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金融机构essay

时间:2016-02-06 23:33来源:www.ukthesis.org 作者:英国论文网 点击联系客服: 客服:Damien

金融机构
The Financial Institutions


金融机构使用一个特定类型的贷款被称为在融资发展采矿项目中的项目融资。公司作为一个整体,贷款偿还从项目产生的现金流没有追索权,或有限追索权。无追索权贷款,不存在任何有形资产,直到操作带入生产。

很明显,银行将暴露在所有与项目有关的风险可能导致收入不足以偿债。银行会因此总要以一个保守的立场评价项目的经济可行性和观察项目发起人提供公司担保的贷款。如果赞助商是很少或根本没有抵押品的,小公司,那么政府担保的作用将变得非常重要。

没有操作生产的公司的项目融资是不容易获得存款初级证明。这些公司可能从股市把项目作为一个可行的操作阶段从而产生资金。一旦建立了稳定的现金流,债务融资将成为可能的和有吸引力的和用于开发项目最佳的潜力。

项目融资也用于开发特定组件的操作,如新采矿设备,恢复旧或新的轴系统的下沉,或升级处理工厂。

矿业项目是资本密集型企业固有的高风险,因此往往不被认为具有足够信誉来获得传统融资。即使它是可用的,项目发起人可能不愿意携带与传统相关的风险和承担债务融资。项目融资是一种有吸引力的选择,因为它允许将该项目相关的风险给予主要银行。


无追索权融资的主要优势是赞助商没有义务服务如果通过采矿作业产生的现金流不足以支付贷款本金和利息的债务。如果一个项目正在开发的可行性阶段,抵押担保的银行将安全从赞助商的经济完成测试(ECT)。

Definition of Project Finance——项目融资的定义


Financial institutions use a particular type of lending known as project finance when funding a developing mining project. The loan is repaid from the cash flows generated by the project with no recourse, or only limited recourse, to the company as a whole. In non-recourse lending, no tangible assets exist until the operation is brought into production.

Clearly the lender will be exposed to all the risks associated with the project which could result in revenue being insufficient to service debt. Banks will thus always take a conservative stance when evaluating the economic viability of a project and may look to the project sponsor to provide corporate guarantees for the loan. If the sponsor is a junior company with little or no collateral, the role of government-backed guarantees becomes important.

Project finance is not readily available to junior companies with proven deposits but no operating production. These companies may instead generate funds from the equity market to bring the project to the stage of being a viable operation. Once steady cash flows have been established, debt finance then becomes both possible and attractive and is used to develop the project to its optimum potential.

Project finance is also used to develop a particular component of well established operations, such as new mining equipment, the rehabilitation of old or the sinking of new shaft systems, or upgrading of a treatment plant.

Why Project Finance?——为什么项目融资

Mining projects are capital-intensive ventures with an inherently high risk, and as such are often not deemed sufficiently creditworthy to obtain traditional financing. The project sponsors may be unwilling to carry the risks and assume the debt obligations associated with traditional financing even if it is available. Project finance is an attractive alternative as it allows the risks associated with the project to be shared with the principal lender.

The main advantage of non-recourse funding is that the sponsor has no obligation to service the debt if cash flows generated through mining operations are insufficient to cover the principal and interest payments on the loan. The lender has the security of a collateral guarantee from the sponsor and an economic completion test (ECT) if a project is being developed from the feasibility stage.

An ECT acts as a safeguard for the lender against any flaws in the feasibility study encountered during the construction phase and over the start-up period of the project. Once the project has passed the ECT then the guarantee falls away, and the only asset the bank can claim is the actual cash flow itself.

Sponsors typically seek to finance the development and construction costs of a mining project on a highly geared basis, often around 60% to 70% debt. Such financing permits the sponsor to put fewer funds at risk and develop the project without diluting its equity investment in the venture.

Project finance can also lead to reductions in the cost of capital, as lower cost, tax-deductible interest is used rather than higher cost, taxable returns on equity. Financing should be structured to maximise tax benefits and ensure that all available tax benefits are taken advantage of by the sponsor.

Project Financing Participants——项目融资参与者

Sponsor/Developer——赞助商/开发者

The sponsor or developer of a mining project is the organising body that controls and has an equity interest in the company or other entity that owns the project. In mining projects there is often more than one sponsor, and these will normally join together under a joint-venture agreement to form a single corporation/partnership that will essentially function as the project owner.

A joint-venture agreement must be carefully drawn up with legal involvement and must clearly state the respective rights and responsibilities to the project of the parties involved.

Lender——贷方

The lender of project financing is a financial institution or group of financial institutions that provide the capital loan to the project company. Lenders are usually corporate investment banking groups, though NGO involvement in project finance is important in developing world countries. Due to the non-recourse nature of project finance, the lender takes a security interest in all of the project assets.(责任编辑:anne)



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