项目融资第二讲(新)

1、Project FinancePresented by: Yin Zhijun1.sponsorA. a person or an organization that borrows money, especially from a bank2.lenderB.a person, company, or nation in debt or under financial obligation3.borrowerC. a person or an organization who introduces and supports a proposal for a new law, etc.4.de

2、btorD. Any entity (including a person, company, or government) that provides credit 5.creditorE.a person or an organization that lends money1. VentureA. property or sth valuable that you promise to give to sb if you cannot pay back money that you borrow2. EquityB.a business project or activity, espe

3、cially one that involves taking risks3. CollateralC. money that a business, bank or government receives4. ReceiptsD. the value of an ownership interest in property, including shareholders equity in a business5.SPVE.a specific economic entity, or special purpose vehicle, also known as the project com

4、panyWhen the lenders are asked for funding the When the lenders are asked for funding the project with Project Finance, the primary project with Project Finance, the primary consideration is ( ).consideration is ( ).A. soundness of A. soundness of the sponsorsthe sponsorsB. creditworthiness B. credi

5、tworthiness of the sponsorsof the sponsorsC. the value of assets sponsors C. the value of assets sponsors are willing are willing to make available to to make available to them them as collateralas collateralD. the D. the projects ability projects ability to to generate cash flowgenerate cash flow1.

6、In a project finance deal, the debtor is sponsoring firm.2.Lenders have only limited recourse to the sponsors during the construction.3.The priority use of cash flow is to fund operating costs and to service the debt, only residual funds after the latter are covered can be used to pay dividends to s

7、ponsors.4.Collateral is given by the lenders to sponsors as security for receipts and assets tied up in managing the project.KeywordsAlternative : a thing that you can choose to do or have out of two or more possibilities Balance sheet: 资产负债表If new initiative is financed on-balance sheet and the pro

8、ject is fail, project creditors have no (or very limited) claim on the sponsoring firms assets and cash flows.One major drawback of Project financing is that structuring and organizing such a deal are actually much more costly than the corporate financing option.Loan arranger: the arranger banks who

9、 are responsible for contacting the widest possible number of banks interested in participating in the deal and must then be the coordinator representing all lendersDebt to equity ratio: D/E is a financial ratio indicating the relative proportion of shareholders equity and debt used to finance a com

10、panys assetsLeverage: the act of using a lever to open or lift sth; the force used to do this 杠杆作用；杠杆效力Municipality 英 mjumju: :nspltinsplti 美 mjunspltimjunsplti n n. .自治市;市政当局; 复数:municipalitiesMunicipalize 英 mjumju: :nsplaznsplaz 美 mjumju: :nsplaznsplaz vtvt. .实行自治，把市辖，划归市有;IGCC: integrated gasific

11、ation combined cycle,整体煤气化联合循环发电1.1.Historically, project finance was first used in the oil Historically, project finance was first used in the oil extraction and toll road sectors.extraction and toll road sectors.2.2.The public sector plays an important role in some project The public sector plays

12、an important role in some project finance deals.finance deals.3.3.If projects concerns public works, success depends entirely If projects concerns public works, success depends entirely on the projects ability to generate sufficient cash flow.on the projects ability to generate sufficient cash flow.

13、4.4.There is a unified definition of types of PPP. There is a unified definition of types of PPP. 5.5.Various acronyms are used in practice for the different Various acronyms are used in practice for the different types of PPPs, every acronyms often refer to a form of types of PPPs, every acronyms o

14、ften refer to a form of contract.contract.TypeType of PPP of PPPContractualContractual Description DescriptionMain FieldsMain Fields of Application of ApplicationO&M(operations and maintenance)公共基础设施项目的管理和维护地方公共服务；水和污水处理服务；废物处理；绿色公园维护；道路维护，停车场管理DB (Design-built)设计与建造公共基础设施；道路，收费公路和高速公路；水和废水处理；休闲

15、设施；公用事业项目TK (Turnkey)设施的设计、建设和预定时间内的管理水和废水处理，公共建筑；运动设施和体育场馆Wraparound addition私营方为辅助设施提供融资并建造，负责预定期内的管理类似于Tk，但公共部门不提供资金，资金由私营方负责Lease-purchase私营方筹资建造新设施并租赁给公共部门使用，公共部门定期支付租金并有权在租赁合同结束后获得公共建筑；水和废水处理；废物处理；IT和硬件TypeType of PPP of PPPContractualContractual Description DescriptionMain FieldsMain Fields o

16、f Application of ApplicationTemporary privatization类似于wraparound addition，但公共设施的所有权转移给私营方，在公共部门偿还投资之前由私营方管理公共基础设施；道路；水和废水；停车场；公共建筑，运动设施，飞机场DBO (design-built-operate)设计、建造和管理类似于temporary privatizationBDO/LDO(buy/lease-develop-operate)租赁（购买）设施，开发（改造或者扩建），运营类似于temporary privatizationTypeType of PPP of

17、PPPContractualContractual Description DescriptionMain FieldsMain Fields of Application of ApplicationBOT(build-operate-transfer)特许权协议建造，运营，转让所有权不转移类似于temporary privatizationBOOT(built-own-operate-transfer)特许权协议建造，拥有，运营，转让英国最常见的PFI形式，广泛应用在公共基础设施项目；水和废水处理；运动和休闲设施；机场，公共建筑；停车场，废物处理BOO/LOO (build-own-ope

18、rate)建造-拥有-运营类似于BOOT，更像私有化1.1.PPPs PPPs involving the public administration are involving the public administration are normally subject to more rigid procurement normally subject to more rigid procurement procedures, these rules serve to safeguard the procedures, these rules serve to safeguard the ( ) interest.( ) interest.A. publicsA. publics B B. sponsors. sponsorsC. Pu