国开行内部培训资料_项目融资中的信用风险.ppt

unique id: 04db25 Documentum\...\CDB - Annual Review to SP.ppt Credit Risks in Project Finance Loans项目融资中的信用风险 I. Project Finance Relevant Definitions 项目融资及相关定义 II. Project Finance Characteristics 项目融资及特征 III. Identifying Credit Risks in Project Finance 项目融资中的信用风险鉴别 IV. Risk Solutions 风险解决方案 V. Summary 小结 I.Project Finance relevant Definitions项目融资及相关定义 1. Corporate finance. Loans provided to a company with its equity holders being liable to pay back the principle and serve the interest. In many cases, collaterals and guarantees are required. 公司融资 贷款给公司，公司股东负有偿还贷款本金和利息的法律责任，一般需抵押和担保。 2. Direct finance. The loans interests are repaid through a cluster of resources—new company cash flows, collaterals from the parent companies, third party guarantees, etc. 直接融资 贷款与利息通过多种资源偿还：新公司现金流、母公司抵押品、第三方担保等等 3. Project finance. The financing of long term infrastructure, industrial projects, and public services based upon a non-recourse or limited recourse finance structure where debt and equity used to finance the project are paid from the cash flows generated by the project.(IPFA) 项目融资 基于无追索权或有限追索权的融资结构，即用于项目的负债与股本通过项目产生的现金流来偿付，对长期基建项目、工程和公共服务的融资 II. Project Finance Characteristics项目融资及其特征 1. Long term history. It begins with the finance of maritime voyagers in the ancient Greece and Rome, and then the development of the Panama Canal, oil and gas financing in the US, especially the US banks financing of the North Sea oil in the 70s of the last century. 历史悠久 项目融资最早可以追溯到古希腊和古罗马时期为航海员提供资金支持，而后到巴拿马运河的建造，美国的石油和汽油融资，尤其是上世纪70年代美国各大银行对北海石油的融资都是项目融资。 2. Project finance is now used more often in the areas of large infrastructure and public utilities where often a stable and calculable income could be generated 项目融资现在更多地用于通常能产生稳定的可计量的收益的大型基建和公用事业领域。 3. Project finance including BT, BOT, BOOT, is generally off-the balance sheet of the project sponsors. Thus they tend to have access resource to undertake other projects