國際項目融資智慧樹知到課后章節答案2023年下江西師范大學江西師范大學

緒論單元測試

Oneofthemajorchallengesoftheearlytwentyfirstcenturywillbefinancingthemassiveinvestmentrequiredtoexpandtheinfrastructureneededforeconomicgrowthinbothdevelopedandemergingmarketeconomies.

答案:

對

第一章測試

Whichoneisnotpartofalargerfamilyoffinancialtechniquesknownasstructuredfinance.?（）

答案:

Equity

Inthecaseofprojectfinancing,thecashflowgeneratedbyanassetorpoolofassetsisusedasthebasicsourceofloanrepaymentratherthanthebalancesheetoftheoriginatorofthetransaction.（）

答案:

錯

Whatisthedifferencebetweencorporateandsovereignfinance?（）

答案:

Whenaprivatesponsorundertakesaproject,itgenerallyfundstheprojectwithacombinationofitsowninternalcashresources,externalborrowing,andsometimesnewequity.;Whengovernmentsundertakeprojects,theytypicallyrelyonallocationsfromtheircapitalbudgetswhicharefundedprimarilybytaxrevenuesanddomesticandinternationalborrowings.

Thepotentialdisadvantagesofprojectfinanceinclude:（）

答案:

thelengthoftimethatittakestoprepare,negotiateanddocumentthefinancialarrangements;restrictionsonsponsor/SPVfreedomofactionresultingfromlendercontractualcontrol;difficultyinrenegotiatingandrestructuring;highercostsbothintermsofbothpreparatoryexpensesandinterestrateandotherfinancingcosts

Thethreemainadvantagesofprojectfinancethatoftenoffsettheconsiderabledisadvantagesforthesponsorare:（）

答案:

ThegeneraldiversityoflendersandfrequentpresenceofMDB’sandECA’sinmajorprojectfinancingsprovidesa“halo”effectwhichmayhelppreventadversehostgovernmentaction;Asponsormaybeabletoshareriskswithotherprojectparticipantsandreduceitsexposuretoriskthatitwouldneedtoassumeentirelyonitsownifusingtraditionalcorporatefinance.;DebtraisedbyanSPVmaynotappearonthesponsor’sbalancesheetwhichmayenablethesponsorto(1)expanditsdebtcapacitybyavoidingrestrictionsonadditionalborrowinginitsexistingdebtinstrumentsand/or(2)limitanylossinconnectionwiththeprojecttoitsequityinvestment

第二章測試

Procurementformanyprojects,especiallyintheinfrastructuresector,isoftendoneintwostages.Whatarethey?（）

答案:

Thefirststageinvolvestheawardofaconcession(oraPPPagreementorsimilarcontract)byagovernmenttoaprivatesectorsponsortocarryoutaprojectinthecountryconcerned.;Thesecondstageisconductedbytheprivatecompanyawardedtheconcessionandinvolvestheprocurementofthegoodsandservicesneededtoconstructandoperatetheprojectinaccordancewiththeconcession.

Thechoiceofthemostappropriatemethoddependsonsuchfactorsas（）

答案:

thesizeandcomplexityoftheproject;industrypracticeinthesectorconcerned;theprocurementcapacityofthecountryinwhichtheprojectislocated;expectedbidderinterest

Atypicalprocessforreachingdecisionsonhowsponsorownershipshouldbestructuredandgovernedwouldinvolve:（）

答案:

selectionoftheoptionthatcomplieswithallrelevantlawsandcomestheclosesttomeetingtheneedsofallparties;analysisofthebusinessassociationandtaxlawsofthehomeandhostcountryandanyotherrelevantcountryinthechainofownership;identificationofthebasicconsiderationsinvolvedinselectingtheformofSPV,thechainofownership,andtheagreementamongowners;identificationoftheobjectivesofthesponsorsandotherinvestorsintheSPV

Inaunsolicitedbidprocessknownasa“Swisschallenge”,theoriginalproponentmayseektohavethecostsitincurredinpreparingtheproposalreimbursedbythegovernmentorthewinningbidder.（）

答案:

對

Theconceptofa（）wasdescribedasacontractualarrangementinwhichaprivatesectorpartyisgivenarighttoparticipateinaprojecttoprovidepublicservicesthatweretraditionallyprovidedbygovernments.

答案:

public-privatepartnership(PPP)

第三章測試

Concessionswillnotestablishaspecificdateforcompletionoftheprojectandrequiretheconcessionairetopayliquidateddamagesiftheprojectisdelayedbeyondthespecifieddate.（）

答案:

錯

“Bankable”inthiscontextmeansthattheconcessionagreementcontainsprovisionsthat,interalia,enablelenderstoprotecttheirinterestsintheprojectandensurefullrepaymentoftheirloansintheeventofterminationoftheconcession.（）

答案:

對

UnderEPCcontractthecontractorreceivesafixedamountforitsserviceseveniftheactualtotalcostoftheprojectexceedsthepricethathasbeenagreedinthecontract.（）

答案:

對

“Reliefevent”isatermusedtorefertoaneventthat,ifitoccurs,might（）

答案:

excuseoneorbothofthepartiestoacontractfromcontinuingtoperformcontractualobligationsforaslongastheeventisineffect,;extendcompletionorotherkeymilestonedates;entitleoneofthepartiestocompensationforlossresultingfromthehappeningoftheevent;requirearenegotiationofthecontract,orinextremecases,leadtoterminationofthecontract.

Theconstructionprocessformajorinternationalprojectfinancetransactionsinvolvesthreekeyparties——（）

答案:

theEmployerorowner;theContractor;theEngineer

第四章測試

Manydevelopmentinstitutionsandgovernmentshaveestablishedprojectpreparationfacilitiestoprovidefundingforfeasibility,preparatoryandprocurementactivities.Examplesinclude:（）

答案:

aEuropeanUnionfundtohelpfinancethepreparationofinfrastructureprojectsinSouthAfrica;theAfricanDevelopmentBank’sAfricaprogram,afundto,interalia,providefundingforearlystageprojectdevelopment;theGlobalInfrastructureFacilityrecentlyestablishedundertheauspicesoftheWorldBank

Thesponsoranditsfinancialadvisorwillbeworkingonarrangingfinance.Workwillbeundertakeninanumberofinter-relatedareas.Theseareasinclude:（）

答案:

areviewoftheproject’stechnicalfeasibilitystudiestoobtaininformationoncostestimates,expenditureschedulesandthelocalcurrency/foreignexchangebreakdownoftheseexpenditures.;selectionofthetypesoflendersthatwouldbethemostappropriatefortheprojectandcreationofageneralstrategyforapproachingtheselendersandcreatingafinalfinanceplan;creationofafinancialsimulationmodelfortheprojectasanessentialtooltorunthesensitivityanalysisandalternativefundingscenariosneededbeforefinaldecisionsaremadeonfinancialissuesrelatedtotheproject.;adeterminationofthemostfeasibledebt-to-equityratiofortheprojectbasedonanassessmentoftheexpectedstrengthandcertaintyoftheproject’sexpectedcashflowandthepotentialsecurityandback-upcreditsupportforthedebt

Thefinancialmodelconsistsofaseriesofworksheetsthatserveasthebasisforpreparingaspreadsheetthatcanbeusedtocreateaseriesofalternativescenarios,sensitivityanalysesorstressteststhatillustratehowprojectperformanceandtherevenuestreammightbeaffectedbychangesinkeyprojectvariableslikeinterestrates,loanmaturity,thedebt-equityratioandprojectcostsandrevenues.（）

答案:

對

Mezzaninecapital(orhybridfinance)hasamixoftheequityanddebtcharacteristicsincludes:preferredshares;subordinateddebt;zerocouponbonds;andconvertibledebt.（）

答案:

對

Inmanycasesthereisapublicissueofequity,andoccasionallythehostgovernmentprovidesequityeitherincashorin-kind.（）

答案:

錯

第五章測試

Inadditiontodirectandindirectguarantees,otherformsofgovernmentsupportsometimesusedtofacilitateprojectfinancingsinclude:（）

答案:

varioustypesofsubsidies(e.g.aviabilitygappaymentcoveringpartofthecapitalcostofaprojectoratariffsubsidyforlowincomeusersofwaterandpowerprojects);equityparticipationintheSPV;comfortletters;varioustypesofcontractualundertakings(usuallyinaconcessionorPPPagreement)toguaranteeaminimumleveloftrafficandrevenueinatransportprojectormakeadeficiencypaymentintheeventthattheexpectedrevenuelevelsarenotmetandareinsufficienttoservicedebt

Therearemanytypesofcreditsupportandcreditsupportprovidersforinternationalprojects.Theyinclude:

答案:

directagreementsbetweenlendersandpartiestokeyprojectdocuments;thirdpartysupportprovidedby(a)privatesectorinstitutionsintheformofinsurance,lettersofcredit,andvariousothertypesofsurety,warranties,andfinancialderivativesand(b)publics