中文摘要：

BT项目的投资控制是一项多层次、多主体的复杂系统工程，而回购式契约是衔接公、私两类投资控制主体的重要节点，作为最终出资者的政府只能通过事前合理地设计回购式契约获得BT项目建设期间的特定控制权，因此，回购式契约是政府对BT项目进行投资控制的关键。基于这一事实，本文通过比较分析指出．项目治理理论中的“权责利对等”可作为BT项目回购式契约最优设计的基本原则，并探讨了政府如何依据该原则合理地定义回购式契约中的回购总价款（利）、风险分担（责）以及权利配置（权），从而得到有利于规范私人部门投资控制行为的BT项目回购式契约。研究结果在我国BT项目实践中的应用有利于改善BT项目的投资控制效果。

英文摘要：

The investment control of BT projects is a complex system characterized by multi - layer and multi - agent. However, the buy -back contract is the joint of the public investment controller and the private investment controller. As the end investor, the government can only obtain specific rights of control during its construction period through designing the buy - back contract rationally ex ante. Therefore, the buy - back contract is the key for the government to control the investment of BT projects. Based on this fact, this study points out that matching among right, responsibility and interest in the theory of project governance can be used as the principle to design the optimal buy - back contract. And then how the government determines the price of buy - back, allocates the risk and distributes the fight properly in the buy - back contract according to the above principle is explored, so the government can regulate the investment control behavior of the pri- vate sector. The application of the research results in the practices of BT project will help obtain good investment effect in China.