项目融资风险教学讲义.pptVIP

Input投入 Major risks主要风险 Increase in input costs投入成本增加 Risk mitigation风险缓解 Supply-or-pay contract供货或付款合同 Fixed amount contract固定金额合同 Requirements contract (cap/floor)有限制条款的合同（最高/最低） Output contract产出合同 Subordination of project costs to debt services把项目成本附加在债务本息上 Other issues其它问题 Delay in completion of transportation facilities运输项目的延期完工 Availability of supply获得供应量 Disruption of transportation运输的破坏 Title and risk of loss所有权和损失的风险 Force majeure不可抗力 Financial strength of supplier供应商的财务优势 Based on: The Law and Business of International Project Finance, Scott L. Hoffman, 2001 Operation运营 Major risks主要风险 Increase in operating costs运营成本的增加 Excessive equipment replacement and unscheduled maintenance额外的设备更换和不安时的维护 Poor productivity of labors, incorrect assumptions of required labor人工生产力的低下，错误计算预计所需人工数量 Increase in utility costs能源成本的增加 Risk mitigation风险缓解 Performance guarantee绩效保证 (liquidated damage违约金) Fixed price operation and maintenance contract固定价格运营和维护合同 (very rare非常少见) Cost plus fee operation and maintenance contract成本加费用运营和维护合同 Cost plus fee contract with maximum price and incentive fee成本加固定费用最高价格加奖励费用合同 Other risks其它风险 Force majeure risks不可抗力风险 Risk mitigation风险缓解 All risk operator’s risk insurance所有风险因素的保险 Financial strength of the operator运营方的财务优势 Based on: The Law and Business of International Project Finance, Scott L. Hoffman, 2001 Exchange/Interest/Inflation Rate汇率/利率/通货膨胀率 Currency and exchange risks汇率 Loan agreement借款合同 Loan disbursements借款支出 (construction loan and term loan施工借款和期限借款) Principal repayment and interest repayment本金和利息的支付 Availability of swap markets互换市场是否存在 All other agreement其它合同 Export and import of equipment, input, out-put, operating costs出口和进口设备，投入，产出，运营成本 Cash flow will be affected depends who takes the risks and covers现金流受到由谁来承担风险的影响 Interest rate利率 Incorrect interest rate projections can severely affect the ability of the project revenue to service debt by 如果在预测中使用了不正确的利率，项目收入是否有偿还债务的能力将会受到严重影响。 Inflation rate通货膨胀率 Risk allocation