渤海海峡跨海通道工程建设周期长、投入大，工程投融资以及回报等是工程规划、设计和项目决策需要考虑的一个重要问题，也是项目建成后收费运营需要研究的一个现实问题。本文比较分析了国内外已有的跨海工程融资情况，提出渤海海峡跨海通道可采用建设-运营-移交（BOT）融资模式进行建设。该项目的内部报酬率约为9.63 %，高于社会一般折现率，说明该项目具有一定的投资价值，具有经济可行性。从收益的角度考虑，该工程是一个政府、民众、投资商等众多利益相关者“多赢”的项目。

The Bohai Strait cross-sea passage is a long period,large investment construction project. It's an important problem about the investment, financing, and the return on investment (ROI) of the project. This paper,comparative analysis of the existing cross- sea channels at home and abroad, puts forward that Bohai Strait cross-sea channel can take build-operate-transfer (BOT) financing mode. The internal rate of return (IRR) of this project is about 9.63 %, higher than the social discount rate commonly, which indicates that the project has economic feasibility. In terms of revenue, this is a "multi-win" project for the government, public, investors and many other stakeholders.

刘良忠（1975—），男，山东烟台市人，副教授，主要从事战略管理的教学与研究工作