Project Finance and Credit Risk Management 项目融资及信贷风险管理.PPT

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