项目融资课程2012年秋季学期授课计划尹志军(本一).doc

项目融资课程教学计划课程名称：项目融资课程编号：1101006530开课学期：2012年秋季学期上课时间：星期二第三大节(1-17周)；星期四第四大节(1-9周)上课地点：北辰校区教学楼12-B115；12-A212学生班级：工程091-3学 时：48学 分：3主讲教师：尹志军 副教授l 课程内容简介与教学目的项目融资是一门新兴学科，是工程管理专业的专业基础课。开设本课程目的是学生通过学习项目融资的基本理论和基本知识，经过相关业务的基本训练，具有在大型工程项目进行筹融资工作的基本能力。 l 教学手段与方式在本课程的教学中，主要以课堂讲授为主，并结合案例教学，理论联系实际，使教与学，教师与学生有效地结合起来。 l 对学生学习的要求学生要认真阅读教材和参考资料，认真完成案例分析和作业，积极参与课堂案例讨论。l 成绩考核平时成绩：占30%，包括课内出勤、测验、作业；期末成绩：占70%。l 教材Stefano Gatti. Project Finance in Theory and PracticeDesigning, Structuring, and Financing Private and Public Projects. Academic Press, 2007l 参考书目1. 尹志军，赵丽坤 译，Stefano Gatti 著. 项目融资理论与实践，电子工业出版社，2011.32. 蒋先玲：项目融资 中国金融出版社，2000 3. 张极井：项目融资 中信出版社，1998 l 教师联系方式和答疑时间：联系电话：60435906；答疑时间：周二中午13:00-13:30，北辰校区管理楼418室。l 教学计划安排 主要内容及时间安排(2学时24次=48学时)课次内容要求1Foreword了解项目融资课程2Chapter 1 Introduction to the Theory and Practice of Project Finance Introduction 1.1 What Is Project Finance? 1.2 Why Do Sponsors Use Project Finance? 1.3 Who Are the Sponsors of a Project Finance Deal?了解本章结构；掌握项目融资交易的特征；理解项目融资的优势和劣势。掌握四类发起人采用项目融资目的及方式。了解项目融资交易的典型合同结构。3 1.4 Overview of the Features of Project Finance 1.5 The Theory of Project Finance掌握项目融资的相关金融学理论。第二章自学4Chapter 3 Project Characteristics, Risk Analysis, and Risk Management Introduction 3.1 Identifying Project Risks3.1.1 Precompletion Phase Risks3.1.2 Postcompletion Phase Risks3.1.3 Risks Found in Both the Pre- and Postcompletion Phases3.1.3.1 Interest Rate Risk3.1.3.2 Exchange Rate Risk了解本章结构；掌握竣工前阶段常见的风险及合同应对方法。掌握完工后阶段的各种风险及应对方法；掌握利率风险、汇率风险的表现。53.1.3.3 Derivatives Contracts for Managing Interest Rate Risk and Exchange Risk理解常见的金融衍生工具是如何应对利率风险和汇率风险的。63.1.3.4 Inflation Risk3.1.3.5 Environmental Risk3.1.3.6 Regulatory Risk3.1.3.7 Political Risk and Country Risk3.1.3.8 Legal Risk3.1.3.9 Credit Risk or Counterparty Risk掌握通货膨胀风险、环境风险、监管风险的表现。掌握政治风险、法律风险、信用风险或订约方风险的表现。7 3.2 Risk Allocation with Contracts Stipulated by the SPV3.2.1 Allocation of Construction Risk: The Turnkey (or Engineering, Procurement, and Construction EPC) Agreement3.2.2 Allocation of Supply Risk: Put-or-Pay Agreements3.2.3 Allocation of Operational Risk: Operationsand Maintenance (O&M) Agreements3.2.4 Allocation of Market Risk3.2.4.1 Offtake Agreements掌握建设风险的分配。掌握供应风险、经营风险、市场风险的分配。83.2.4.2 Offtake Contracts in the Power Sector了解电力领域的包销合同。3.2.4.3自学9Chapter 4 The Role of Advisors in a Project Finance Deal Introduction 4.1 The Role of Legal Advisors in Project Finance Deals4.1.1 Legal Advisor, Legal Advisors, and Law Firms: The International Part and Local Legal Counsel4.1.2 Project Financing Development Stages and Impacts on the Role of Legal Advisors4.1.2.1 Forming the Group of Sponsors4.1.2.2 Industrial Development of the ProjectThe Project Documents了解第四章的结构；熟悉项目融资法律顾问的角色。104.1.2.3 Project FinancingThe Finance Documents4.1.2.4 The Due Diligence Legal Report4.1.2.5 Legal Opinions4.1.2.6 Syndicating the Financing4.1.2.7 The Operating Period: Maintenance of the Project Financing熟悉项目融资法律顾问的角色。掌握项目融资法律顾问的作用。11 4.2 The Role of the Independent Engineer in Project Finance Deals4.2.1 Initial Due Diligence Reporting4.2.1.1 Documents Required for the Due Diligence Activity4.2.1.2 Accessory Services4.2.1.3Documents Produced During the Due Diligence Activity Phase4.2.2 Monitoring Realization of the Project4.2.2.1 Monitoring Construction of the Works4.2.2.2 Issuing Progress Reports4.2.2.3 Validation of Mechanical Completion熟悉项目融资中独立工程师的角色。掌握项目融资中独立工程师的作用。124.2.3 Assistance at the Time of Plant Acceptance4.2.3.1Validation of the Provisional Acceptance Certificate4.2.3.2 Monitoring the Testing Phase4.2.3.3 Validation of the Final Acceptance Certificate4.2.4 Monitoring Operations Management熟悉项目融资中独立工程师的角色。掌握项目融资中独立工程师的作用。13 4.3 Role of Insurance Advisors and Insurance Companies in Project Finance Deals4.3.1 Rationale for Using Insurance in Project Finance Deals4.3.2 When Should Insurance Products Be Used?4.3.3 Areas Where the Insurance Advisor Is Involved4.3.3.1 Preliminary Insurance Report Phase4.3.3.2 Final Insurance Report PhaseConstruction Phase4.3.3.3 Final Insurance Report PhaseOperations Phase4.3.3.4 The Most Problematic Areas4.3.4 Types of Conventional and Financial InsuranceProducts Available for Project Finance Deals4.3.5 Integrated Insurance SolutionsStructure and Content4.3.6 Classification of Insurance Underwriters熟悉项目融资中保险顾问的角色。掌握项目融资中保险顾问的作用。掌握保险在项目融资中的作用及保险公司类型。14浮动时间15Chapter 5 Valuing the Project and Project Cash Flow Analysis Introduction 5.1 Analysis of Operating Cash Flows and Their Behavior in Different Project Life-Cycle Phases5.1.1 Inputs for Calculating Cash Flows5.1.1.1 The Timing of the Investment5.1.1.2 Initial Investment Cost了解第五章的结构；掌握经营现金流量的构成及作用。165.1.1.3 VatValue-Added Tax5.1.1.4 Public Grants5.1.1.5 Analysis of the Sales Contract, the Supply Contract, and Operating Expenses5.1.1.6 Trends in Working Capital5.1.1.7 Taxes5.1.1.8 Macroeconomic Variables掌握经营现金流量的构成及作用。17 5.2 Defining the Optimal Capital Structure for the Deal5.2.1 Equity5.2.2 Senior Debt5.2.3 VAT Facility掌握资本结构的构成及设计最优的资本结构方法。185.2.4 Stand-by Facility5.2.5 Identifying Sustainable Debt/Equity Mixes for Sponsors and Lenders掌握资本结构的构成及设计最优的资本结构方法。19 5.3 Cover Ratios5.3.1 What Cover Ratios Can Tell Us and What They Cant5.3.1.1 Debt Service Cover Ratio (DSCR)5.3.1.2 Loan Life Cover Ratio (LLCR)5.3.2 Cover Ratios as an Application of the CertaintyEquivalents Method熟悉覆盖比率及其作用。5.4自学20Chapter 6 Financing the Deal 6.1 Advisory and Arranging Activities for Proj