Submitted by FERNANDO JACINTO ANHÊ SANTOS null (fernandoanhe@gmail.com) on 2018-01-30T21:32:13Z No. of bitstreams: 1 Dissertação_Fernando Anhê_FINAL-REP.pdf: 997443 bytes, checksum: 7158e1339dc4019ef5068c68fa0dd29c (MD5) / Approved for entry into archive by Maria Marlene Zaniboni null (zaniboni@bauru.unesp.br) on 2018-02-01T18:38:51Z (GMT) No. of bitstreams: 1 santos_fja_me_bauru.pdf: 997443 bytes, checksum: 7158e1339dc4019ef5068c68fa0dd29c (MD5) / Made available in DSpace on 2018-02-01T18:38:51Z (GMT). No. of bitstreams: 1 santos_fja_me_bauru.pdf: 997443 bytes, checksum: 7158e1339dc4019ef5068c68fa0dd29c (MD5) Previous issue date: 2017-05-19 / Após seis anos de aprovação da Lei 12.485/11 (Lei da TV Paga) é possível notar seus efeitos econômicos no mercado audiovisual. A legislação dispõe de artigos que determinam política de cotas para vários elos da cadeia produtiva do audiovisual. A lei também destina verbas provenientes da cobrança do CONDECINE ao FSA (Fundo Setorial do Audiovisual), que é responsável por fomentar e financiar o mercado audiovisual brasileiro. Esta pesquisa tem como objetivo principal observar os efeitos econômicos da lei 12.485/11 no mercado audiovisual nacional em diferentes elos de sua cadeia produtiva. Para isso, a pesquisa começa com um resgate histórico sobre a economia política nacional, sobre seus aspectos legais, políticos e econômicos; sintetiza os primeiros decretos para regular a radiodifusão do governo de Vargas, os decretos de Jânio Quadros, o desenvolvimento da pioneira Lei do Cabo e o desenvolvimento e implementação da Lei 12.485/11. O estudo também faz menção ao período que vai do fim do Império até a década de 1930, quando o modelo agrário e escravagista vai sendo substituído pelas atividades fabris e comerciais. Para estudar os efeitos da Lei 12.485/11 no mercado audiovisual a pesquisa busca observar o contexto histórico, para depois observar os dados qualitativos e quantitativos disponibilizados por diversas entidades sobre os efeitos da Lei 12.485/11 no mercado audiovisual. Em um segundo momento, a pesquisa traz dados relacionados a todos os elos da cadeia produtiva do audiovisual, geração de empregos, novas empresas, novas formas de captar recursos, disponibilizados por entidades do setor. Ao final, o projeto analisa os efeitos econômicos da Lei 12.485/11 a partir dos dados apresentados pela pesquisa e também utiliza a opinião de profissionais atuantes no setor audiovisual para traçar um panorama do mercado audiovisual após a Lei 12.485/11. / This project presents the current economic participation of the Brazilian audiovisual sector and investigates the modes of production, forms of distribution, circulation and consumption of audiovisual products in various media and broadcasting platforms. The research shows the history of industry problems such as economic underdevelopment, the concentration of capital in some productive poles in a few regions of the country, the lack of regulation of activities, job insecurity in the area and the lack of economic planning of the State for the strategic development of audiovisual production. Also carry on about Brazilian economic crises of 1962, 1974 and 1981 to explain the current economic crisis which also affects the Brazilian symbolic economy. The second part of the project evaluates the economic effects and professionals of Law 12,845, law the "pay TV" in the fundraising market for audiovisual projects and analyzes the data provided by the market, to make economic projections for the sector due to the current national economic scenario. The project also assesses whether the Law 12,845 could actually achieve its goals of promoting new local and regional content developers, or are just going relocation of professional structures of the major producers. After all, there is the possibility of them have moved to occupy new market niches opened by mandatory regionalization of the pay television programming. The third part of the project brings the implementation of management methodology Project Management Institute projects (PMI) to raise funds for audiovisual projects with the Sector Fund Audiovisual (FSA). The methodology in question includes the planning scope, time, cost, quality, human resources, communications, risk, procurement and project stakeholders. The methodological procedures using various tools and dynamics necessary to obtain information for the development projects. The work aims to assess the economic effects of Law 12,845 in the Brazilian audiovisual market and see the different ways to raise funds open by law. The survey also performs the analysis of economic history and regulation of communications in the country, in order to clarify the current situation. After the prospect of realistically economic political scenario, the graduate student applies to the PMI project management methodology, directing the project to its most practical dimension.

Les financements structurés semblent se construire comme des instruments de neutralisation de la procédure collective. Ces montages, utilisés tant en matière de financement d'acquisition (LBO) qu'en matière de financement de projet, ont vocation à influencer tant lu saisie collective que les répartitions qui en découle (première partie). Face au caractère d'ordre public de la procédure collective, le nombre de stratégies permettant d'assurer l 'efficacité des financements structurés en cas de restructuration est limitée. Les montages pourront s'appuyer sur deux méthodes s'appuyer sur des textes dérogatoires (ex : titrisation) ou s'appuyer sur les limites des procédures collectives pour éviter les effets de la faillite (ex : les double Lux co). L'utilisation des limites du droit des procédures collectives ou de régimes spécifiques sera-t-elle suffisante pour échapper aux contraintes des procédures collectives? Cette question se posera tant durant la phase de saisie collective que durant celle des répartitions. Il conviendra donc d'étudier la résistance de financements structurés face à l'épreuve de la procédure collective (seconde partie). / Structured finance seems to be design as a tools to neutralize insolvency procedures. Those financing agreement, used in LBO and in project finance, are intended to influence both the assets seizure and the resulting distributions during the restructuring process (Part 1 ). Most of the time, rules of insolvency procedures are considered binding and should not be impacted by contracts. Therefore, the number of efficient strategies for structured finance in the event of restructuring ore limited. The structure can be based on specific legal status (e.g: securitization) or rely on the limits of insolvency procedures (c.g.: schemes implying Luxemburgish holding). Will contractual forecast defined by structured finance be enforceable during the restructuring process? It will therefore be necessary to study the resistance of structured finance to the constrained or insolvency procedures (second part).

The theoretical part of this thesis deals with history and principles of project finance. It defines participants of the process as well. It explains project development and management. The analytical part describes a particular structure of project financing at a project of development of a commercial real estate. It advises of main issues which this type of financing can brings around. Therefore it provides recommendations and motifs for changes in order to achieve higher economical outcomes and to minimize financial risk of investors and creditors. Moreover it mentions necessary project and financial contractual arrangements which are to be concluded in the system of project finance. The conclusion of this thesis reflects stated goals from the introduction and gives key recommendations to investors for the future projects.

The objective of the thesis is to analyze numerous project financing possibilities in the Czech Republic. The thesis introduces the framework of project finance, together with its definition and fundamental characteristics. Furthermore it aims to identify the issues of risk analysis and risk management. The final section of the thesis provides an overview of the current global project finance trends and identifies the situation in the Czech Republic. Additionally, the thesis includes a case study of the first Czech energy finance project - ECKG Kladno.

The theoretical part of this thesis explains the process of real estate project financing, describes its main features, characterizes participants of the process and main forms of project loans. It also depicts the feasibility study as a key source of project bank loan application, describe collection of loan documents, guarantees and hedging agreements and provide an overview of the methods used to evaluate the effectiveness of the project. The analytical part describes a particular project of development of a residential real estate and its project finance funding. Furthermore, the final section analyses the effectiveness of given project and the parameters of provided project bank loan.

Infrastructure is one of the main parameters of economic growth and a country‘s competitiveness depends on the provision and maintenance of efficient and productive infrastructure assets. However, Nigeria, like most countries in Sub-Saharan Africa has the lowest quantity and poorest quality of stocks of infrastructure assets in the world and this phenomenally poor infrastructure has remained an impediment to development in the country. Decades of sub-optimal investment, poor maintenance culture and the fact that the required infrastructure investments could not be accommodated within the available fiscal space as a result of budgetary constraints have all contributed to the Nigeria‘s infrastructure deficit. The immediate outcome of this however is that the available infrastructure assets across the Nigerian landscape are in decrepit state and absurdly inadequate. Besides, the present demand for basic infrastructure services has grown astronomically out-stripping the supply capacity of the existing ones. Closing the infrastructure financing gap will however require increased investment by private investors through creative financing in an enabling legal and financial environment. Outside the budgetary constraints, the absence of efficient maintenance and management of infrastructure assets and quality service delivery by the public sector are some of the reasons why procurement of public infrastructure stocks by government through the traditional approach is no longer plausible and hence, the general appeal of the public-private partnership framework. However, despite all the potentials, the public private partnership technique in Nigeria has not made an appreciable impact in closing the infrastructure gaps due to lack of access to long-term financing. It is against this back-drop that this study has sought to investigate how reforms of the legal and financial infrastructure could widen access to financing through innovative financial resource mobilization in scaling-up infrastructure development and service delivery to the teeming Nigeria population. Therefore, the central thesis of this study is that the inadequacy of appropriate laws and inefficient financial system are partly responsible for the huge financing gaps in the Nigeria‘s infrastructure market and with the legal and financial reforms, an enabling legal and financial environment that would open up space for resource mobilization through innovative financing techniques and sources will be created thereby widening access to long-term financing and increasing the appetite for private investment in the nation‘s public infrastructure assets and services. So, the overarching objective of this thesis is to explore how legal and financial system reforms can facilitate the development of financial models and instruments that can help mobilize financial resources to fund infrastructure and bridge the huge infrastructure financing gaps in Nigeria in a sustainable fashion. Given the infrastructure poverty that constrains economic growth and development in Nigeria, the outcomes of this proposed study would help inform the need for the legal and financial system reforms to unlock resources in addressing the problems of financing gaps in infrastructure projects development in Nigeria. Besides, such outcomes based on the Nigerian experience in infrastructure financing and development may be turned into valuable knowledge for policy –making and further research in Nigeria. Copyright / Thesis (LLD)--University of Pretoria, 2012. / Centre for Human Rights / unrestricted

[pt] O Índice de Desenvolvimento Humano (IDH) foi criado pela Organização das Nações Unidas (ONU) em 1975, sendo um índice composto que mede a obtenção da média do país em três aspectos básicos que são a expectativa de vida, a educação e a renda familiar. O IDH é um indicador alternativo ao Produto Nacional Bruto (PNB), que mede a riqueza de uma nação, acrescentando a este dois indicadores sociais abrangentes, a saber: a educação e a saúde. O IDH torna-se útil na medida em que chama a atenção das pessoas responsáveis politicamente pelo país, no sentido de se aterem mais à área social, ou seja, de verificarem como está o desenvolvimento integral do país permitindo inclusive a comparação com outros. Além do IDH, o estudo descreve índices que medem a condição humana, HPI-1 e HPI- 2, para medirem índices de pobreza em países em desenvolvimento e em países selecionados, o GDI e GEM, que são índices relacionados ao sexo, tanto para desenvolvimento como participação e o IDH-M que é um índice apropriado para municípios. O estudo faz também um diagnóstico da situação do Brasil e de sua evolução, desde a criação do índice. Serão propostos modelos em pesquisa operacional para otimização do IDH, o que facilitará e agilizará a tomada de decisões por parte dos governantes, que poderão tomar suas decisões baseadas agora num modelo matemático que certamente trará mais retornos de investimento sobre o capital empregado. As variáveis principais do problema serão a saúde, educação e a renda da população. As soluções e sugestões a serem apresentadas terão como meta básica o menor custo e de mais rápida implementação. / [en] The Human Development Index (HDI) is a compound index that measures the levels of a country in three basic aspects: life expectancy, education level and the family income. The HDI indicates an alternative to the Gross Domestic Product (GDP), which measures the overall wealth of a country, adding two social indexes: the education pattern and the health level. The HDI is a useful index because it shows the social area to people who have political responsabilities in a country, suggesting them the evaluation of the country development including social aspects, and permitting the comparison with the other countries. Besides the HDI, the study describes indexes which measure the human condition, HPI-1 and HPI-2, of poverty in development and in selected countries, the GDI and GEM, which are gender related indexes to check development and participation, and the HDI-M which is an appropriate index to measure the human condition in an urban environment. The study makes a diagnosys of the Brazilian situation and evolution, since the creation of these indexes. The dissertation proposes HDI optimization models. Such proposal might simplify and improve the efficiency of the decision making process. In this way, public officials may take their decisions based on a mathematical model which will increase the ratio benefits and investment costs.

This study will examine a strategy for evaluating energy storage projects by integrating valuation metrics from finance and the energy sector. Uncertainty is one of the key barriers to investment in the energy sector (Shimbar & Ebrahimi, 2017, p. 349) and therefore financial modeling that allows comprehensive valuation of energy investment is necessary (Berrada, 2022, p. 407). The purpose of the study is to propose a strategy for evaluating energy storage projects that applies to investors and decision makers.  LCOS is a necessary component of energy storage project valuation, as it considers both the financial and technical performance of energy storage systems (ESS). Existing research in the field has contradictory opinions regarding the usefulness of LCOS and traditional financial valuation models for investment decisions in the energy storage sector. Few studies have combined modeling from the financial and energy sector. The authors have identified a need to introduce an investor perspective to business research in the energy storage sector. The authors conduct an explorative mixed-method study with an underlying non-positivist philosophical position. The case study design includes creation of five hypothetical energy storage projects to simulate an investment scenario. The authors utilize a point-base system to integrate valuation models from the energy and financial sectors, which include NPV, IRR, payback period, LCOS and technological maturity. Experts in the field provide input for which metrics are emphasized by practitioners. The projects are ranked based on stand-alone metrics, an integrated model and expert opinion. The results indicate that integrating numerous valuation metrics is necessary for analyzing and comparing energy storage investments. The financial viability of projects change based on individual metrics and integrated financial models. Furthermore, the results indicate that LCOS should be reinforced by financial indicators when making investment decisions. The expert input shows that investors emphasize valuation metrics differently, which indicates that the economic attractiveness of energy storage projects varies among investors. IRR is used by practitioners as a primary indicator for profitability. Future research should investigate a method for including sustainability indicators in the valuation process. Furthermore, as data accessibility is an issue in the field of study, future studies should collaborate with practitioners to generate more secondary data sources. Lastly, the impact of discount rates, risk premiums and investor preferences should be researched to better understand investment in the sector.

摘要 此論文主旨在研究大型營造等工程計劃包括公私合併基建工程之計劃融資的架構，及其計劃融資方法的成長趨向。 計劃融資為一創新及有時效性的融資技術。有別於傳統基建工程的融資方法，因此愈來愈多在採用。此研究主要是集中於計劃融資的益處，風險管理及保險要求。 由於全球的私有化現象，政府的資助計劃，有移轉至私人融資計劃的趨向。本金現在往往以計劃的資產作為抵押，而以計劃的收入基礎以返還之。因此計劃的收益為大型投資計劃的主要融資因素。計劃的完工時程往往加之於計劃融資團體及業主的合約內，因此保障股東權益使延遲完工保險的需求大增。 延遲完工保險又名預期利潤損失險，為以保障業主的收益以償還債務及實現利益而設計。在開發市場中為減免利益風險，以收益保證保險方式以填補預期收益與實際收益間的差異。此論文亦以討論常用於大型計劃的計劃融資方式的兩種保險產品，延遲完工保險及收益保證保險及其核保的挑戰性，理賠處理的特性。 以瞭解延遲完工保險的理賠複雜性，以一個興建、營運及移轉（BOT）的鐵路工程項目的理賠個案作為例子討論。並以訪談保險業界的專家為主以討論相關論點。除延遲完工保險外，乘客量保證保險亦作介紹其保障預期及實際乘客量差異所引起的收益短缺的運作方式。 / This thesis aims to study the framework of project finance and the growing trend for project financing methods in today’s large construction projects involving public-private infrastructure partnerships. Project financing is an innovative and timely financing technique that is increasingly emerging as the preferred alternative to conventional methods of financing infrastructure and other large-scale projects worldwide. Research is conducted on the benefits, risk management and insurance requirements of project finance. Due to global privatization where government funding programs have shifted towards private financing, principals now often collateralize loans with project assets and repay them purely on the basis of projected earnings. Thus, the revenue generating capability of a project has become a critical financing factor in large investment projects. Rigorous conditions on delays in scheduled project completion added to project contracts between financiers and principals and the need to protect shareholders’ interests have created demand for DSU insurance. DSU insurance, also known as advance loss of profits (ALOP) insurance, is designed to secure the portion of revenue which the principal requires to service debt and realize anticipated profit. To mitigate revenue risk in emerging markets, public-private partnership provides a revenue guarantee to protect for the insured’s financial loss due to shortfall between actual and projected revenue. The ‘pledged’ revenues may include sales revenue, rental, interest income, and other sources of funds that are generally recurring. The thesis further discusses two types of insurance commonly applied in project financing of large projects – the delay in start-up (DSU) insurance and revenue guarantee insurance. The features, underwriting challenges and claim handling of these two types of insurance will be investigated. In order to understand the complexity in claims handling involving DSU cover, a build-operate-transfer (BOT) railway construction project claim case study is created. Interviews are conducted with three selected experts from the insurance industry on the various issues related to DSU claim. The findings gathered from these experts are reported in this thesis. In addition to the DSU insurance, a ridership guarantee is also introduced for protecting the revenue shortfall between the actual and forecast ridership when project is put into commercial operations.

Engagée à l’occasion de l’introduction en France de contrats de commande publique de type "partenariat public-privé" [PPP] – elle fut initiée peu après la promulgation de l’Ordonnance du 17 juin 2004 créant les « Contrats de Partenariat » – notre recherche explore les PPP, modalités de commande publique complexe à caractéristiques financières, en tant qu’ils constituent un marché émergent pour des acteurs financiers, fournisseurs de capitaux et de techniques de financement, potentiellement porteurs de valeurs, modes de raisonnement, et logiques économiques, exogènes au monde de la commande publique. Aiguillonné par notre désir de participer aux débats disciplinaires des mondes de la sociologie économique, des études sociales de la finance, et d’autres approches hétérodoxes des phénomènes économiques, par notre souci de contribuer à la compréhension des formes d’organisation des services publics et des infrastructures urbaines, stimulé également par notre curiosité à l’égard des mutations des économies occidentales, interpellé évidemment par l’actualité incontournable de la grande crise financière, puis économique, entamée en 2007-08, notre travail prend prétexte de ce "phénomène" – l’immixtion, par l’entremise des PPP, de nouveaux acteurs financiers dans une partie de la commande publique de grands équipements – pour nous inscrire dans le programme de recherche qui vise à caractériser le mouvement socio-économique plus large parfois qualifié de "financiarisation". Ce terme recouvre, sans grande précision ni définition consacrée et indiscutable, un ensemble d’évolutions liées à l’extension du domaine de la finance, que ce soit au niveau macroéconomique, sectoriel, ou cognitif, dans l’ordre de la connexion de pans entiers de la vie économique et sociale aux "marchés" financiers et à leurs exigences. Notre ambition est donc, à partir d’un sujet particulier et technique, non réductible à sa seule dimension financière4, de considérer la valeur heuristique du cas des PPP pour interroger plusieurs dimensions caractéristiques de ce mouvement de "financiarisation" – voire essayer d’en identifier les principaux éléments constitutifs. Ce dessein passe par une analyse en termes de sociologie économique menée à plusieurs niveaux / Committed (Hired) on the occasion of the introduction in France of contracts of state commission of type(chap) "Public Private Partnership" [ PPP] - She (it) was introduced shortly after the promulgation of the Prescription of June 17th, 2004 creating "Partnership agreements" - our search (research) explores the PPP, the modalities(methods) of complex state commission with financial characteristics, as they establish (constitute) an emerging market for financial actors, suppliers of capital and techniques of financing, potentially valuable carriers, ways of reasoning, and economic, exogenous logics to the world of the state commission