主题：【原创】项目融资的通俗解释 -- 麦兰
融资，顾名思义，应是融集资金之义。说白了，其实质就是“借钱”。根据我们的生活常识，借钱时根本没有二话不说，什么都不想就将钱借出去的事情。这时人们总要经过一些考虑，必要的时候甚至经过一番考察，才能决定是不是借钱给你，借多少，借多长时间。这些，也就和融资一样，而我们重点研究的就是债主所考虑或是考察的东西。
倘若说债主考虑的是你这借钱的家伙以前有没有借过钱啦，多长时间还啦，你家是不是有房有地啦，或者说能不能把你家的闺女拿来抵债之类的问题，这也就是所谓的“公司融资”。他要考虑的是个人的信用水平，看你能不能还得起这个钱。你这时候要证明的就是自己的本事：“我凭啥说自己能还得起呢，你看我以前借过你那么多回钱不都给你还了么；我这人说话又从来不骗人，地球人都知道的；再说我家地里的麦，你看长得多好，等过几天麦子熟了那不都是钱么；啥，你说要是收麦的时候下了雨，烂到地里发芽可怎么办？呵，你这嘴就臭，我们家那五间大瓦房你看见没，家底殷实着呢，你再到村里问问，看我是个什么样的人，就算是麦子真的收成不好，我也能还得起你钱。”对了，这时候你的这些话里就暗含了“公司融资”的意味。你的债主要对你这个人甚至你家进行全面考察，即使麦子烂到地里，他也知道你能还得起钱，ok，这钱就借给你了。
但项目融资可就不同了，债主在这里不再需要对你这个人的经济状况或是信用水平进行全盘考虑，他看中的只是具体的项目而已。在项目融资的定义里，针对的就是为项目而进行的融资。就好比说：“我要去挖金子，你借给我些钱吧。”这时借给你钱的那个人考虑的主要问题就是你的这个挖金项目了。你跟他提前说好，虽然金子挖出来的可能性很大，可也有个万一啊。如果到时只挖出一堆破石头瓦块，或是挖出来的金子很少那怎么办呢？这个债主只能让你用那些挖土机或是挖出来的东西抵债，可不能揪着你说，不管，你家还有钱呢，统统给我赔来。这样，就叫做“无追索”。可这样债主就有些吃亏了，实际上只有你是个挖金老手，一挖一个准儿，债主才会相信你，同意采用“无追索”的形式借钱给你。一般这种情况可是太少见了，大多数只能说我在开始挖的前几个月里要是挖不出东西你有权让我还你钱，等到挖出金子来以后，要再啥出问题可就不能随便让我还钱了，这也就是“有限追索”。
若是说你这个人一向的信用还好，能力也不差，那债主也就放心了，直接把钱借给你。但要是你这人病恹恹的，人家就是对你不放心，光看你这挖金项目就算将来如何如何能赚钱也还是不愿把钱借给你，那可怎么办？找郎中给开个证明，证明我这人没灾没病的，其实可能干活了，绝对误不了挖土的事儿，这叫“信用增级”。我自己把我家的房子抵了，要是三个月内我还没挖到地底十米，那房子就归你放债的，这叫“直接担保”。我找了家金铺，人家说了，我挖出来不管啥成色人家都收，这叫“间接担保”。要是村长放话了：咱村里就许你一人挖金子，别人谁都不能挖。这就叫“政府特许经营权”。村长还说，等你把金子挖出来后，准你再挖上三个月，然后这金窝子可就算是咱全村的公共财产了，这就是大家都熟悉的BOT。
这下好了，你挖个金要借钱，拉拉杂杂地牵了一堆人进来：借钱的，被借的，郎中，金铺，村长都和你这挖金活动有关系了。项目融资其实也就是这样，风险分担，一堆人一起掺和，反正要沾光大家一起沾光，要是天塌了，大家一起支着撑着，谁也不会给砸得太严重。那这岂不是甚好？不是，也有一点不好，你得跟这么多人磨嘴皮子，让他们给你签字盖章，一顿麻烦下来，半年过去了，你原来看中的那金窝子也早被别人挖光了。所以说，比喻归比喻，这项目融资还真不适用于小项目。也只有能挣大钱的项目才经得起这般折腾。
我以为要是原创可以不用说明的，转帖才该说明啊。
也没见谁说出话来先声明一下：我这话是原创。
唉，这世道……
不是原创就花, 是原创就精, 快改快改. 
好像还可以再展开, 麦兰兄还有续集吗?
但凡没出嫁的姑娘，必是处女。
现在呢，还得特意声明一下：俺是处女，才行。
真是时代不同了。
抠抠巴巴能挤出这么多字已经很不错了。
我也是抛个砖，想看看别人怎么说，俺的认识对不对。
有人说说，我才能知道可以从哪里展开啊。
当年下饭馆，先开票，后吃饭；
现在，吃完再看数。
項目融資這東西說起來學問就大了。跨國的項目融資的政治意義遠遠大於金融意義。
發達國家可以利用項目融資輕鬆控制發展中國家的資源﹐控制基本原材料的供應。發展中國家淪為所謂的經濟殖民地。發展中國家不用項目融資自身資源沒法開發﹐人民要餓死﹔用項目融資是飲鴆止渴﹐買了資源卻很難積累自己足夠的資金﹐等到買光了資源以後也是一個死。
不過也有些國家例外﹐比如俄羅斯建設石油管線﹐現在買資源﹐將來度過難關就不好說了。就算俄羅斯將來耍賴﹐誰敢拿俄羅斯怎麼樣﹖
世界上玩項目融資玩得最高的還應該算是老美。資金豐厚﹐技術也成熟。
一家之言。
麥蘭也是學金融的嗎﹖
項目融資這東西說起來學問就大了。跨國的項目融資的政治意義遠遠大於金融意義。
發達國家可以利用項目融資輕鬆控制發展中國家的資源﹐控制基本原材料的供應。發展中國家淪為所謂的經濟殖民地。發展中國家不用項目融資自身資源沒法開發﹐人民要餓死﹔用項目融資是飲鴆止渴﹐買了資源卻很難積累自己足夠的資金﹐等到買光了資源以後也是一個死。
不過也有些國家例外﹐比如俄羅斯建設石油管線﹐現在買資源﹐將來度過難關就不好說了。就算俄羅斯將來耍賴﹐誰敢拿俄羅斯怎麼樣﹖
世界上玩項目融資玩得最高的還應該算是老美。資金豐厚﹐技術也成熟。
一家之言。
Most project that use project finance is highly leveraged transactions, with debt making up more than 60% of the total financing. Most project involve subjects traditionally funded by governments. The simple scale of the investment often precludes private investors from being able to fund it.
Separability of the project from its investors. The project is established as an individual legal entity, separate from the legal and financial responsibilities of it individual investors. This not only protects the assets of equity investor; it also provide a controlled platform upon which creditors can evaluate the risks associated with the singular project.
Long-lived and capital intensive singular project. Not only must the individual project be separable and large in proportion to the financial resources of its owners, its business line must be singular in its construction, operation and size (capacity). The size is set at inception and is seldom, if ever, changed over the projects life.
Cash flow predictability form third-party commitments. An oil field or electric power plant produces a homogenous commodity product that can yield predictable cash flows if third-party commitments to take or pay can be established. Non-financial costs of production need to be controlled over time, usually through long-term supplier contracts with price adjustments clauses based on inflation. The predictability of net cash inflows to long-term contracts eliminates much of the individual projects business risk, allowing the financial structure to be heavily debt-financed and still safe from financial distress.
Finite projects with finite lives. Even with a longer-term investment, it is critical that the project have a definite ending point. Because the project is standalone investment whose cash flows go directly to the servicing of its capital structure, and not to reinvestment for growth or other investment alternative, investors of all kinds need assurances that the projects returns will be attained in a finite period. There is no capital appreciation only cash flow.
The project is usually established as a distinct, separate entity.
It relies considerably on debt financing. Borrowing generally provides 70-75 percent of the total capital with the balance being equity contributions or subordinated loan from the sponsors. Some projects have been structured successfully with over 90 percent debt.
The project loans are linked directly to the venture’s assets and potential cash flow.
The sponsors’ guarantees to lenders do not, as a rule, cover all the risk and usually apply only until completion (coming on-stream)
Firm commitments by various third parties, such as suppliers, purchasers of the project’s output, government authorities and the project sponsors are obtained and these create significant components of support for the project credit.
The debt of the project entity is often completely separate (at least for balance sheet purposes) from the sponsor companies’ direct obligations.
The lender’s security usually consists only of the project’s assets, aside from project cash generation.
The finance is usually for a longer period than normal bank lending.
The project is often with limit recourse.
The term project finance covers a variety of financing structure. Generally and legally, project finance refers to funds provided to funds provide to finance a project that will, in varying degrees, be serviced out of the revenues derived from that project. The level of recourse and the type of support given may vary from one project to another. In project finance, lenders usually take some degree of credit risk on project itself.
There are two main types of risk which business can be exposed to:
1, business or operational risk-encompasses many elements that render future operational cash flows uncertain
a. production risk-machine failure or production defects
b. input risk-running out of stock, loss of key staff
c. market risk-changing demand, increased competition
d. regulatory risk-extra regulation implies extra costs
e. strategic risk-poor decision making, new areas of business (takeover)
f. reputation risk-risk of production failure
g. event risk-earthquake
h. Political risk (also refer to as country risk)-restrictions placed on overseas operations by foreign government, such as barriers to repatriation of profits and the expropriation of assets.
2, financial risk-the threat to the cost of financial and even to viable operation of a company stemming from the way it is financed
a. risk of insolvency-the more highly geared the greater this risk
b. higher agency costs as investors monitor the actions of managers
c. an increase in the cost of finance resulting from a general increase in interest rates, or an increase in the risk of the company
d. a change in tax regime
e. a change in macro-economic variables, such as interest rate or exchange rates.
All these factors make the prediction of future cash flow difficult, and often the problem is compound by the interaction of business and financial risks.
Resource risk concerns the ability of the project’s recoverable resources to repay the lenders and to provide the sponsors with an adequate return on their investment.
Raw materials and supplies risk where raw materials are processed, there is a risk that the plant, though constructed and operationally complete, is unable to fulfill production contracts owing to a shortage of inputs.
Completion risk if the project can not finished within estimated cost and time limits and meet s design specifications of quality and quantity, or can not work and produce. It can not produce cash flow to feed back the lenders. It is a big problem.
Operating risk operating risk is concerned with whether the project produces in a cost-effective manner. Lenders seldom advance funds for a project on a new or unproven technology.
Marketing risk is that the output can not be sold for the price or in the volume originally planned.
Financial risks, including foreign exchange risk
Political and regulatory risk invest in foreign countries is subject to variety of risk such as expropriation or nationalization. There may be changes in local tax regime, currency and foreign exchange problems.
Force majeure risk the risk out of control such as typhoon, tide wave, or war, hacker attack.
In deciding whether to finance a project, lenders must consider its technical feasibility and its economic projections. This means that the commercial, legal, political and technical risk of a project must all be evaluated. Having analyzed the risk associated with a project, lenders try to establish a method of financial structure in project finance should be creative enough to allow the project to succeed. From the lender’s point of view, effective security must be structured. Lenders are guarantees and performance bonds project financier are very concerned about the availability of all raw materials and customers regarding the revenues which the project will generate. Evidence of sales contracts may be asked for with respect to the short to medium term or even the longer term. Provisions relating to price adjustments may be critical.
大银行, 大企业 (如 GE), 政府施压.
嗯，我看问题有些简单化，还没有往深处挖掘。你的这些观点我可以慢慢消化。
指出个笔误，发展中国家是在“脔”资源。