我国项目融资风险管理相关问题研究

【作者】 王晓晶；

【导师】 王红岩；

【作者基本信息】 东北财经大学 ， 国民经济学， 2002， 硕士

【摘要】 项目融资是20世纪70年代以后国际金融市场上推出的一种新型筹资方式，近年来已经发展成为大型工程项目建设筹集资金的一种卓有成效的手段，在国际上得到了非常广泛的运用。我国于80年代中期首次引进项目融资，随着我国基础设施项目招商引资的力度加大，项目融资在我国得到了快速的发展，为解决我国大型基础设施项目资金和技术缺乏的问题做出了重要的贡献。然而项目融资也有它的不足之处，由于项目融资时间长、规模大、参与方多、结构复杂，导致融资风险极大，因而项目融资要求从前期的项目可行性研究开始到项目的谈判、签约、建设施工直至运营，实行全过程的监督和严格的风险管理。但是在我国，项目融资起步较晚，很多东西还处在探索阶段，加之受计划经济的影响，人们普遍对项目融资中的风险认识不足，对风险管理的认识也存在着一定的误区，往往把风险管理狭义地理解为风险控制或是风险处理。因此，了解我国项目融资的风险，构建风险管理的基本框架，分析我国项目融资风险管理的现存问题以及如果解决这些问题，具有现实意义。本文主要研究如何构建我国项目融资风险管理的基本框架以及如何改善我国项目融资风险管理的现状等问题。本文不仅对项目融资以及风险管理的基本概念、主要特征做了较为系统的阐述，还结合我国项目融资中的典型案例，分析了构成我国项目融资主要风险的六大风险，即信用风险、完工风险、运营风险、政治风险、经济风险和环保风险。在风险评估方面，突出了定量评估，引入了动态分析。在此基础上，针对这些风险，提出了以信用保证为主要形式的风险处理方案。同时，文本也注意到许多先进的风险管理技术在我国很难得以应用，主要原因在于我国项目融资风险管理在政策、法律、项目审批、风险管理技术以及其它一些客观条件方面存在诸多问题，在对这些问题进行分析的基础上，本文提出了解决这些问题的相关政策建议与措施。本文的一些分析是比较粗浅的，很多想法也不是很成熟，但是风险管理的应用问题应该是发展我国项目融资迫切需要解决的问题。笔者选择这一领域作为自己毕业论文的研究范围，目的仅在于能对我国项目融资风险管理的发展做一些前瞻性的探索，以起到抛砖引玉的作用。更多还原

【Abstract】 Project Finance, as a new financing tool, was emerged in the international capital markets in 1970s and has developed into an efficient wide-used financing method in infrastructure’s construction. In the mid of 1980s, China introduced Project Finance for the first time. As China’s capital market opens more widely to the outside world, Project Finance gains rapid development and plays important roles in infrastructure financing. But, it also has its demerits. Long-time negotiation, a wide variety of involved parties and complicated structure lead it to being exposed to many risks and so that it is asked to implement rigid supervision and risk management during the whole financing course. But in China, Project Finance is still at the starting stage and leaves us many things to explore, so people, especially those who are affected by planned-economics lack risk consciousness. In most cases, people thinks risk arrangement or risk control as risk management by mistake, so it worth exploring the risk management of Project Finance in China and it is also very meaningful to analyze and solve our current problems in risk management of Project Finance.This thesis not only gives the general description on basic concept, usual practice of project finance and risk management, but also provides the case study to illustrate the main six risks in China, which are Credit Risk, Completion Risk, Management Risk, Political Risk, Economic Risk, and Environment-protecting Risk. In risk assessment, the thesis concentrates on quantitative dynamic assessment. And in view of these risks, the thesis raises the solution, majored in credit. The thesis also notices that it is hard to utilize the advanced management tools in China and it mainly results from policies, laws, approval, managing skills and some objective conditions. Based on detail analysis, the thesis gives resolutions and relevant suggestions.Though the analysis in this thesis seems superficial, the author just aims at giving an inspiring discussion and promoting the progress in this field.更多还原