项目融资风险

Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,*,Project Finance and Credit Risk Management,项目融资及信贷风险管理,Project Finance Overview,项目融资简介,Credit Risks in Project Finance,项目融资中的信贷风险,Credit Risk Management(Financial Risks),信贷风险管理,(,财务风险,),Cash Flow Analysis,现金流分析,I(NPV and IRR,净现值和内部收益率,),Cash Flow Analysis,现金流分析,II(Individual Cash Flows,单个现金流,),Stress Testing/Simulation,压力测试,/,仿真模拟,Credit Risk Management(Political Risks),信贷风险管理,(,政治风险,),Table of Contents,目录,Project Finance Overview,项目融资概况,Basels Definition of PF(in short),项目融资的,Basel,定义,A simple cash-flow stream,简单的现金流量,The value of PF relies on,a simple cash-flow stream generated by a single project and the collateral value of the project assets:the source of the cash-flow may be a single buyer or consumers,.,项目融资的价值在于简单的现金流量产生于单一的项目，以及项目资产的抵押价值：现金流的来源可能是一个买家或者客户。,Non-or limited-recourse,没有资源或资源有限,An independent SPE is created to hold the project assets and to,integrate all legal contracts in an effective and efficient manner,for funding,building and operating a single purpose project.SPE is owned by one or a few sponsors and it is highly leveraged.,一个独立的项目公司建立的目的就是为了持有项目资产，集中所有法律合同进行有效和有效率的融资，建立和经营一个单一目的的项目。项目公司是被一个或者一些发起人拥有的，而且他的负债对资产比率很高。,Risk allocation,风险配置,PF is used for,large,complex,and expensive industrial facilities such as natural resources and infrastructure sectors,which involve a series of legal contracts in a vertical chain from input supplier to output purchaser.,项目融资被用于大型，复杂及昂贵的工业设备上，例如自然资源和基础建设部分，涉及到从原料提供商到产成品采购方的垂直链上的一系列法律合同,Based on:International Convergence of Capital Management and Capital Standards,BIS,2006,para 221,222,Why PF Structure?Sponsors Motivation,为什么使用项目融资结构？发起人的动机,Risk mitigation/Debt capacity,风险缓解,/,负债能力,By isolating the asset in a standalone project company,project finance reduces the possibility of risk contamination,the phenomenon whereby a failing asset drags an otherwise healthy sponsoring firm into distress.,发起人可以把资产放在一个独立的项目公司中，项目融资降低了风险的可能性，否则其他不良资产可能会导致整个公司都进入困境。,The sponsor can preserve corporate debt capacity.,发起人可以保障公司的借债能力,To create asset specific governance structure,可以建立明确的资产管理结构,Separate legal incorporation,which assumes a specific project and few growth options,reduces both the cost of monitoring managerial actions and assessing performance,and wasteful expenditures and sub-optimal reinvestment.,单独设立法人企业，各自承担一个项目，降低了各自的监管，评价成本，节约了浪费的费用，和次优再投资。,Deterrent against strategic behavior by the third parties,可以威慑第三方的战略行动,Sponsor can involve the critical parties for the project,including the public sector,as shareholders to prevent future conflict.,发起人可以把重要的合作方，例如公共部门纳入项目中，例如作为项目的股东，这样可以防止将来的冲突,By involving international banks and multilateral agencies whose interest is solely in cash-flow maximization by the project,the sponsor may prevent harmful action by the host government.,发起人可以把国际银行，国际代理纳入项目公司，他们的利益会由项目而达到最大化，这样发起人就有可能防止当地政府的有害行为,Based on:The Economic Motivations for Using Project Finance,Benjamin C.Esty,2003,PF vs.Corporate Finance,项目融资,vs.,公司金融,Project Finance,项目融资,Limited or non-recourse,资源有限或者没有资源,Simple cash-flow structure produced from one independent waste asset,由单一资产产生的单一现金流结构,High-leverage at beginning,but getting lower toward the end of the debt repayment,初期较高的财务杠杆，,但在债务偿付之后逐降低,Relatively a few layers of debt and equity structure(simple ownership),相对较少的债务和权益结构（单一所有权）,Applied to projects attaining a scale of economy,适用于达到规模经济的项目,Corporate Finance,公司金融,Full recourse,充足资源,Complicated cash-flow structure produced from a set of various,replaceable profit making projects,由一系列可替代的盈利项目产生的复杂的现金流结构,Leverage depends on a companys target capital structure,财务杠杆取决于公司的目标资本结构,Various layers of debt and equity structure(complicated ownership),较多层次的债券和权益结构（复杂的所有权）,Applied to all profit making business types,适用于所有盈利企业类型,Typical Structure of Conventional PF,典型的传统项目融资结构,Off-take purchaser,包销商,Input supplier,投入供应商,Operator,运营商,Project company,项目公司,(SPE),Contractors,承包商,Lenders,借款人,Sponsors,发起人,Central/local,Government,中央,/,地方政府,Concession,Authority,特许权许可,Insurers,保险公司,Shareholders Agreement,股东协议,Equity,所有者权益,Loan Agreement,借款合同,Debt,借款,Construction Agreement,建造合同,License/permit,专利权,/,许可权,Concession Agreement,特许权合同,Insurance,保险,Off-take agreement,包销协议,Supply agreement,供应合同,Operation/maintenance Agreement,运营,/,维护合同,Power/utility,电力,/,动力,Multilateral/bilateral agencies,多方,/,双方代理,Equipment suppliers,设备供应商,2.Credit Risks in Project Finance,项目融资中的信贷风险,Fire,Flooding,Earthquake,Volcano,Disease,Strike,Insurrection,Terrorism,War,Force Majeure,Events,Political,Risks,Corruption,Legal/regulatory,-irregularities,License/Permit,Concession,Taxes,Equity-holding,Currency,-inconvertibility,Expatriation,Preemption/priority,Breach of contract,Foreign worker limitation,Law enforcement,Construction,Facility site,Equipment,Technology,Off-take,Input,Operation,Utility,Collateral,Mineral reserves,Reporting accuracy,Contractual,Risks,Commercial,Risks,Creeping,Expropriation,Outright