1, the loan object is different. The financing object of project financing is the project company, and the lender takes the asset status of the project company and the economic benefits created after the project is completed and put into production as the consideration principle for issuing loans. In traditional corporate financing, the object of lender financing is the project sponsor. When deciding whether to invest in the company or provide loans to the company, the lender mainly relies on the company's current reputation and asset status and the guarantees provided by relevant units.

2. Different financing channels. In project financing, the construction funds needed for engineering projects are characterized by large scale and long term, so diversified financing channels are needed, such as project loans, project bonds, loans from foreign governments and loans from international financial institutions. In the traditional enterprise financing, the project is generally a single financing channel because of its few laws and regulations and short term.

3. The nature of recourse is different. The outstanding feature of project financing is limited recourse or no recourse. Except for the project assets and related secured assets, the lender cannot recover the assets of the project sponsor. In traditional enterprise financing, banks provide full recourse for funds. Once the borrower fails to repay the bank loan, the bank will exercise the right to dispose of its borrower's assets to make up for the loss of its loan principal and interest.

4. The repayment sources are different. The repayment of project financing funds is based on the income after the project is put into production and the assets of the project itself. In traditional enterprise financing, as the source of capital repayment, it is all the assets of the project sponsor and its income.

5. The guarantee structure is different. Project financing generally needs a rigorous and complex guarantee system, and many units with interests in the project need to guarantee the possible risks of debt funds. In traditional enterprise financing, the guarantee structure is generally simple, such as mortgage, pledge or secured loan.

2. What is the applicable scope of project financing?

Project financing and development are mainly used for three types of projects: resource development, infrastructure construction and manufacturing projects.

1, resource development project

Resource development projects include oil, natural gas, coal, iron, copper and other mining industries. Project financing originated from resource development projects.

2. Infrastructure construction projects

Infrastructure generally includes railways, highways, ports, telecommunications and energy projects. Infrastructure construction is the most widely used field of project financing. The reasons are as follows: on the one hand, the investment scale of such projects is huge, and it is difficult for the government to fully subsidize them; On the other hand, for the needs of commercial operation, only commercial operation can generate income and increase income. In developed countries, many infrastructure projects have been successful because of project financing, and China countries have gradually introduced this financing method.

3. Production plan

Although project financing has been applied in manufacturing industry, its scope is relatively narrow, because there are many intermediate products and processes in manufacturing industry, and it is difficult to operate. In addition, its demand for funds is not as great as that of the first two fields. In the manufacturing industry, project financing is mostly used for manufacturing projects with relatively simple projects or with specific technologies used at a certain engineering stage. In addition, it is also suitable for manufacturing projects entrusted with processing and production.

legal ground

Measures for the administration of margin financing and securities lending business of securities companies

Article 10 A securities company engaged in margin financing and securities lending business shall, in its own name, open a special securities account for margin financing and securities lending, a securities account for customer credit transaction guarantee, a securities settlement account for credit transaction and a settlement account for credit transaction funds in the securities registration and settlement institution. The special securities account for securities lending is used to record the securities held by securities companies to be sold to customers and the securities returned by customers, and shall not be used for securities trading; The customer credit transaction guarantee securities account is used to record the securities held by the securities company entrusted by the customer, and the creditor's rights generated by the guarantee securities company's margin financing and securities lending to the customer; The securities settlement account for credit transaction is used for securities settlement of customer margin trading; The credit transaction fund settlement account is used for the fund settlement of customer margin trading.