项目融资及信贷风险管理.pdf

Project Finance and Credit Risk Management 项目融资及 信贷风险管理 Table of Contents 目录 1. Project Finance Overview项目融资简介 2. Credit Risks in Project Finance项目融资中的信贷风险 3. Credit Risk Management (Financial Risks)信贷风险管 理(财务风险) 1 Cash Flow Analysis现金流分析 I (NPV and IRR净现值和内部 收益率) 2 Cash Flow Analysis现金流分析 II (Individual Cash Flows单个 现金流) 3 Stress Testing/Simulation压力测试/仿真模拟 4. Credit Risk Management (Political Risks)信贷风险管 理(政治风险) 1. 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 Based on: International Convergence of Capital Management and Capital St