国际项目融资智慧树知到期末考试答案章节答案2024年江西师范大学

国际项目融资智慧树知到期末考试答案+章节答案2024年江西师范大学Insurancecompaniesmaybeunwillingtoassume(forapremium)risksthatlendersareunwillingtoaccept;andtomaximizethebenefitsofinsurancemostmajorinternationalprojectfinancingswillhaveanindependentinsuranceadvisortohelpidentifykeyrisksanddesignthemostappropriateinsurancepackagefortheproject.（）

答案:错Theprojectdocumentsrelatetothestructure,constructionandoperationoftheproject,andthefinancedocumentsincludetheloanagreementsandotherdocumentsneededtoobtainequityanddebtfundingfortheprojectandtherelatedcreditsupport,securityandintercreditorarrangements.（）

答案:对AfixedlumppricecontractmeansthattheContractorcoversthecontractpriceacceptedbytheEmployeratthetimeofbidding.（）

答案:对Inaunstructuredfinancing,arevenuegeneratingasset(orgroupofassets)issegregatedinordertoserveasthesourceofdebtrepaymentandshifttherepaymentobligationawayfromtheentitythatcreatedtheassettotherevenuestreamgeneratedbytheasset.（）

答案:错Thefundingprovidedbycommercialbanksislimitedtoasinglecurrency.（）

答案:错Bondinsurancehastheeffectofdecreasingratingsonthecoveredbondissues,reducinginterestratesandminimizingcreditriskforbondinvestors.（）

答案:错AdditionalrisksinvolvedinusingderivativesWhilederivativestradingmayhelpmitigatesometypesofprojectrisks,itmayalsoincreasenewriskstobemonitored.（）

答案:对Non-financialfactorsmightincludeprocurementrestrictions,controloverprojectmanagement.（）

答案:对WhenanMultilateraldevelopmentbank(MDB)participatesinaproject,itissaidtocreateahalo-effectwhichmaygivesomecomforttoprivatesectorlenders.Thisreflectsthefactthatthepresenceofaninternationalagencymaybeanincentivefortheotherprojectparticipants(includingthehostgovernment)toactresponsibly.（）

答案:对Exportcreditagencies(“ECA’s)arelendinginstitutionscreatedbymanydevelopedanddevelopingcountries.（）

答案:对Themainuseofderivativestradingininternationalprojectfinancingistohedgeagainstinterestrate,moneyandcommoditypricerisk.（）

答案:对Standardizedderivativedocumentsareusedtomanagederivativetransactionstosimplifydocumentationandprovidecertainty,consistencyandefficiencytothemarket.（）

答案:对AclassiccaseofhowinconsistencycreatesproblemsinaprojectfinancingoccurswhentheforcemajeureclauseintheconstructioncontractwiththeSPVisbroaderthantheforcemajeureclauseinotherprojectdocumentstheSPVhassigned.（）

答案:对Mezzaninefinanceisatypeofhybridfinancing.（）

答案:对Allconstructioncontractsshallnothaveforcemajeureclauses.（）

答案:错Sponsorsneedtoreviewpartners'financialstatementsduringtheSPVstructuringprocess（）

答案:对Thebulkoftheequityforaninternationalprojectfinancingisprovidedbytheprojectsponsors.（）

答案:对Membersofthecommitteesintheconstructionindustryareoftenengineersorotherswithappropriateexpertiseintheconstructionindustry.（）

答案:对Whatdothederivativeinstrumenttradingdocumentsinclude?（）

答案:CreditSupportAnnex###Confirmation###StandarddocumentsandannexofISDATherearemanytypesofcreditsupportandcreditsupportprovidersforinternationalprojects.Theyinclude:（）

答案:directagreementsbetweenlendersandpartiestokeyprojectdocuments###variousformsofsupportfromtheprojectparticipantsthemselves,includingthesponsors,hostgovernmentandofftakers###securityoverprojectassets###thirdpartysupportprovidedby(a)privatesectorinstitutionsintheformofinsurance,lettersofcredit,andvariousothertypesofsurety,warranties,andfinancialderivativesand(b)publicsectorinstitutionslikeMDB’s,ECA’sandbilateraldevelopmentfinanceWhichofthefollowingarethebasicformsofderivatives?（）

答案:Creditdefaultswaps###forward###optionsWhatarethemostcommonformsofSPV?（）

答案:Corporation###Partnership###UnincorporatedJointVentureWhichofthefollowingterms（）mayconflictindifferentprojectdocumentsandthereforerequirecarefulcoordinationforallprojectagreementstoworktogetherasacoordinatingunit.

答案:start-upandcompletiondates###liquidateddamagesWhatarethemostcommonpaymentproceduresforaconstructioncontract?（）

答案:anadvancepaymenttotheContractortoprovidefundsforstart-upcosts###aseriesofprogresspaymentsasworkproceedsandvariousmilestonesaremetAttachmenttotheDerivativeAssociation(ISDA)masterprotocolfor（）.

答案:Modifyandsupplementthemasteragreement###specifyanyspecialconditionspriortothetransactionWhatstepsareinvolvedinthegeneralSPVprojectbuildprocess?（）

答案:identificationoftheobjectivesofthesponsorsandotherinvestors###LearnlocalbusinesscustomsandinternationalbusinesspracticesAdirectguarantoragreestoassume(inexchangeforaguaranteefee)theobligationofaprojectparticipantifthatparticipantdoesnotfulfillamonetaryobligationorperformasagreedbytakingtheformof（）

答案:aguaranteeofthepaymentofdebtservice###aguaranteeofperformancethataffectstherevenuestreamWhatarethemaintypesofconstructioncontracts？（）

答案:measure-and-valuecontract###cost-pluscontract###lump-sumcontractInadditiontothetypicalriskscoveredbyinsuranceduringconstructionandoperation,insurershavebecomemorecreativeinhelpingtomitigateprojectrisks,andhavedevelopednewtypesofcoveragewhicharesometimesrequiredbylenders.Thenewtypesofinsurancecouldinclude:（）

答案:completionrisk###environmentalliabilitytocoverclean-upexpenses###balloonpaymentrefinancingriskThetermslenderstypicallywanttoseeinprojectfinanceconcessionsinclude（）.

答案:Rightofintervention###Transferofspecialpurposevehiclefranchiserights###Securityinterestinthefranchiseofaspecialpurposecompany###AdequatecompensationincaseofterminationofthecontractInshort,theprojectdocumentsworkincombinationto（）.

答案:tocreatetherevenuestreamwhichistheessentialfoundationforraisingfinanceforamajorproject###helpallocaterisksamongtheparticipantsWhatisincludedinthechecklistofthenegotiatingparties'agreementterms?（）

答案:Trainingoflocalpersonnel###Sharetransferrestrictions###SuccessionandexitSomeprovisionsoftenleadtodifficultnegotiationsbetweengrantorgovernmentsandconcessionaires,whichareoftenspecialpurposevehiclesforprojects.Theseoftencontroversialprovisionsinclude（）.

答案:CompletiondateandLiquidateddamages###TerminationandCompensationfortermination###Generalreliefactivities###WaiverofsovereignimmunityWhatarethepotentialbuyersofcarbonfinance？（）

答案:governmentalentities###carbonmarkettradinghouses###privatecompanies###financialinstitutionsNeedtobemaintainedwhendraftingtheprojectdocuments（）,isrequiredthe"back-to-backprotocol"

答案:consistenceWhichpartyistheshareholderofthemultilateraldevelopmentbank?（）

答案:governmentsWhomakesthemostfamousandmostcommonlyusedstandardcontractgroupformajorinternationalprojects?（）

答案:theInternationalFederationofConsultingEngineersThefranchisecompanyandits（）willoftenseekaclausethatexplicitlyexemptsthemsothatthehostgovernmentwillnotattempttoraiseanimmunitydefenseifitissued.

答案:lenderHowmanyconditionsareincludedinthechecklistofthenegotiatingparties'agreementterms?（）

答案:25Whatisthelong-termgoalofcarbonfinancing?（）

答案:reducecarbonemissionsWhatisnotincludedintheapproachtoachievethegoalwhenstructuringtheinvestmentchain?（）

答案:WaitingforpartnerstocontactpeoplewithresourcesManyhostcountriesrequireinsuranceforaninternationalprojecttobeissuedbylocalcompanies.Thisraisesissuesof:（）

答案:thefinancialcapacityofthelocalinsurancemarket,thecreditworthinessoftheindividuallocalinsureranditsabilitytopayproceedsinforeigncurrencyWhichpartyoftenprovidesspecificdesignspecificationsanddrawings?（）

答案:employerprimarilyacommonlawconceptthatreferstoachangeofcircumstancesthatoccurswithoutthefaultofanyofthepartiesandwhichaltersthenatureofthecontractualobligationandmakesitincapableofbeingperformedinthewaythatwascalledforinthecontract,thisconceptrefersto（）

答案:FrustrationofContractGiventhatindividualconcessionagreementsare（）andcontentioustonegotiate,somegovernmentshavedevelopedstandardformsofconcessionagreementsforkeysectorsthattheyexpectprivateconcessionariestoaccept.

答案:costlyandtime-consumingWhichcorporateformsdoSPVsponsorsgenerallyprefer?（）

答案:LimitedliabilityWhenaprojectearnslocalcurrencybuthastorepaydebtinaforeigncurrency,thismaycreates:（）

答案:CurrencydevaluationriskUndertherestrictivetheoryofsovereignimmunity,thesigningofaconcessionagreementisgenerallyconsidereda（）,soanexplicitwaiverofimmunitymaynotbeabsolutelynecessary.

答案:commercialactivityWhatisacontractforafixed-priceturnkeycontractinaninternationalprojectfinancingtransaction?（）

答案:Engineering,procurement,andconstructioncontractsWhichsidedoesthelender'sinterestsusuallyalignwiththem?（）

答案:employerThecaseusedinthederivativetransactiondocumentstorequirethepartiestoprovidecollateralrelatedtotheirobligationsis（）.

答案:CreditSupportAnnexInadditiontodirectandindirectguarantees,otherformsofgovernmentsupportsometimesusedtofacilitateprojectfinancingsinclude:（）

答案:equityparticipationintheSPV###varioustypesofsubsidies(e.g.aviabilitygappaymentcoveringpartofthecapitalcostofaprojectoratariffsubsidyforlowincomeusersofwaterandpowerprojects)###varioustypesofcontractualundertakings(usuallyinaconcessionorPPPagreement)toguaranteeaminimumleveloftrafficandrevenueinatransportprojectormakeadeficiencypaymentintheeventthattheexpectedrevenuelevelsarenotmetandareinsufficienttoservicedebt###comfortlettersTheuseofsuretybondsnotonlyprovidesfinancialsupportfortheprojectfromthesuretybutalsoinvolvesintensiveduediligencebythesuretyonthequalityandcapacityofthecontractorwhichprovidesaddedassurancetotheSPVthatthecontractor,itssubcontractorsandsuppliersarecapableofperformingthecontract.

答案:对Therearemanytypesofcreditsupportandcreditsupportprovidersforinternationalprojects.Theyinclude:

答案:securityoverprojectassets###thirdpartysupportprovidedby(a)privatesectorinstitutionsintheformofinsurance,lettersofcredit,andvariousothertypesofsurety,warranties,andfinancialderivativesand(b)publicsectorinstitutionslikeMDB’s,ECA’sandbilateraldevelopmentfinanceagencies###directagreementsbetweenlendersandpartiestokeyprojectdocuments###A.

variousformsofsupportfromtheprojectparticipantsthemselves,includingthesponsors,hostgovernmentandofftakersIfvitiationweretooccur,lenderswouldpossesstheirrighttorecoveronthepolicyasaresultoftheactionorinactionbytheSPVwhichwasusedbytheinsurertojustifyvitiationofthepolicy.

答案:错Lettersofcreditcanprovidesupportinprojectfinancingsbybackingliquidateddamageobligations,debtservicereserveobligations,andequitycontributioncommitments.

答案:对Mezzaninecapital(orhybridfinance)hasamixoftheequityanddebtcharacteristicsincludes:preferredshares;subordinateddebt;zerocouponbonds;andconvertibledebt.（）

答案:对Thesponsoranditsfinancialadvisorwillbeworkingonarrangingfinance.Workwillbeundertakeninanumberofinter-relatedareas.Theseareasinclude:（）

答案:adeterminationofthemostfeasibledebt-to-equityratiofortheprojectbasedonanassessmentoftheexpectedstrengthandcertaintyoftheproject’sexpectedcashflowandthepotentialsecurityandback-upcreditsupportforthedebt###creationofafinancialsimulationmodelfortheprojectasanessentialtooltorunthesensitivityanalysisandalternativefundingscenariosneededbeforefinaldecisionsaremadeonfinancialissuesrelatedtotheproject.###areviewoftheproject’stechnicalfeasibilitystudiestoobtaininformationoncostestimates,expenditureschedulesandthelocalcurrency/foreignexchangebreakdownoftheseexpenditures.###selectionofthetypesoflendersthatwouldbethemostappropriatefortheprojectandcreationofageneralstrategyforapproachingtheselendersandcreatingafinalfinanceplanManydevelopmentinstitutionsandgovernmentshaveestablishedprojectpreparationfacilitiestoprovidefundingforfeasibility,preparatoryandprocurementactivities.Examplesinclude:（）

答案:aEuropeanUnionfundtohelpfinancethepreparationofinfrastructureprojectsinSouthAfrica###theGlobalInfrastructureFacilityrecentlyestablishedundertheauspicesoftheWorldBank###theAfricanDevelopmentBank’sAfricaprogram,afundto,interalia,providefundingforearlystageprojectdevelopmentInmanycasesthereisapublicissueofequity,andoccasionallythehostgovernmentprovidesequityeitherincashorin-kind.（）

答案:错Thefinancialmodelconsistsofaseriesofworksheetsthatserveasthebasisforpreparingaspreadsheetthatcanbeusedtocreateaseriesofalternativescenarios,sensitivityanalysesorstressteststhatillustratehowprojectperformanceandtherevenuestreammightbeaffectedbychangesinkeyprojectvariableslikeinterestrates,loanmaturity,thedebt-equityratioandprojectcostsandrevenues.（）

答案:对Theconstructionprocessformajorinternationalprojectfinancetransactionsinvolvesthreekeyparties——（）

答案:theContractor###theEngineer###theEmployerorowner“Bankable”inthiscontextmeansthattheconcessionagreementcontainsprovisionsthat,interalia,enablelenderstoprotecttheirinterestsintheprojectandensurefullrepaymentoftheirloansintheeventofterminationoftheconcession.（）

答案:对Concessionswillnotestablishaspecificdateforcompletionoftheprojectandrequiretheconcessionairetopayliquidateddamagesiftheprojectisdelayedbeyondthespecifieddate.（）

答案:错UnderEPCcontractthecontractorreceivesafixedamountforitsserviceseveniftheactualtotalcostoftheprojectexceedsthepricethathasbeenagreedinthecontract.（）

答案:对“Reliefevent”isatermusedtorefertoaneventthat,ifitoccurs,might（）

答案:excuseoneorbothofthepartiestoacontractfromcontinuingtoperformcontractualobligationsforaslongastheeventisineffect,###requirearenegotiationofthecontract,orinextremecases,leadtoterminationofthecontract.###extendcompletionorotherkeymilestonedates###entitleoneofthepartiestocompensationforlossresultingfromthehappeningoftheeventAtypicalprocessforreachingdecisionsonhowsponsorownershipshouldbestructuredandgovernedwouldinvolve:（）

答案:identificationofthebasicconsiderationsinvolvedinselectingtheformofSPV,thechainofownership,andtheagreementamongowners###selectionoftheoptionthatcomplieswithallrelevantlawsandcomestheclosesttomeetingtheneedsofallparties###analysisofthebusinessassociationandtaxlawsofthehomeandhostcountryandanyotherrelevantcountryinthechainofownership###identificationoftheobjectivesofthesponsorsandotherinvestorsintheSPVInaunsolicitedbidprocessknownasa“Swisschallenge”,theoriginalproponentmayseektohavethecostsitincurredinpreparingtheproposalreimbursedbythegovernmentorthewinningbidder.（）

答案:对Theconceptofa（）wasdescribedasacontractualarrangementinwhichaprivatesectorpartyisgivenarighttoparticipateinaprojecttoprovidepublicservicesthatweretraditionallyprovidedbygovernments.

答案:public-privatepartnership(PPP)Thechoiceofthemostappropriatemethoddependsonsuchfactorsas（）

答案:industrypracticeinthesectorconcerned###thesizeandcomplexityoftheproject###expectedbidderinterest###theprocurementcapacityofthecountryinwhichtheprojectislocatedProcurementformanyprojects,especiallyintheinfrastructuresector,isoftendoneintwostages.Whatarethey?（）

答案:Thesecondstageisconductedbytheprivatecompanyawardedtheconcessionandinvolvestheprocurementofthegoodsandservicesneededtoconstructandoperatetheprojectinaccordancewiththeconcession.###Thefirststageinvolvestheawardofaconcession(oraPPPagreementorsimilarcontract)byagovernmenttoaprivatesectorsponsortocarryoutaprojectinthecountryconcerned.Thepotentialdisadvantagesofprojectfinanceinclude:（）

答案:thelengthoftimethatittakestoprepare,negotiateanddocumentthefinancialarrangements###difficultyinrenegotiatingandrestructuring###highercostsbothintermsofbothprep