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Project financing in our ports

Author: HangSuDong
Tutor: ShaoRuiQing
School: Shanghai Maritime University
Course: Accounting
Keywords: Project financing Port BOT TOT ABS
CLC: F552
Type: Master's thesis
Year: 2001
Downloads: 354
Quote: 0
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Abstract

The rapid development of China's social and economic pressure, the construction and development of the port as an important economic infrastructure has become one of the important issues of government urgent need to address. Betterment of Hong Kong shortage of funds and the status of the construction and operation of inefficient investors based on the risk and return trade-off, as well as the policy limit, staring at our ports construction market, but hesitated in front. Project financing in the port of practice is not a lot, especially new ways of project financing in China's port construction, little, far from being able to meet the port investment and financing needs in the supply of funds to decision-making theory with the technical aspects of the support. This article is in this context brewing. Around how the international as well as China's infrastructure construction are exploring new ways of project financing used in port construction projects, this paper through the analysis of the characteristics of the project financing and the advantages and disadvantages of the countries are the rise of several new ways of project financing , combined with the technical and economic characteristics of the port, the port construction project summarized into three categories, the characteristics of the funding needs to come to the port in the fundamental basis for the choice of project financing. First, the high-risk high-yield large port construction projects. Risk and have a high rate of return, and the countries that harbor no special requirements, or otherwise effective control by foreigners enjoy the right to operate a large port construction projects, the BOT financing priority. Countries to undertake the task of building a port construction project. Slightly lower risk tolerance, but investors eager to enter the Chinese market, investment, and the government has been built but for various reasons do not want to project construction phase to the outside, or the port based on the overall arrangements for financial or other reasons need to fund operations and gains the right to sell the future of the project has been built for several years, is more suitable for the TOT financing. Third, more mature operators, port construction projects in need of funding. Port operators more mature, solid group of shipping companies have a stable supply of the market, to ensure stable cash inflow port project, the ABS way can effectively solve the funding needs of the port construction issues. The first discuss project financing characteristics, focusing on the analysis of port investment and financing characteristics, project financing solve the problem of a shortage of funds in the port construction and operation adaptability Analysis in the Chinese port operators the advantages and disadvantages of the use in the construction, which is the main contribution of the author. Adopt a new way of project financing conditions in China's port visits, the quasi-public goods from the port, a natural monopoly, the rate of return on investment analysis of the possibility of new project financing port, the regional port services, the uses specific risks of the particularity of the technical and economic characteristics, and the port the overall value of the project for investors, as well as using different items-er edge far school astringent entry's degree thesis project the Tian-owned line in the grain country gold Application Research Curse of the port project financing in the new way of adaptability and may cause difficulties. In the implementation of the new way of the port project financing, the article focuses on the preliminary organization discusses new ways of project financing, the choice of the source of funds, and to analyze the pros and cons. Government behavior, the role of the government in the investment environment, based on the experience of the pros and cons of the practice of other countries to learn from other infrastructure project financing new way, the article also new ways of project financing for port investment construction project feasibility The specific operation of the project should pay special attention to the problems of depth. After a theoretical exploration of the practice and experience, we draw a certain type of port classification according to the funding needs of the port characteristics. What more suitable for project financing, as well as the conclusions of the different stages of the business in the port construction River kinds of project financing, combined with each new project financing way has problems of other infrastructure construction application process, proposed the corresponding policy recommendations.

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