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.

Made available in DSpace on 2016-04-26T20:48:46Z (GMT). No. of bitstreams: 1 JoseLuizRampazoFilho.pdf: 669553 bytes, checksum: f9ccf1d1be26c0de255b7df5d4092be8 (MD5) Previous issue date: 2006-07-06 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / Os investimentos em infra-estrutura são fundamentais para o desenvolvimento sócio-econômico de um país. Historicamente nos países em desenvolvimento esses investimentos têm sido feitos pelo setor público. No entanto, a partir da década de 70, com as seguidas crises financeiras que assolaram esses países, o setor público comprometeu totalmente sua capacidade de financiar esse tipo de investimento. A saída encontrada para esses governos diante do esgotamento desse modelo de financiamento foi uma mudança de papel do Estado de gestor e executor desses investimentos para simples regulador. Isso se deu pela transferência de ativos estatais para o setor privado através dos programas de privatização. Aliado a isso, as transformações estruturais no sistema financeiro internacional têm levado ao fortalecimento do mercado de capitais em várias partes do mundo, proporcionando a busca por novas formas de investimentos. E é nesse contexto que o Project Finance se enquadra. No Brasil, essa tendência não foi diferente. A partir do final dos anos 70 e começo da década de 80, houve queda dos investimentos públicos em infra-estrutura, e a descentralização fiscal iniciada nos anos 80 levou aos governos locais novas responsabilidades sócio-econômicas com escassez de recursos orçamentários. Esse trabalho tem a finalidade de analisar a viabilidade do Project Finance como um mecanismo facilitador para os municípios financiarem os investimentos em infra-estrutura tão importantes para seus habitantes. O caso estudado do setor de saneamento básico no município de Ribeirão Preto verificou quais são as vantagens e desvantagens de uma operação de Project Finance no Brasil, levando em consideração o arcabouço institucional aqui presente. Além disso, foi possível detectar como o setor privado atua em operações de infra-estrutura com recursos públicos, prática que ao nosso ver deveria ser mudada

Project finance has become a vital financing vehicle for undertaking capital-intensive and infrastructure investments. In 2017 alone, the value of deals signed using project finance was estimated at approximately $229 billion. Despite its increasing importance, little is known regarding the impact of project-level, and country characteristics on the loan terms. This thesis proceeds in examining these determinants along three empirical essays. The first essay (Chapter 3) focuses on how domestic lead arrangers certification (in emerging markets) impact the pricing of project finance loans. Using a sample 1270 project finance loan tranches signed between 1998 and 2011, and worth over $300 billion, the chapter posits that domestic lead arrangers certification reduce search and information cost, which in turn, reduces the financing cost. The results, after controlling for endogeneity of certification decision, indicate a reduction of 47 basis points in the spread offered on PF loans. The magnitude of this reduction differs across industries, geographic region, and income classification of the project countries. The second essay (Chapter 4) examines the relationship between PF contractual structures and loan outcomes, using a sample of 5872 project finance loan tranches signed between 1998 and 2013, and worth approximately $1.2 trillion. The chapter hypothesises that (i) non financial contracts (NFCs) (that is, contracts used to manage the various project functions), reduces overall project risk, (ii) the involvement of project sponsors as key counterparties to the non-financial contracts is an additional signal of project s potential worth, and (iii) the effects observed in (i and ii) are stronger, if sponsor counterparties have verifiable credit ratings. After matching loan tranches with NFCs to those without, the results indicate that the use of NFCs reduce both the loan spreads and leverage ratios. This impact is higher if the sponsor counterparties are credit-rated. The results are also stronger for developing countries. The third essay examines the impact of country-level institutions on project finance loan spread and leverage ratio, using a sample of 3,362 loan tranches signed between the year 1998 - 2012. The chapter investigates whether political and legal institutions are substitutes (or complements), that is, if improvement in one absorbs the weakness of the other, and vice versa. Further, the essay examines if project finance network of contracts substitutes for these institutions. The results indicate that political and legal institutions are substitutes. Specifically, improvements in political institutions lead to a reduction in both the loan spread and leverage ratio for countries with weak legal and governance institutions. The chapter also finds that where NFCs are included in PF, the impact of political institutions on loan spread reduces. On the other hand, the impact of political institutions on leverage ratio is higher when NFCs are used. The findings from the three research chapters provide interesting insights on how lenders and sponsors create value through contract design.

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」。

Project finance is a financing arrangement for projects, and it is characterised by the creation of a legally independent project company financed with non- or limited recourse loans. It is observed that the popularity of project finance is increasing in the recent decades, despite of the impact of Asian financial crisis. Especially in emerging markets, project finance is very common among the public-private partnership projects. It is possible that project finance yields some benefits in project management that other forms of funding are not able to provide. This research aims to explore the impacts of project finance on the risk management of projects, as well as the mechanisms of the effects of various factors on project risk management. The research starts with a quantitative analysis which consists of project data from 32 projects in recent years. The regression analysis on these quantitative data reveals that factors such as the separation of legal entity and existence of third-party guarantees can effectively reduce the borrowing rates of the projects. The borrowing rates, expressed in terms of credit spreads over LIBOR, are regarded as a proxy for the overall risk level of the projects. The qualitative section which involves five structured interviews further explores the relationships of the attributes of project finance on project risk management. The interviewees largely agrees on the effects of the separation of legal entity, non- or limited recourse loans, and the existence of third-party guarantees in managing political and country risks, business risks, and principal-agency risks. The involvement of a larger number of stakeholders in the projects enable the project to enhance its risk management ability by gaining external expertise and knowledge, influences on government policies, and more importantly, closer supervisions on project activities. Apart from revealing the important features of project finance, and the potential benefits it may yield on project risk management, the effectiveness of these features are also discussed. The study also examines the relationships between these features and the common risk factors which may affect all projects. Some recommendations to enhance the benefits of project finance and reduce the associated transaction costs are made based on this study.

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.