项目融资及信贷风险管理.pptx

Project Finance and Credit Risk Management项目融资及信贷风险管理;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;Why PF Structure? Sponsors’ Motivation为什么使用项目融资结构？发起人的动机;PF vs. Corporate Finance项目融资 vs. 公司金融;Typical Structure of Conventional PF典型的传统项目融资结构;2. Credit Risks in Project Finance项目融资中的信贷风险;;;3. Credit Risk Management信贷风险管理(Financial Risks金融风险);3.1 Cash Flow Analysis I现金流分析I(NPV and IRR)（净现值法及内部收益率）;(1 + r ) ;(1 + r) ;Net Present Value 净现值(NPV) III;(1 + r) ;Future value of all cash in flows 所有现金流入的终值 ;Method方法 MIRR is defined as the discount rate that forces the present value of cash in flows (CIF) to equal the present value of cash out flows (COF).修正内部收益率是能使项目的现金流入现值等于现金流出现值时的折现率 Implication含义 MIRR is better than IRR because it reinvest the cash-in flow by using the cost of capital which is more realistic. Thus, MIRR tells more accurate profitability of the project.修正内部收益率方法优于内部收益率方法，因为该方法使用更现实的资金成本把现金收入进行再投资 MIRR Hurdle Rate: the project will produce more cash than the necessary amount to repay debt and deliver dividend to shareholders.该项目产生的现金足以偿还债务并向股东分红 MIRR is better than IRR because it allows more than one changes in plus and minus signs in cash flow projection. MIRR允许在加减的计算中存在一个以上的变化 ;Σ;$100;NPV of FCF for the entire project life; or NPVP2 = - CF0 + + + ??? ;Issues on Cost of Capital资金成本 II;3.2 Cash Flow Analysis现金流分析 II(Individual Cash Flows单个现金流);Analysis of Individual Cash Flows单个现金流分析;Construction施工 I;Construction施工 II;Construction施工 III;Off-take Purchase 生产包销采购I;Off-take Purchase生产包销采购II;Input投入;Operation运营;Exchange/