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1、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
2、/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 coll
3、ateral 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 a
4、nd 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 expe
5、nsive 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 Man
6、agement 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 failin
7、g 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 specifi
8、c 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 ca
9、n 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 spo
10、nsor 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 ca
11、sh-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
12、 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
13、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 Gove
14、rnment 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,Powe
15、r/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,项目融资及信贷风险管理,9,Fire Flooding Earthquake Volcano Disease,Strike Insurrection Terrorism War,Force Majeure Events,Political Risks,Corruption Legal/regulatory -irregularities Lice
16、nse/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 Expropriation,Natural Disaster,Expropriation Confiscation Nationalization,War & Civil Disturbances,Financial Risks,Market Risks,Civil Movemen
