0C T 1, ; 2 )* +, 4 ) +B /+ 6 0C T 1,!#+. N (N= c ) /+ J,5H )* +, <= /! NcB+# NV + u w /+ 9 :. :. )* +, R 0^V )* +, 4 ) +B 8 9 )>.# +V V =!#+. 16

15 " # % = < B / ) H"8. A ( h] B 4 :5X G B5 7 Y X k 4 F Finance W U Usance W4 2 LC Line of Credit / ; 2 3 B Bonds IL International loan BB Buy Back FDI Foreign Direct Investment BOT Build Operation Transfer g] /? 3< ` V 1!\+ ` 001 #Y 4 t / - <# H ( # i< j B5 h" R:H lh 6 / JB! + / +#)+ #7NR B 4[ L < :5 < = (4 l >"" ) 0""C "BF 12 ^!#! #!0 + :! 5 +, ( 4 -!0 +!; "% G +Z 4 7 (5 l > ) + / )* +, +T 8!#! # q1.> +B -. B+;R Q + )* +, / BF # 4! H 7! V R!1

16 B "G E < 3 F 3!E /...@ <= >". # 76 G R - ". " 4 Y H!#! # (5 1 ) =J l > 4 )> ] l > G;Z N 2 # 7 # )> +B a 1! 5 +, 4!= BF ) 4 / +# B+;R # 1! )> <T 9V -+ +R )>. / % :vu2!# EXPERT CHOICE # G R :4>

17 " # % EXPERT CHOICE # G R:4>

18 B "G E < 3 F 3!E /...@ B />"" #N""!# )* +, 4 B 4[ <= 0 Ec >". l G "? + K " 3 "%R <; Y IdC!= )>? N ># BF ) 4 <R > 4 / +# +o > /! 9B # > +B 2 /.: (5<T ) 12*8 W + "4L" i< B 4 B "k l :5> /" " +""# +K " / " "BF W + / 12!o U!6 N;"" "# "BF +"" 4 W + " " "HV / " " +K 4 ) +1!# / " 1!.N )> )? G HI )> +# /!# / 4 / " 1 (6 <T"" ) 9V -+ /+ B: 1% <R > /! 9B # 4! H (7 <T ).> # 9V -+ )> : 6 JB+ K l> 4 A +B

19 " # % # GP! 8 X # L m 4P P < :6 > < :7 > Priorities with respect to: Goal: best finance methode TOC IIR EC CD SI CC CRE GI TPC TCP TOG SR Inconsistency = 0.05 with 0 missing judgments (3 7 SR 5!# QR )* +, N )> +B "1.N""V+B >"" R +"" / = <""%V < 0I!#+. )* +, < k= _ 2 9 Y \+V )> +=i G HI 2!q 6 (# > +V!; 4 2 w \ WX V+^ )* +, % R!# > #!@#.> > R /+ B!. :., 3 Q""R )* +, + c= /+ M ( +"" ) " +"" /+ " "001 # "% )> +# N1 - ". EPC Y "C!# )* +, > = ) H"8. 7 SR 5 V + 2 / + + U / Y # % f +# "?) N=+"" # V 1385/01/ N1 ^ / ;.> u!# T 1, N=+ +B +H Y HV +, N ) # QR )* +,

20 B "G E < 3!# 7 QR + Y 012 / JB.> +B C / 1 N F 3!E /...@ <= >" ) ( ) > # w \ )+d 3 Y!# % ; ^ _ / +; Y o /9! +# N ^ Q T 1, N=+ 7 SR 5 k 5 37 "0 <H <1 c > N=+ :) c ( + )! T 1, N=+ : T 1, (! +V) + + /+ N=+ 75 F, N=+ : +V = + / )+ # > : T1, c 7 ] n ("" (w) 1 + y+ 4 ) b 25 +# <1 c + 0 = 27 l Z!# + / + 7 QR ) +""B 9# (Z "H 4 ";2 4 W"", w +"" ( "#+D " + ) > + `+!H@ 1"" >""? + " / d""c ) +B 9# (Z H! >1I > UI >"" U " ]+""# " = 4 ";2 > < =, JB #! V + s # Y "C "# + " Y " 012 <""=.>""# ", +"" +""D l 1 #?Y ^!H@ # /" "" =, M"" ( t1 + y+ ) > # ) B+ 1^ M )> +B QR )* +, NR + N L \!# -4[.(8 <T ) N )>! V+B +o ( #?Y ^ )QR "R w "!= )> +B JB T 1, N=+!# Epc-Turn key Y C!# N + o # c= 3 7 SR B O! "k < :8 >

21 " # % H"8. B 4[ I P 7 SR 5 = H"9_ > G HI l 4 V )* +, +# +K BF 28 w 1. 4 >!o U!6 6 " + Kz"" 6 l >"" "= > > + Kz 9 +[ # 9v BF 12 A>!^ 4 R+o (6 l > ).N )> )* +, BF 7 SR 5 = 3!# )* +,.>! 7 SR 5 = 1 / ; d + Kz 9 Y C )> +b / +# h] B 4[ ^ N : 6 X G H"9_ 4[ 3 < / + Y ; + 4 QR + + ; <!# (# > +V J )>c! JB )* +, / + " + w / + / + Y ; +) ( )* +, 1 0R ) 4 # ƒ+ 2 +V = ; 2 3 ^ ƒ+ c=!^ R + 4 )* +, - 12!# c 9 )* +, N # 0@ ^ 5 <T :! ^ 4 ->2 <!# 9 N! > ) +1!# B> = ^ /+ 0 / )* +, / + r+z ) 4 / +!#! # ; Y C!# BF + + N^ C [ Z > 6!!H# +! B5 N ) # (# > +V / 4 )> =.N ) ; G;@ +C!. JR 4 +K 2 BF ] > r+ <!# 1 N ) # +K # 7 QR )* +, ># )* +, 4 / 4 4 / ; N! A +% R!# f 10 NR ) > +V BF +# > 4 5 # d Y +K T ) # /+K ;2/ #+ 4 / )* +, / + ˆ 4 T 1, /! 9B 4 R+# N HV l ; ->2 ˆ2 # / x / BF.> > )* +, N )* +, # T 1, /+ > +V 7 QR )* +, / )> = > = + Kz BF.N!.N ) ; G;@ BF 0 )* +, +K 2 BF / l R ) # +K 0 / )* +, )* +, /> 0= 0C /+ Y >R / B #M 9 +K 4 ; Y C!# ^d i + Kz.> / + d lz ->2 <!# Q + +# # ^d i 2!# T 1, +V = 5H 4 V y+ c / 4+ N!# /+ 5H (- + ) Y >R 4 B> = ) d # 4 : +I 4 /+ J,+ Kz 5 )* +, 0C T 1, ; 2 6 0C T 1,!#+. )* +, 4 ) +B / + 7 (N= c ) /+ J,5H N 8 <= /! 9 )* +, ] > r+ <!# )* +, C %R 5 # N= c / NR + 4.N ) # + Kz # G;@ w \. #> 4 )4 # ` 9 )>.# +V NcB+# NV + u w :. ^d i / JB+ Kz L@

22 B "G E < 3 F 3!E /...@ <= >". 82 "4 "# BF 127> ) JB 5 +,!#!= "= >""2 5 "BF ) 4 w 1. 4 )4 +b BF Nd ")* +, = N"" " /" " 2!# 9""V -+"" " +R 7AHP M"" T # " )b 4 + / )* +, BF 28 w 1. 4 N +=i >> - 4 V / +# / 2 " )4 +K / BF / x < 8 q1.> # + Kz / " )* +, " B+;R 4. +o 4 W,!= > > /> #N.> +B!v 4 <T Expert Choice N"" )>"" )? Expert choice 9""V -+ " +R (4 <T"" ) Sam of prty!6 6 " / +""# 9""V -+ )> < 0I / # /> #N += /+ B!. 6 7>"" >"" R " R +, />"" #N " B>"" "6 4 "= " 4 "V 0 / )* +, ) "# /+[ # N / + 4 %18/7 # W V!= /+ B!. " + "1 "# - ";+ % 14/8 "# Buy Back <""# H # +T />^#!;+ : H " / JB! +"" N"" "001 # - 7W 4 " ` +""V 7 BOT,LC /.+B +!; R "# "0 / )* +, 7: +b # y+ c ) b M B+;R!^ < 0I! 9.!6 6 >""? " <""^d # ) H "# / " N"" V+ 9 c= / % Q+ V+B +o " +"" " "= +""B <C!. r+z )* +, 3 %R!= > # I )* +, W V /+ 0 / )* +, (# { "@R " "R W " V WX )* +, T R 4 H d0 +T M # )* +,.> 1 ) d )* +, Y = > 4 V!# / +# / ; 2 / " )* +"", " (# " / > +V +# )> % / B9 / JB+ K +b w \ " M"" 4 " "BF # " "V / J""B+ K " /+ J,+ K!= _> # /+ 0 l "1 T > # 1 )4 > M!#!# c 7 M Y C!# ^@ (# / > +V " 7> + JX# + K! JB + K > +V 4 / >^ M +# BF 4 / >^ M!=. +""T +"" s <"" "# "= N"" 1 % /> #!; 4!= /+b!. / " 4 "001 # ("" / % " N ^\ M 4! /! # Y ;2 /!# < 1 > # / 4 ; 2 > 4 2!#!= )* +, #+ 4 )* +, 7+b

23 83 w "!= > " # % ++ J, T.> # )* +, 0= Z!#.> # I )* +, / )* +,? (# 1u 7? / + / + Y ; + )* +, 3 7 SR c o 9_ 4 "R+# / "001 # / " : +I 4 " / " b "c= >"" N ^\ " ^@ 1 )>"" ˆ""2 # ( N )> TV! /! 9B 1 / = +B > +V 4 )* +"", " QR )* +, w \ > # / -B +# :D 02!= N " ) "; G""V R - +V = # + )> >H^ N )>? A+Z N;D " ^@ N )> /+ c # M <1I? Z JB! + )> =!= 4.> # w \ ; / > 9 /> #!; N ) # + 1= JB! + ;2 < >"";! cb )? /+ 0 / )* +, ( I )* +,) / )* +, Y 9!= +H " " W " V G"" +Z 4 +# +b A ^ / + Y HV x ^!# " c= " 0^V Q +"". >"" HV " " " " 0^V Q +"" > " # "T "R N"" HV ->""2 4 N""V +# / +# ( 001 # YU ^ Q# +# : +I + Kz Q+ ) "# " )* +, +B "R / " +# "T # N # -+ [ #+ 4 / )* +, x N"" " + +"" B: 1""% "= w "\ " NR +, ( (V N H. " / JB! +"" +K " ^d i N! + 4# T #,: + b# Y C N -4[!= > # > +: )* +, 4 ) +B H"8. # " (# " " / " +T "# / " 4 " ; Y "d "= "!#! - ". + " " c= + / )* +, (# -. <;H G HI / N >I 4 +b T.N ) # +# ^ <Tc # " 4 " H! 5 +,? / ;!= +6 N ) # -! 5 +, >. # +# 4 #!= N ) # 9V -+ ^ ] / +# 1.Works Flow B. # G HI ^ / > +V > =-. = # b %R4 ) d

24 B "G E < 3 F 3!E /...@ Z U"" " " / " 9# G"" +Z 4 <= BH"8. >". 84 N" + / )* +,. T.y TC ` + Y ; + < +# (1 +V > " #+ 4 / " )* +, "I )* +"", /? (2.+ q1 / " )* +, "I )* +, 0 ^ V+Z # M! # : % (3. + PM ^d i N + > )4 +#! T # + / )* +, )* +, ^d i N + > (٤.Book

25 " # " 7" " )* +"", " " " / " ) " +# / +"" " 0 ^1, +, 7 U Nc ; o!^! [ W +d = "B + / " )* +"", " " " +""T " +# "(1388) 7) T.2 N=+ " ", " " X "B + / " )* +"", / = 7(IPP)`+# )> => <H.f > N #+ ) bc NR )* +, N + > > = 6 "6 V % Y > 2 # T / JB! + ` c +Z "(1379) -7 Œ?.3 Y+ > )>Tc N+> > =!, ( HV 4 # G;@ )! + 4 #.(w)` C - ) bc 7(1389)> ^"" 7 />""1I d@""% 7 " l " 4 _ V + 7W1 ruv. >1I U"" / " 1 Nd N^ C / JB! + / +# R z / ) /> #!; Y + >"" "1= Y 0%V. ; +!0 0 < 0I 4) d # C 72 ) 1.N + > 1= ^ "C ) b""c Y "c " AHP "; +!0"" 0 <"" 0I >"" +V"13817, > ;=+ U""!^"" M # 4 + ) d (1395).)+ 7) 4+ % 9 +, 7) 4:.6 " # 714 ) 1"" 7 U"" / >""T # "% ! 0%V 7 R + 4 / )* +, C "K? "H N"" (1396).- " 7> : +#.` C>1I 7+V 4?.>1I + 7/ Hd.7 "% ". + - "102! 0""%V 7) " y T""C G"" +Z 4 /. N= C ) 1 7 U / >T # >"" 4 " 7 +"" 7" "001 #, / 4 #" (1386)>1I 7 ;.8.(N1 ) ) bc - 02 = "R / J""B! + (# z.(1392).: B + +2 _4 + # W1 _ 02 /+.9,2 ) 1"",:""T l " 7/ "% " / " N"". Y > 7Y 9 7 ; 43-84C 7" " / " " 4 # "; "7(1376) <""T 7/+""V "T +V 7 0.M +V 7/4 ;V.10.) Y c 7 + 7l >0 7 )>;2 > :: +

26 B "G E < 3 " 44 <""C / " "# F 3!E /...@ <= >". 86 "B _ " " N + >"" "/ F +b 2 + # > ^ 7 I V.11 / 02 -, + V l Ž 6 7 dc " " (# " " /4 " " # 12 T 1, 5H +# (1386). b 4+V ) bc NR )* +, N + > > =!,7 + d / )* +, 7 +"" 7" ". " 9# 7: "d 7 " 7(1390) 7 +#! %^ 02 7w V.13 Y c (1394). >R M / >R V _.: +# ) 4 H _ ; -UD T6 u V.14 ` "H 5 F"",! 0""%V 7 +"" ` "H "R " z"" / = ( +# C 711 ) 1.3 %R " W +""d = _ / 9# b +Z _. ++# )F = ) l> "7 (1388).l ; /+=./> 7 +"" BOT / )* +, / +# 4 + ;=+ ^ C ) bc NR N + > > W +d = :c! +# +# > = # c=!^ /! +# +# / + (1396). >1I > 7/ d@%.17 ". + - "102! 0""%V 7 U"" "% # Q;+ / R R+# ^ #?! H C # 718 ) 1 7 U / >T # % N= "c "# " " " "?"(1389)/ " +V 7 /> / / +!! 5 1 " /+ / )* +, C %R 12 4 " 7 +"" "/ " V - " NR ".(1386) 02 > 7.19.(N1 ) ) bc - 02 = > 0 " " " - o : C % 12 N= c ">1 7(1388 )/ +V 7 ;.20!^"" W +""d = " C %R 5 #!# 0I /9=+ R + 4 / )* +, / JB 1388 Nc ; 7 -o : +""I / >"", Y +""K " +#.(1395).!1Z V,`>% _!1Z V, 1 = \ _+, d0.21 y ;.: +I d Y +K 5 = # H %!@# + R / JB! + +# 1-10C,2 ) 1,- l 22. Akbiyiki, R. Eaton,D. Turner, A. (2000) Project Finance and the Private Finance Initiative (PFI) Journal of Structured Finances, vol. 12. pp.67, Bhattacharaya, A. B. (2002), Project Finance Power Plant in Mexico, master of Science Dissertation in law, Montreal, Canada

27 " # % 24. Byoun, S., Xu, Z. (2014). Contracts, governance, and country risk in project finance:theory and evidenc. Journal of Corporate Finance,No 26. Pages Chirkunova, E.K.,Kireeva, E. E., Kornilova, A. D., Pschenichnikova, J. S. (2016). Research of instruments for financing of innovation and investment construction projects. Procedia Engineering,No 153. Pages Eiris. (2006),Project Finance : A Sustainable Future, SEE Risk Briefing, (Ethical Investment Research Services.) 27. Farrel,H and Beresfor, CH(2009), Public private partnership understanding monument, page, Fight,A.(2006) Introduction To Project Financing,Great Britannia.Elsevier 29. Fox,J Tott,N.(1999). The PFI hand book, Bristol, Herbert Smith Jordan Publishing Ltd 30. Gorshkov, R., Epifanov, V. (2016). The mechanism of the project financing in the construction of underground structures. Procedia Engineering, No165.pages Hoffman, s.l.(2007). The Law Business of International Project Finance (3rd ed) Cambridge University PRESS. 32. Kean,F. R.(1995), Corporate Finance, us, Blackwell 33. Krishnamurthy V. Subramanian, Frederick Tung,(2016). Law and Project Finance, In Journal of Financial Intermediation, Volume 25, 2016, Pages Merton, C. Robert (2004)"The DESING OF Financial System: Towards a Synthesis of Function and structure." 35. Nevitt,P. K. Fabozzi, F.J.(2000), Project Financing(1st ed), England. Euro money Books. 36. Priseilla, A.(1999). Project Finance In Developing countries, Washington DC.IFC, NO , Number,7. Great Britannia.Elsevier. 37. William,C.(2007) Research Methods, Journal of Business Economic Research, March2007, Volume5.Number3 38. Wojtek M. Wolfe(2013), Chinas Strategic Hedging, In Orbis, Volume 57, Issue 2, 2013, Pages Yescombe, E. R. (2002) Principles of Project Finance, London. Academic Press,

28 B "G E < 3 F 3!E /...@ <= >". 88