试析国际项目融资的尽职调查与融资条件设计

On international project financing's investigation and condition design

在国家实施"走出去"战略的背景下,我国金融机构加大对外合作力度,积极拓展国际项目融资,支持我国高端装备制造企业的国际化进程。由于国际项目融资期限长、投资额大,面临的政治经济环境复杂,且境外项目资产和现金流较难监控,因此,如何控制风险成为开展此类项目的关键问题。作者提出,银行应通过深入的尽职调查,充分论证融资可行性,发现项目的风险因素;通过设计严密的融资条件,缓释和转嫁项目风险。本文深入阐述了融资尽职调查的重点内容,提出了设计融资条件的具体方法,为我国金融机构开展此类项目提供了有益的参考和借鉴。

Under the nation’s ＂Going Global＂ strategies,the Chinese financial institutions are vigorously developing offshore project financings in an effort to support the internationalization of high-end equipment manufacturers in China.Offshore project financings are characterized by long tenor,huge investment and complicated political and economic scenarios.Moreover,financiers are facing difficulties in supervising offshore assets and cash flows.Risk control thus becomes a critical issue for developing this type of financings.The author proposes that banks should attach special emphasis to due diligence and credit structure designing.Due diligence shall confirm feasibility of financing and reveal potential risks,while appropriate credit structure shall alleviate and deviate risks.This thesis further discusses key aspects of due diligence and proposes specific methods for designing credit structure.The thesis aims to provide useful references and implications for Chinese financial institutions developing offshore financing businesses.