| Abstract | 第5页 |
| 1 Introduction | 第9-22页 |
| 1.1 Background of the problem | 第9-11页 |
| 1.2 Statement of the problem | 第11-19页 |
| 1.2.1 Theoretical problem | 第11-12页 |
| 1.2.2 Practical context of the problem for the Republic of Belarus | 第12-19页 |
| 1.3. Objectives of the study | 第19-22页 |
| 1.3.1 Purpose of the study | 第19页 |
| 1.3.2 Object of the study | 第19页 |
| 1.3.3 Research strategy | 第19-22页 |
| 2 Literature review | 第22-55页 |
| 2.1 Theoretical basis of PPP and its application in the highway infrastructure | 第22-38页 |
| 2.1.1 Essence, characteristics and principles of PPP | 第22-27页 |
| 2.1.2 Participants of PPP and scope of its application | 第27-30页 |
| 2.1.3 Types and forms of PPP for highway infrastructure | 第30-38页 |
| 2.2 Highway infrastructure project financing under condition of PPP | 第38-53页 |
| 2.2.1 Highway infrastructure project and project company | 第38-43页 |
| 2.2.2 Funding approach of the PPP project | 第43-48页 |
| 2.2.3 Capital structure of the project company | 第48-49页 |
| 2.2.4 Sources of capital for the PPP project | 第49-52页 |
| 2.2.5 Contractual nature of project financing | 第52-53页 |
| 2.3 Summary of the literate review | 第53-55页 |
| 3 The strategy of raising capital for the highway infrastructure project under PPP | 第55-69页 |
| 3.1 Influence of characteristics of highway infrastructure proj ects and conditions of PPP on raising capital | 第55-59页 |
| 3.1.1 Obstacles of raising capital for highway infrastructure projects | 第55-57页 |
| 3.1.2 Mitigation of investment environment under PPP | 第57-59页 |
| 3.2 The basis and principles of the strategy of the project company | 第59-61页 |
| 3.2.1 Life cycle of the PPP project as the basis for the strategy of raising capital 51 | 第59-61页 |
| 3.2.2 Principles of the strategy | 第61页 |
| 3.3 The strategy of raising capital for the project | 第61-67页 |
| 3.4 Summary of the chapter | 第67-69页 |
| 4 Financial instruments for the strategy | 第69-98页 |
| 4.1 Interaction of the participants of the PPP highway infrastructure project during capital raising process | 第69-78页 |
| 4.1.1 The key sources of the project capital | 第69-75页 |
| 4.1.2 Bank lending of the PPP highway infrastructure project under the conditions of the state assistance in the lending process | 第75-78页 |
| 4.2 Economic and mathematical model of bank lending attraction to financing of the projects under the conditions of PPP subject to the equity of the sponsors and budget financing | 第78-95页 |
| 4.2.1 Statement of the problem and hypothesis | 第78-79页 |
| 4.2.2 Modeling object, objective function and optimality criterion | 第79-80页 |
| 4.2.3 Model building | 第80-88页 |
| 4.2.4 Mathematical verification of the model | 第88-95页 |
| 4.3 Summary of the chapter | 第95-98页 |
| 5 Case study of the PPP project in highway infrastructure of the Republic of Belarus | 第98-137页 |
| 5.1 The framework of PPP in the Republic of Belarus | 第98-104页 |
| 5.1.1 Investors'motives for investment in the Republic of Belarus and their benefits | 第98-99页 |
| 5.1.2 Concerns of investment in the republic of Belarus | 第99-100页 |
| 5.1.3 Actions of the Belarusian authorities for overcoming PPP issues | 第100-103页 |
| 5.1.4 Summary | 第103-104页 |
| 5.2 Case study of a PPP project in the Republic of Belarus | 第104-125页 |
| 5.2.1 Background of the project | 第104-105页 |
| 5.2.2 Project description | 第105-107页 |
| 5.2.3 Partnership arrangement | 第107-111页 |
| 5.2.4 Project development | 第111-115页 |
| 5.2.5 Project operation | 第115-119页 |
| 5.2.6 Funding and financing of the project | 第119-121页 |
| 5.2.7 Project results and learned lessons | 第121-125页 |
| 5.3 Optimization of BelToll project financing by the strategy of capital raising and its financial instruments | 第125-134页 |
| 5.3.1 Analysis of the BelToll project financing plan | 第126-129页 |
| 5.3.2 Optimized option of the BelToll project financing | 第129-131页 |
| 5.3.3 Comparison of options of capital raising for the BelToll project | 第131-134页 |
| 5.4 Summary of the chapter | 第134-137页 |
| 6 Conclusion | 第137-149页 |
| 6.1 Research findings | 第137-145页 |
| 6.1.1 Course of research and obtained results | 第137-142页 |
| 6.1.2 Summary of research findings | 第142-143页 |
| 6.1.3 Author's contribution, limitation and application of the findings | 第143-145页 |
| 6.2 Application of the research result in the Republic of Belarus | 第145-147页 |
| 6.3 Future research | 第147-149页 |
| Summary of the Originalities | 第149-150页 |
| References | 第150-158页 |
| Appendix A Main project types | 第158-159页 |
| Appendix B Infrastructure projects by primary sectors | 第159-161页 |
| Appendix C Investments into economy of the Republic of Belarus | 第161-163页 |
| Appendix D Weighted average costs of capital | 第163-166页 |
| Appendix E Data for mathematical analysis of the model | 第166-167页 |
| Appendix F Calculation for mathematical verification of the model | 第167-175页 |
| Appendix G Data validation for the mathematical verification of the model | 第175-176页 |
| Appendix H Verification of the model in case of decrease of project company's income | 第176-182页 |
| Appendix I Preferences of the project BelToll | 第182-183页 |
| Appendix J Planned and actual stretch of the roads for BelToll project | 第183-184页 |
| Appendix K Current accounts for servicing of the project cash flows | 第184-185页 |
| Appendix L Financial flows of ETC-system | 第185-186页 |
| Appendix M BelToll project implementation schedule | 第186-188页 |
| Appendix N Schedule disbursement of capital for BelToll project | 第188-190页 |
| Appendix O Forecast and distribution of income of the BelToll project | 第190-192页 |
| Appendix P The government payments | 第192-194页 |
| Appendix Q Budget design for the BelToll project | 第194-195页 |
| Appendix R Income analysis of the BelToll project | 第195-196页 |
| Appendix S Calculations of the BelToll project lending | 第196-197页 |
| Appendix T BelToll project budget with the optimized option of financing | 第197-198页 |
| Appendix U Income analysis of the BelToll proj ect with optimized funding | 第198-199页 |
| Appendix V Balance at the end of the accounting period in the proj ect budget | 第199-200页 |
| Appendix W Deviation of financial results of Beltoll project funding | 第200-202页 |
| Publications | 第202-203页 |
| Acknowledgement | 第203-204页 |
| Resume | 第204-206页 |
