金融创新在解决项目融资中利益冲突地研究.pdf

万方数据 金融创新在解决项目融资中利益冲突的研究 摘 要 本文围绕狭义概念下的项目融资，主要关注银行贷款前后在项目公 司和放贷银行之间的融资利益冲突的问题。并着重于项目融资在实务操 作中出现的融资服务不成熟，项目公司及其上下游供应商融资难、风险 大的现象深入分析，同时尝试通过运用金融创新与发展对现实矛盾予以 建议和指导。 本文将从项目融资的基本理论开始，提出四个融资利益冲突方面的 基本问题，它们分别是项目公司股东间利益冲突、未来净收益风险造成 的借贷间的利益冲突、偿债能力引起的借贷间的利益冲突和项目产业供 应链内融资的利益冲突。通过对它们进行分析，以及利用期权定价定理 和供应链金融模式在项目融资中的创新与发展，对四个利益冲突加以解 决，并结合比较来体现这些创新与发展的优势。本文重点在于全面而详 细地介绍了在解决项目融资的四个融资利益冲突方面，两个金融创新与 发展的成功之处，在此基础上阐述了它们的作用。对于新形势下，项目 融资在中国的进一步发展具有借鉴和促进的现实意义。 关键词：项目融资，融资利益冲突，期权定价理论，供应链金融 万方数据 THE RESEARCH OF FINANCIAL INNOVATION SOLUTION FOR INTEREST CONFLICTS AMONG PROJECT FINANCING ABSTRACT This paper mainly focuses on financing interest conflict problems between the project company and the bank before and after lending. And it emphatically pointed out that financing service on project financing is relatively immature in practice, in-depth analysis of the phenomenon of difficulties in financing the project company and its suppliers. Also, this paper tries to give advice and guidance on realistic contradictions through the application of financial innovation and development. This paper will start from the basic theory of project financing, propose and analyze four aspects of interest conflicts among financing. By innovation and development of project financing, as well as through the application of option pricing theorem and supply chain mode, to resolve the four conflicts of interest, and reflect these advantages of innovation and development by 万方数据 comparison. The key emphasis in this paper is to provide