項(xiàng)目融資課程2012年秋季學(xué)期授課計(jì)劃尹志軍(本一).doc

項(xiàng)目融資課程教學(xué)計(jì)劃課程名稱：項(xiàng)目融資課程編號(hào)：1101006530開課學(xué)期：2012年秋季學(xué)期上課時(shí)間：星期二第三大節(jié)(1-17周)；星期四第四大節(jié)(1-9周)上課地點(diǎn)：北辰校區(qū)教學(xué)樓12-B115；12-A212學(xué)生班級(jí)：工程091-3學(xué) 時(shí)：48學(xué) 分：3主講教師：尹志軍 副教授l 課程內(nèi)容簡(jiǎn)介與教學(xué)目的項(xiàng)目融資是一門新興學(xué)科，是工程管理專業(yè)的專業(yè)基礎(chǔ)課。開設(shè)本課程目的是學(xué)生通過(guò)學(xué)習(xí)項(xiàng)目融資的基本理論和基本知識(shí)，經(jīng)過(guò)相關(guān)業(yè)務(wù)的基本訓(xùn)練，具有在大型工程項(xiàng)目進(jìn)行籌融資工作的基本能力。 l 教學(xué)手段與方式在本課程的教學(xué)中，主要以課堂講授為主，并結(jié)合案例教學(xué)，理論聯(lián)系實(shí)際，使教與學(xué)，教師與學(xué)生有效地結(jié)合起來(lái)。 l 對(duì)學(xué)生學(xué)習(xí)的要求學(xué)生要認(rèn)真閱讀教材和參考資料，認(rèn)真完成案例分析和作業(yè)，積極參與課堂案例討論。l 成績(jī)考核平時(shí)成績(jī)：占30%，包括課內(nèi)出勤、測(cè)驗(yàn)、作業(yè)；期末成績(jī)：占70%。l 教材Stefano Gatti. Project Finance in Theory and PracticeDesigning, Structuring, and Financing Private and Public Projects. Academic Press, 2007l 參考書目1. 尹志軍，趙麗坤 譯，Stefano Gatti 著. 項(xiàng)目融資理論與實(shí)踐，電子工業(yè)出版社，2011.32. 蔣先玲：項(xiàng)目融資 中國(guó)金融出版社，2000 3. 張極井：項(xiàng)目融資 中信出版社，1998 l 教師聯(lián)系方式和答疑時(shí)間：聯(lián)系電話：60435906；答疑時(shí)間：周二中午13:00-13:30，北辰校區(qū)管理樓418室。l 教學(xué)計(jì)劃安排 主要內(nèi)容及時(shí)間安排(2學(xué)時(shí)24次=48學(xué)時(shí))課次內(nèi)容要求1Foreword了解項(xiàng)目融資課程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?了解本章結(jié)構(gòu)；掌握項(xiàng)目融資交易的特征；理解項(xiàng)目融資的優(yōu)勢(shì)和劣勢(shì)。掌握四類發(fā)起人采用項(xiàng)目融資目的及方式。了解項(xiàng)目融資交易的典型合同結(jié)構(gòu)。3 1.4 Overview of the Features of Project Finance 1.5 The Theory of Project Finance掌握項(xiàng)目融資的相關(guān)金融學(xué)理論。第二章自學(xué)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了解本章結(jié)構(gòu)；掌握竣工前階段常見的風(fēng)險(xiǎn)及合同應(yīng)對(duì)方法。掌握完工后階段的各種風(fēng)險(xiǎn)及應(yīng)對(duì)方法；掌握利率風(fēng)險(xiǎn)、匯率風(fēng)險(xiǎn)的表現(xiàn)。53.1.3.3 Derivatives Contracts for Managing Interest Rate Risk and Exchange Risk理解常見的金融衍生工具是如何應(yīng)對(duì)利率風(fēng)險(xiǎn)和匯率風(fēng)險(xiǎn)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掌握通貨膨脹風(fēng)險(xiǎn)、環(huán)境風(fēng)險(xiǎn)、監(jiān)管風(fēng)險(xiǎn)的表現(xiàn)。掌握政治風(fēng)險(xiǎn)、法律風(fēng)險(xiǎn)、信用風(fēng)險(xiǎn)或訂約方風(fēng)險(xiǎn)的表現(xiàn)。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掌握建設(shè)風(fēng)險(xiǎn)的分配。掌握供應(yīng)風(fēng)險(xiǎn)、經(jīng)營(yíng)風(fēng)險(xiǎn)、市場(chǎng)風(fēng)險(xiǎn)的分配。83.2.4.2 Offtake Contracts in the Power Sector了解電力領(lǐng)域的包銷合同。3.2.4.3自學(xué)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了解第四章的結(jié)構(gòu)；熟悉項(xiàng)目融資法律顧問(wèn)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熟悉項(xiàng)目融資法律顧問(wèn)的角色。掌握項(xiàng)目融資法律顧問(wèn)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熟悉項(xiàng)目融資中獨(dú)立工程師的角色。掌握項(xiàng)目融資中獨(dú)立工程師的作用。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熟悉項(xiàng)目融資中獨(dú)立工程師的角色。掌握項(xiàng)目融資中獨(dú)立工程師的作用。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熟悉項(xiàng)目融資中保險(xiǎn)顧問(wèn)的角色。掌握項(xiàng)目融資中保險(xiǎn)顧問(wèn)的作用。掌握保險(xiǎn)在項(xiàng)目融資中的作用及保險(xiǎn)公司類型。14浮動(dòng)時(shí)間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了解第五章的結(jié)構(gòu)；掌握經(jīng)營(yíng)現(xiàn)金流量的構(gòu)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掌握經(jīng)營(yíng)現(xiàn)金流量的構(gòu)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掌握資本結(jié)構(gòu)的構(gòu)成及設(shè)計(jì)最優(yōu)的資本結(jié)構(gòu)方法。185.2.4 Stand-by Facility5.2.5 Identifying Sustainable Debt/Equity Mixes for Sponsors and Lenders掌握資本結(jié)構(gòu)的構(gòu)成及設(shè)計(jì)最優(yōu)的資本結(jié)構(gòu)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熟悉覆蓋比率及其作用。5.4自學(xué)20Chapter 6 Financing the Deal 6.1 Advisory and Arranging Activities for Proj