A la fois instrument de financement et de développement, la technique du financement de projet est de plus en plus utilisée dans les États membres de l'Organisation pour l'Harmonisation en Afrique du Droit des Affaires (OHADA). Cependant, en raison de la complexité de son cadre juridique, conséquence de l'hétérogénéité des sources et des règles qui lui sont applicables, sa mise en œuvre se révèle difficile. Pour y remédier, une intégration de ce cadre, à travers notamment l'uniformisation des sources et des règles, et l'amélioration des modalités de sa mise en œuvre s'impose. A cet effet, le Traité OHADA pourrait être utilement mobilisé. Les financements de projet entrent clairement dans le spectre de ses compétences et compléteraient les huit Actes uniformes déjà en vigueur dans cette région d'Afrique. / Considered both as a financing and development instrument, the technique of project finance is more and more used in the Organization for the Harmonization of Business Law in Africa (OHBLA) members states. However, because of the complexity of its legal framework, consequence of the heterogeneity of sources and rules that are apply to it, its implementation remains difficult. To solve this problem, an integration of the above mentioned framework, in particular, through the unification of sources and rules, as well as the improvement of the mechanisms of its implementation looks necessary. In that regard, the OHBLA Treaty could be usefully mobilized. Indeed, Project finance falls clearly in its sphere of competences and could therefore complete the eight Uniform Acts that are already enforce in that area of Africa.

O presente trabalho teve por finalidade avaliar se os agentes financeiros detém poder de controle sobre as sociedades por eles financiadas no âmbito do Project Finance e de que forma esse pode ser exercido. O estudo se justifica em virtude da constatação de que os agentes financeiros, na condição de provedores de recursos e, consequentemente, credores dessas sociedades, com frequência criam mecanismos jurídicos capazes de resultar na atribuição de poder de comando sobre as mesmas, embora nem todos possuam suporte legal. Assim, este estudo além de identificar e avaliar tais mecanismos, por meio do exame empírico dos instrumentos jurídicos que regulam essa modalidade peculiar de financiamento, avançou no sentido de lançar críticas e considerações à luz do sistema normativo brasileiro, por vezes fazendo condenando o próprio sistema. A elaboração do trabalho utilizou (i) o método de pesquisa exploratória, mediante a análise de leis e demais instrumentos normativos que regulam os diversos temas tratados; doutrina nacional e internacional; decisões emanadas da Comissão de Valores Mobiliários CVM, na qualidade de órgão regulador do mercado de capitais brasileiro, e julgados do Superior Tribunal de Justiça; e (ii) método de pesquisa empírico, relativamente ao exame de contratos de financiamento, na modalidade Project Finance, considerando-se a amostra daqueles mais relevantes celebrados no Brasil, selecionados num período de três anos, relativos a projetos públicos, portanto, sem confidencialidade, cuja referência foi obtida no Banco Nacional de Desenvolvimento Econômico e Social BNDES, e cujo inteiro teor foi obtido junto aos cartórios de registro de títulos e documentos onde estão registrados. Concluiu-se, ao fim, que os agentes financeiros possuem à sua disposição mecanismos capazes de lhes atribuir tanto o controle interno, como no caso de usufruto sobre ações, step-in rights de controle (legal e contratual) e aquisição de golden shares; ou o controle externo, por meio da utilização de determinadas garantias, covenants ou step-in sobre os contratos do projeto. / This work has as main target to assess whether financial agents have the power to control the companies they finance under the Project Finance, and if so, how this happens. This study justifies itself, considering that these financial agents, acting like providers and creditors, have their own interest in creating legal structures that will allow them to have the control power of the company, but not all of these structures have legal support. Besides identifying and evaluating these structures, this work through empirical examination of the legal instruments, has launched critical considerations under the Brazilian legal system. This work used (i) the method of exploratory research, through analysis of laws and other legal instruments that regulate the topics here covered, national and international literature, decisions of the Brazilian Securities Commission - CVM, the regulator of brazilian capital market and decisions of the Superior Court (STJ); and (ii) method of empirical research concerning the examination of financing contracts in Project Finance, considering the most relevant celebrated in Brazil, selected in a period of three years, without confidentiality, to which reference has been reached with National Bank for Economic and Social Development (Banco Nacional de Desenvolvimento Econômico e Social BNDES), and whose entire content was obtained from public registries.

La présente thèse propose de réfléchir au « statut territorial » des espaces de la production pétrolière en Afrique centrale. Et ce en explorant d’abord – derrière les évidences d’un « enclavement » ordinairement admis de ces espaces (mais sans que celui-ci soit véritablement réfléchi) – leurs modes de production architecturaux : à la fois ceux des « enclaves pétrolières » en tant que telles, que l’on proposera de théoriser en tant qu’« îles artificielles » en les réfléchissant au vaste miroir des constructions techniques humaines, et ceux des systèmes spatiaux qui les portent : architectures internationales dont les « enclaves » apparaissent comme autant de clés de voûte – signalant alors cette croissante tension qu’aiguise le monde contemporain entre le développement d’interdépendances et de compénétrations territoriales de plus en plus vitales, et la persistance et la continuation – également fondamentale – du découpage de la scène internationale en unités territoriales souveraines. L’exploitation pétrolière – paradoxe dont on traquera la vérité – apparaissant autant comme un puissant facteur de construction de frontières internationales (dont on exposera quelques dynamiques en cours dans le golfe de Guinée) et comme une activité induisant et produisant différentes formes de découplages entre territoires étatiques et souverainetés, auxquelles l’exploitation et les investissements qui la sous-tendent supportent mal d’être assujettis. Ainsi explorerons-nous, au travers de l’étude des relations contractuelles nouées entre industriels et souverains, ainsi qu’au travers des techniques de financement telles que mobilisées dans le projet Tchad-Cameroun, comment l’exploitation pétrolière, parce qu’elle réclame une conséquente immunité à l’égard des risques qui pèsent sur elle (et au premier rang desquels figure le risque souverain), tend à produire des modes d’enclavement des territoires de l’exploitation. Car c’est ce que tend à démontrer cette thèse : que ces enclaves sont bel et bien des territoires, lesquels réclament toutefois d’être conceptualisés de façon à pouvoir concilier leurs dimensions « extraterritoriales » et leur toujours nécessaire ancrage dans la souveraineté territoriale étatique. / This thesis aims to conceptualize the oil production areas’ territorial status in central Africa. It first proposes to explore – behind the false evidence of an “enclave status” which is commonly accepted without being theorized – their architectural patterns: both those of the “oil enclaves” as such – which will be conceptualized as “artificial islands” by mirroring them with the vast domain of human technical constructions –, and those of the international spatial systems without which they could not exist – oil production spaces appearing as keystones of such systems. They thus highlight one of the contemporary world’s greatest tensions, which stand between the increasingly vital nature of international interdependences and territorial permeations, and the persistence and continuation – as well fundamental – of the territorial and sovereign partition of our world. Oil production – and we will inquire about the truth that hides such a paradox – concurrently appearing as a powerful factor in building international borders (which we will be discuss some current dynamics in the gulf of Guinea) and as creating various ways of unbundling territories and sovereignties, given that nor the activity nor its financial investors easily bear being at sovereign powers’ mercy. We will thus explore – through the contractual relations that intimately tie oil companies and sovereign powers, and through financing techniques such as those Exxon called up in the Chad-Cameroon project – how oil production – because it requires being consequently immunized against political and sovereigns' risks – tends to create various ways of territorial enclaving. And here is what this thesis seeks to demonstrate: that oil enclaves are territories – territories which claim to be conceptualized so as to reconcile their “extraterritorial” extent and their still crucial implant in the sovereign territory.

Despite the financing gap in the sub-Saharan Africa power sector, private investors struggle to capitalize on the opportunity because of the high failure rate of power project development companies. Using the conceptual framework of the behavioral finance theory, this multiple case study was conducted to explore the strategies used by executives of 4 companies in sub-Saharan Africa who successfully developed power projects within the last 5 years. Data were collected from semistructured interviews and a review of government and institutions' websites. Yin's 5-phased cycle for analyzing case studies provided the guidelines for data analysis. Three themes emerged from data analysis: market knowledge, stakeholder alignment, and commercial viability. Findings revealed strategies that current and aspiring power project development company executives may use as a guide to mitigate business failure risks. Implications of these findings for positive social change include the potential to increase the power generation capacity in sub-Saharan Africa and provide electricity to many of the 620 million Africans who currently lack access. Implications also include poverty alleviation and economic growth through creation of successful power project development companies.

二十一世紀的來臨，公共行政面臨了前所未有的轉變。近十年來人民對政府政策執行的能力產生質疑，致而公部門一直在思索一個全新的作法，嘗試作某種形式的「再設計」或「再創造」，而BOT模式推動，正是政府為回應人民需求所作的反應而產生的公共政策，政府企圖藉由其提昇國家基本建設執行之效率及國家競爭力。 理論上，BOT模式可以降低公共部門財政負擔及人事費用的膨脹及提高經濟管理績效外，亦可分散政府投資之風險。但觀察國內在推動時都不是很順暢，本論文企圖以台灣目前正在以BOT模式推動的四個公共工程建設為對象（台灣南北高速鐵路案、國道公路頭城蘇澳及蘇澳花蓮段案、中正國際機場至台北捷運系統建設計畫案及徵求民間參與高雄都會區大眾捷運系統紅橘路線網路建設案），從公共行政的觀點來看其推動困難的原因，並試圖提出對策，以供政府參考。 本論文可分二大部分，第一部分為理論部分，從BOT的公共理論基礎理論開始論起，就公共管理意識形態的發展與轉變、民營化及公私部門協力理論等三方面加以研究，進而推論出公共管理的思潮有一個清晰脈絡可循的轉變，從由無政府混沌狀態開始啟動，至「夜警國家」公共管理政府的出現，再至「大政府」公共管理模式的產生，又至強調「小而美」政府公共管理模式鼓吹，其恰如「鐘擺理論」一般，從政府的光譜左端擺盪至右端，又從右端擺向左端。目前觀察公共管理模式的意識型態，則又有轉向「新中間路線」的趨勢。第二部分針對上述國內四大BOT案作個案研究，對照國外政府推動相同BOT模式時其成功與失敗經驗，找出我國採用推動時應考慮的因素與應有的作法。 本研究採用文獻探討法、訪談調查表及比較研究法等，來增強輔助說明本論文中四個個案研究的說服力。最後本論文得到這樣的結論：「任何特許興建營運BOT案，政府、民間投資者與融資者三方面是共同分擔風險，追求三贏的平等夥伴。BOT是政府在精神上藉BOT的機制將民間力量納為己用，擴大政府推動公共建設的能量；而不是政府把公共建設的包袱藉BOT機制丟給民間而從此不再理會；在執行上政府也應避免在BOT機制下，讓投資者與融資者享盡投資的合部好處，而政府卻仍需要承擔投資的全部風險。我們必須永遠記得完全防弊觀點，毫無彈性的規範，必然會扼殺BOT的推廣；但是不符專業標準的BOT合約，則會為整個社會帶來災難」。

Public-Private-Partnership (P3) is gaining momentum as the delivery method for the development of public infrastructure. These projects, however, are exposed to economic risks. If the private parties are not comfortable with the level of the risks, they would not participate in the project and, as a result, the infrastructure will most likely not be realized. As an incentive for participation in the P3 project, private parties are sometimes offered guarantees against unfavorable economic risks. Therefore, the valuation of these guarantees is essential for deciding whether or not to participate in the project. While previous works focused on the valuation of guarantees, the incorporation of credit risk in the value of the P3 projects and the guarantees has been neglected. The effect of credit risk can be taken into account by using the rigorous Credit Value Adjustment method (CVA). CVA is a computationally demanding method that the valuation methods currently in the literature are not capable of handling. This research offers a novel approach for the valuation of guarantees and P3 projects which is computationally superior to the existing methods. Because of this computational efficiency, CVA can be implemented to account for credit risk. For the development of this method, a continuous stochastic differential equation (SDE) is derived from the forecasted curve of an economic risk. Using the SDE, the partial differential equation (PDE) governing the value of the guarantees will be derived. Then, the PDE will be solved using Finite Difference Method (FDM). A new feature for this method is that it obtains exercise strategies for the Australian guarantees. The present work extends the literature by providing a valuation method for the cases that multiple risks affect P3 projects. It also presents an approach for the valuation of the Asian style guarantee, a contract which reimburses the private party based on the average of risk factor. Finally, a hypothetical case study illustrates the implementation of the FDM-based valuation method and CVA to obtain the value of the P3 project and the guarantees adjusted for the counterparty credit risk.

Public-Private-Partnership (P3) is gaining momentum as the delivery method for the development of public infrastructure. These projects, however, are exposed to economic risks. If the private parties are not comfortable with the level of the risks, they would not participate in the project and, as a result, the infrastructure will most likely not be realized. As an incentive for participation in the P3 project, private parties are sometimes offered guarantees against unfavorable economic risks. Therefore, the valuation of these guarantees is essential for deciding whether or not to participate in the project. While previous works focused on the valuation of guarantees, the incorporation of credit risk in the value of the P3 projects and the guarantees has been neglected. The effect of credit risk can be taken into account by using the rigorous Credit Value Adjustment method (CVA). CVA is a computationally demanding method that the valuation methods currently in the literature are not capable of handling. This research offers a novel approach for the valuation of guarantees and P3 projects which is computationally superior to the existing methods. Because of this computational efficiency, CVA can be implemented to account for credit risk. For the development of this method, a continuous stochastic differential equation (SDE) is derived from the forecasted curve of an economic risk. Using the SDE, the partial differential equation (PDE) governing the value of the guarantees will be derived. Then, the PDE will be solved using Finite Difference Method (FDM). A new feature for this method is that it obtains exercise strategies for the Australian guarantees. The present work extends the literature by providing a valuation method for the cases that multiple risks affect P3 projects. It also presents an approach for the valuation of the Asian style guarantee, a contract which reimburses the private party based on the average of risk factor. Finally, a hypothetical case study illustrates the implementation of the FDM-based valuation method and CVA to obtain the value of the P3 project and the guarantees adjusted for the counterparty credit risk.

近年隨著國內外經濟發展、企業營運規模擴大下，在企業發展過程中，資金充足係其發展成敗之重要關鍵。一般而言，企業資金來源可區分為內部資金與外部資金。就外部資金部分，雖目前企業以直接金融透過發行有價證劵之方式，向一般社會大眾募集資金之風氣日增，但透過間接金融向銀行融資借貸，因較具彈性，可針對個案之不同調整融資契約之內容，仍為企業獲取外部資金之重要管道。 因科技日益創新下，許多投資案的規模及複雜性亦日漸擴大，現行傳統融資方式逐漸無法滿足企業之需求，專案融資(Project Finance)之模式逐漸受到重視。但因過去研究中多以政府BOT專案融資案件作研究，鮮少有企業個案提供參考，故本次研究目的為提供較不易得取資訊之企業專案融資個案作參照。 本次研究個案之專案融資係以客製化方式，針對個案之特殊需求(非一般營運週轉金用途)，在個案進行輔導公開發行 (Initial Public Offerings，IPO)階段中提供融資進行財務結構調整之協助。並建置監控資金用途之控管機制(Milestone)，搭配完善的還款機制以保障債權。個案藉由本專案融資之進行，財務結構調整沖銷內部股東往來、與提高流速動比及負債比，目的為讓個案財務結構更加透明，以利後續IPO階段進行。 故不論在私人企業之投資計畫或於公私部門合作(BOT)之計畫案中，專案融資皆扮演相當重要之角色。然在我國法制上，就融資案中居於關鍵地位之擔保機制，並未為特殊之規範，而僅以銀行法之擔保授信作為規範依據。然細究該規定，其僅將民法或動產擔保交易法中早已明文規範用於一般交易行為之擔保機制羅列於條文中，無法完全滿足銀行於專案融資中對擔保機制之需求。本個案企業之融資需求與金額在一般銀行往來融資條件下，並不容易成就。故本專案融資中的研究主要係在說明如何加強擔保機制並作相關之防範功能，使在債務人違約時能有效保障銀行債權。 / The scale of operations continuously extend with the development of the domestic and international economic situation in recent years, capital adequacy is no doubt a key point in the process of enterprise development . In general, the corporate-owned fund of the source can be divided into internal capital and external capital fund. The current corporation use common way raising capital fund through the issuance of Market Securities to the general public. Though indirect financial way to the bank financing is more flexible and still an important channel for gaining access to external funds, bank can customize the conditions of the financing contract case by case. The traditional financing can’t meet the needs of corporation. Project finance model has to be taken seriously during innovation in technology, scale and complexity of the many investment cases. But most researches focus on BOT project finance of government in the past years, there are few references about single company. Our research provides single company project finance that is uneasy to get to be referred. This case study of project finance based on the way of customization for the special needs of the case (a non-operating revolving function) , and bank provides financial restructuring during IPO consulting stage. The Bank structures the Milestone mechanism to monitor the use of funds, with carefully repayment mechanisms to guarantee the debt. This case can use project finance to write off the account receivable of shareholders, and to improve the financial ratio such as flow rate ratio and liabilities. It can help financial statement more clear to follow-up IPO stage. Project finance plays a very important role in any investment case whether the Public sector or private corporation. Guarantee mechanism which is key position of financing case doesn’t be special limited in our legal raw. The technical regulation just bases on the security guarantee of credit in The Banking Act of The Republic of China. The rules of Banking Act of The Republic of China record security guarantee of general trading from Civil law and Personal Property Secured Transactions Act, but it can’t meet the project financial demand. It’s not easy to meet with success under the scale of this project finance and the limitation of general finance. The most important purposes of project finance strengthen guarantee mechanism and control credit risk when debtor defaults.

The innovation process is very complex, expensive and demand substantial volume of resources, Besides, the degree of uncertainty that pervades is high. Is completely essential to the role of the financial system as a promoter of investment for companies-j. a. Schumpeter was who stressed the importance of credit with a fundamental element of the development process, which is responsible for an advance of purchasing power to businessmen, who use it for innovative activities-however, when it comes to investments for innovation becomes a more complex mechanism. It is in this context that this dissertation intends to perform a contextualization of public sources of financing to technological innovation, through governmental programmes of support to Brazilian companies in the Northeast, which stands out for its high innovative potential and a Regional System of Innovation in consolidation phase. We highlight sources such as FINEP, CNPQ, BNB, BNDES and MCTI. The data shows that, with regard to the institutional environment of innovation, three States are highlighted, namely: Bahia, Pernambuco and Ceará, and this is reflected on the funding of the programmes. However, there is still much room for improvement when compared with the more developed region of the country – the Southeast. / O processo de inovação é muito complexo, caro e demanda substancial volume de recursos, além do que, o grau de incerteza que o permeia é elevado. É completamente imprescindível o papel do sistema financeiro como agente incentivador de investimentos para as empresas – J. A. Schumpeter foi quem destacou a importância do crédito com um elemento fundamental do processo de desenvolvimento, o qual é responsável por um adiantamento de poder de compra aos empresários, que o utilizam para atividades inovadoras - no entanto, em se tratando de investimentos para inovação torna-se um mecanismo mais complexo. É nesse contexto que esta dissertação pretende realizar uma contextualização das fontes públicas de financiamento à inovação tecnológica, por meio dos programas governamentais de apoio às empresas brasileiras na região Nordeste, a qual se destaca pelo alto potencial inovador e um Sistema Regional de Inovação em fase de consolidação. Destaca-se fontes como CNPQ, FINEP, BNB, BNDES e MCTI. Os dados demonstram que, no tocante ao ambiente institucional de inovação, três estados ganham destaque, a saber: Bahia, Pernambuco e Ceará, e isso se reflete sobre a captação de recursos dos programas. No entanto, ainda há muito espaço para melhoria quando comparado com a região mais desenvolvida do país – o Sudeste.

Submitted by Cristiane Shirayama (cristiane.shirayama@fgv.br) on 2011-05-23T18:41:55Z No. of bitstreams: 1 65080100033.pdf: 992546 bytes, checksum: 6cbe2afbe19307304de0508998f0a4d1 (MD5) / Approved for entry into archive by Suzinei Teles Garcia Garcia(suzinei.garcia@fgv.br) on 2011-05-23T18:44:36Z (GMT) No. of bitstreams: 1 65080100033.pdf: 992546 bytes, checksum: 6cbe2afbe19307304de0508998f0a4d1 (MD5) / Approved for entry into archive by Suzinei Teles Garcia Garcia(suzinei.garcia@fgv.br) on 2011-05-23T18:45:42Z (GMT) No. of bitstreams: 1 65080100033.pdf: 992546 bytes, checksum: 6cbe2afbe19307304de0508998f0a4d1 (MD5) / Made available in DSpace on 2011-05-23T18:46:42Z (GMT). No. of bitstreams: 1 65080100033.pdf: 992546 bytes, checksum: 6cbe2afbe19307304de0508998f0a4d1 (MD5) Previous issue date: 2010-11-08 / O setor sucroalcooleiro que, historicamente, já apresentava um alto nível de endividamento, teve sua liquidez piorada quando a crise do subprime americana se instalou em meados de 2008. Apesar do movimento de concentração do setor através de fusões e aquisições e da entrada de grandes players internacionais, a capacidade de investimento do setor continua comprometida. As empresas possuem seus balanços já bastante comprometidos com financiamentos passados e os sócios não conseguem investir em vários projetos ao mesmo tempo. Dentro desse contexto, o Financiamento Estruturado ou Project Finance, como é conhecido, é uma opção muito interessante a ser explorada. Este trabalho tem como objetivo identificar os riscos mais relevantes envolvidos em um financiamento via Project Finance, para uma Usina de Açúcar e Álcool sob a ótica do financiador. É também propósito deste trabalho propor mecanismos de mitigação para esses riscos. Serão apresentados os principais riscos identificados sob a ótica do financiador, os mecanismos para mitigá-los, bem como a apresentação de matrizes de riscos com a contribuição de cada participante. Será considerada para análise uma usina modelo com capacidade de moagem entre 2,5 e 3,0 milhões de toneladas de cana por ano localizada na região centro-oeste do Brasil. Esta análise se baseia em um caso real. / The ethanol and sugar sector, which has historically had a high level of debt, had its liquidity worsened when the U.S. subprime crisis was installed in mid-2008. Despite the movement towards concentration in the sector through mergers and acquisitions and the entry of large international players, the ability to invest in the sector remains jeopardized. Companies have their balance sheets already very committed to funding and are unable to invest in several projects simultaneously. Within this context, Project Finance, as it is known, is a very interesting option to be explored. This work aims to identify the most relevant risks involved in financing a sugar and ethanol plant through a Project Finance from the view of the lenders. It is also the purpose of this study to propose mechanisms to mitigate these risks. The study will present the main risks identified from the perspective of the lender, the mechanisms to mitigate them and the presentation of risk matrices with the contribution of each participant. For the analysis model plant will be considered with crushing capacity of between 2.5 and 3.0 million tons per year located in the central-west of Brazil. This analysis is based on a real case.