项目融资及信贷风险管理.pptVIP

Project Finance and Credit Risk Management项目融资及信贷风险管理 Table of Contents目录 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/Simulation压力测试/仿真模拟 Credit Risk Management (Political Risks)信贷风险管理 (政治风险) Project Finance Overview项目融资概况 Basel’s 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 collateral 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 and 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 expensive 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 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 failing 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