项目融资风险PPT文档格式.ppt

1、Project Finance and Credit Risk Management项目融资及项目融资及信贷风险管理信贷风险管理1.Project Finance Overview项目融资简介2.Credit Risks in Project Finance项目融资中的信贷风险3.Credit Risk Management（Financial Risks）信贷风险管理（财务风险）1Cash Flow Analysis现金流分析 I（NPV and IRR净现值和内部收益率）2Cash Flow Analysis现金流分析 II（Individual Cash Flows单个现金流）3Stre

2、ss Testing/Simulation压力测试/仿真模拟4.Credit Risk Management（Political Risks）信贷风险管理（政治风险）Table of Contents目录1.Project Finance Overview项目融资概况项目融资概况Basels Definition of PF（in short）项目融资的Basel定义nA simple cash-flow stream简单的现金流量nThe value of PF relies on a simple cash-flow stream generated by a single project

3、 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。#nNon-or limited-recourse没有资源或资源有限nAn independent SPE is created to hold the project assets and to integrate all legal contracts in

4、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。#nRisk allocation风险配置nPF is used for large,comp

5、lex,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 C

6、apital Management and Capital Standards,BIS,2006,para 221,222Why PF Structure?#Sponsors Motivation为什么使用项目融资结构？#发起人的动机nRisk mitigation/Debt capacity风险缓解/负债能力nBy isolating the asset in a standalone project company,project finance reduces the possibility of risk contamination,the phenomenon whereby a f

7、ailing 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。#nThe sponsor can preserve corporate debt capacity.发起人可以保障公司的借债能力nTo create asset specific governance structure可以建立明确的资产管理结构nSeparate legal incorporation,which assumes a sp

8、ecific 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。#nDeterrent against strategic behavior by the third parties可以威慑第三方的战略行动nSponso

9、r 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nBy involving international banks and multilateral agencies whose interest is solely in cash-flow maximization by the project,the sp

10、onsor 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,2003PF vs.Corporate Finance项目融资 vs.公司金融nProject Finance项目融资nLimited or non-recourse资源有限或者没有资源nSimple cash-flo

11、w structure produced from one independent waste asset由单一资产产生的单一现金流结构nHigh-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nRelatively 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）nApplied to projects attaining a scale

12、of economy适用于达到规模经济的项目nCorporate Finance公司金融nFull recourse充足资源nComplicated 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nLeverage depends on a companys target capital structure财务杠杆取决于公司的目标资本结构nVarious layers of debt and equity structure（

13、complicated ownership）较多层次的债券和权益结构（复杂的所有权）nApplied 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包销商包销商Input supplier投入供应商投入供应商Operator运营商运营商Project company项目公司项目公司（SPE）Contractors承包商承包商Lenders借款人借款人Sponsors发起人发起人Central/localGovernmen

14、t中央中央/地方政府地方政府ConcessionAuthority特许权许可特许权许可Insurers保险公司保险公司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电电力力

15、/动力动力Multilateral/bilateral agencies多方多方/双方代理双方代理Equipment suppliers设备供应商设备供应商2.Credit Risks in Project Finance项目融资中的信贷风险项目融资中的信贷风险 Fire Flooding Earthquake Volcano Disease Strike Insurrection Terrorism WarForce Majeure EventsPoliticalRisks Corruption Legal/regulatory -irregularities License/Permit

16、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 accuracyContractual RisksCommercialRisksCreepingExpropriationOutrightExpropriationNaturalDisaster Expropriation Confiscation NationalizationWar&#Civil DisturbancesFinancialRisksMarketRisksCivilMovements Environment Human rights CSR Religion