項(xiàng)目融資風(fēng)險(xiǎn)及中國BOT與日本PFI方式的研究.pdf

1、論文摘要本論文對(duì)中國采用BOT立AR在日本采用PFI孟A進(jìn)行理m魚的制度及法律方面進(jìn)行研究。主要目的在于分析這兩種項(xiàng)目融資的特點(diǎn)和所存在的問題。所謂項(xiàng)目融資(ProjectFinance)就是對(duì)特定項(xiàng)目的融資，把它的貸款本金利息償還作為原則，限定從該項(xiàng)目中產(chǎn)生的現(xiàn)金流量(CashFlow)，另外，應(yīng)用金融手段把它的融資擔(dān)保依存于該項(xiàng)目資產(chǎn)。(它的特征是在債務(wù)不履行原因發(fā)生時(shí)(EventsofDefault)債權(quán)人可在該項(xiàng)目資產(chǎn)外，應(yīng)用不

2、具追索權(quán)的不追索融資(NonRecourse)及有限追索(LimitedRecourse)型的融資構(gòu)造在各項(xiàng)目參與者間，通過合同的締結(jié)明確各自的權(quán)利及義務(wù)，通過分擔(dān)風(fēng)險(xiǎn)，使輕減項(xiàng)目全部的風(fēng)險(xiǎn)成為可能。廠一一了所謂BOT就是建設(shè)(Bwld)、運(yùn)營(Operate)、讓渡(Transfer)的簡稱。主要是采用項(xiàng)目融資進(jìn)行資金籌措的項(xiàng)目融資方式伊發(fā)展幗家，對(duì)由國家財(cái)政投資及由政府利用借款的基礎(chǔ)設(shè)施配備受到資金限制，為了基礎(chǔ)設(shè)施配備的需要，80

3、年中期以后開始引進(jìn)。改革開放以后，中國也開始嘗試它的實(shí)施.有已經(jīng)運(yùn)營后讓渡給中國政府的項(xiàng)目實(shí)例。另外，有關(guān)項(xiàng)目融資的專門法規(guī)(項(xiàng)目融資管理暫行辦法)已于97年實(shí)施，其它相關(guān)法規(guī)也相繼配備，正進(jìn)入一個(gè)新的階段。)所謂PFI就是，私營企業(yè)者(Private).籌集資金(Finance)、主動(dòng)(Initiative)的簡稱。是把BOT作為參考，主要采用項(xiàng)目融資，進(jìn)行資金籌措(80年代英國在財(cái)政困難時(shí)期，公共服務(wù)質(zhì)量顯著低下，為此，國營企業(yè)私營

4、化、政府機(jī)關(guān)代理機(jī)構(gòu)化等被制定，另一方面.也開始探討在公共事業(yè)中活用私營資金。參考英國的PFI方式，將相關(guān)法規(guī)法制化(略稱PFI法，99年施行)，從而促進(jìn)PFI的實(shí)施。夕、本論文第一章是項(xiàng)目融資的概述(定義、結(jié)構(gòu)、特征、優(yōu)點(diǎn)、引進(jìn)經(jīng)過)。第二章是對(duì)項(xiàng)日融資的理進(jìn)行了分析研討。第三章是項(xiàng)目的經(jīng)濟(jì)可行性分TreatisesummaryThemainissueasfacingtoadoptingProjectFinancingtoBOTpro

5、jectsinChinaandPFIprojectsinJapanisastudyofasystemlikeandalawlikesidesubject.AstheprincipalpurposeofmainissueisbyananalysisdistinctivefeatureofBOTandPFIProjectFinancemakingitobviousthatfacingcurrentproblemsinChinaandJapa

6、n.ProjectFinanceitisafinancingforaspecificprojectinprinciplerestrictasourceofrevenueaccountforredemptionofaloanwithinthecashflowthatcomesfromtheconcernedprojectandisalsogenerallydefinedasfinancialmethodthatthefinancingmo

7、rtgageisdependingontheconcernedprojectproperty.AsthecharacteristicofProjectFinancewhentheEventsofDefaultoccursithasafinancingstructureofNonRecourseandLimitedRecoursetypethatcreditorsdonothavearightofpursuitexcepttheconce

8、rnedprojectpropertybymakingeachrightanddutyclearbyacontractandbytakingpartialchargeofariskamongeveryprojectparticipatorsrespectivelyitispossibletoreducerisksofthewholeproject.BOTisanabbreviationofBuild一Operate一Transferan

9、ditisaprojectsystemthatmainlyadoptingProjectFinancingandfundraise.AtdevelopingcountriestherewasalimitforaninfrapreparationbyafinancialinvestmentandusegovernmentloansandbecauseofasupplyinsufficiencyofaninfrastructureBottl

10、eneckphenomenonwasoccurredthatitpreventfurthereconomicdevelopment.InordertomakeupforthatasbeingnecessarytomakeuseofaforeigncapitalprepareaninfrastructureBOThasbeenintroducedsincethesecondhalfof80s.InChinaafterReformation

11、andReleasinguntiltodayprojectenforcementshavebeentriedandsomeoftheprojectachievementshavealreadytransferredtoChinesegovernmentafteroperatingthese.Specialregulationsconcerningaprojectfinancing(ProjectFinancingManagementTe

12、mporaryRegulation97enforcement)andrelatedlawsandregulationsalsohavebeingpreparedanditgoesenteranewphasePFIisanabbreviationofPrivateFinanceInitiative.ItwasinventedasmakingreferencetoBOTitisaprojectsystemmainlyadoptingapro