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.

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.

Regional project finance is an important national economic instrument for regional develop-ment in Sweden. Despite that, the research on the subject is limited meaning that there is little knowledge of the instrument’s distribution and consequences. This is problematic regarding the goal of the project funds, which is to contribute to growth throughout the country. The aim of this thesis was therefore partly to investigate how the distribution, and the applications of, regional project funds differ between Swedish municipalities with different geographical characteristics, partly to analyse the reasons for these differences. The study was a qualitative case study of Västerbotten and was divided into two parts. The first part was based on a data material on project funds of Region Västerbotten between 2014-2020 to examine how the project funds were applied for, and distributed, between the region´s municipalities during that period. The second part was mainly based on transcripts from interviews with municipal officials from six municipalities to examine the explanations for those differences. The result shows that there are significant differences between municipalities with different geographical characteristics of Västerbotten which is explained by differences in access to resources and participation in collaborative projects between the municipalities. In conclusion it therefore seems to be some challenges in enabling the whole country to take advantage of these funds.