投资银行项目融资与BOT概述(72页)摘要.pptVIP

專案融資與BOT(Project Financing BOT) 投資銀行研究班 （2001 Spring） 廖咸興/台大財金系所 專案融資與BOT  Lecture I: 導論 什麼是專案融資？ Historical Perspective 專案融資之成功要件 計畫失敗之原因 民間參與公共建設之方式 政府參與之專案融資之模式 什麼是專案融資？ 投資計畫資金之募集，資金的提供者主要以計畫產生之現金流量作為本息支付或投資報酬之來源 專案融資的基本特質 對發起人或借款人無完全追索權 （因此又稱有限追索權融資） 複雜的融資及風險保障安排 技術與經濟的評估非常重要 潛在風險大但報酬亦高 專案融資的基本原則 計畫由一個與發起人分離的獨立個體所有 計畫個體的營業活動範圍有嚴格限制 計畫個體需擁有獨立營運的各項權利 融資人擁有計畫所有的資產與權利的第一順位求償權力 融資人充分瞭解並接受計畫的風險或計畫風險已被適當分擔 專案融資的基本元素 Historical Perspective 13th Century---Devon silver Mines A case of “production payment loan” (1969-1977) Trans Alaska Pipeline System (TAPS): costs--US$7.7 billion (1986-1994) Eurotunnel project (英鎊) 4.8 billion ---10.5 billion US$ 7.3 billion---16 billion (1988-1997) Hibernia Oil field: US$4.1 bil. Historical Perspective (1998-?)TwHSR:約US$13.6 bil. (NT$400B) (1978)US: Impact of PURPA (Public Utility Regulatory Policy Act Local electric utility company are required to purchase all the electric output of qualified independent power producers under long-term contracts. The purchase price for the electricity must equal the electric utility’s “avoided cost”(marginal cost) of generating electricity. Historical Perspective Innovations for Project financing: from natural resource projects to manufacturing facility and Infrastructure projects Manufacturing: the case of Bev-Pak Inc. Infrastructure: public-private partnership to finance Generating Stations, transportation facility, and others. 專案融資之成功要件 計畫須能完工營運 營運須能符合經濟性 ( 產生足夠現金流量） Requirements for Project Financing Project will be placed into service Technical Feasibility: independent expert’s opinion Operations --economic viable undertaking Economic Viability market demand, products’ price cost escalation,delay, production level, operation cost... Availability of raw materials and capable mgt. enough quantities long-term supply contract (longer than the term of debt) Appropriateness of Project Finance Ideal Candidates Capable of functioning as inde