1.BOT mode
BOT is the abbreviation of English build-operate-transfer, that is, build-operate-transfer mode. The government awarded the concession of infrastructure projects to contractors. During the concession period, the contractor shall be responsible for project design, financing, construction and operation, and recover costs, repay debts and earn profits. After the concession period ends, the ownership of the project will be transferred to the government. Essentially, BOT financing mode is a special operation mode of cooperation between government and contractors in infrastructure projects. It is also called "Franchise Financing Model" in China.
2. International financial leasing
Financial leasing, also known as financial leasing, means that when the project unit needs to purchase technical equipment but lacks funds, the lessor buys or leases the required equipment on its behalf, and then rents it to the project unit for use, and the rent is recovered on schedule. The total rent is equivalent to the sum of equipment price, loan interest and handling fee. When the lease expires, the project unit, that is, the lessee, obtains the ownership of the equipment through symbolic payment. During the lease period, the lessee has only the right to use and the ownership belongs to the lessor.
The ways of financial leasing include: fair leasing, leaseback leasing, subletting and direct leasing.
Characteristics of international project financing
Although international project financing has the characteristics of complex structure and various types, compared with traditional international loan financing, international project financing usually has the following basic characteristics.
1. International project financing is aimed at specific construction projects. Although the borrower of project financing can be a project company independently engaged in project development (usually), it can also be a project sponsor who is not simply engaged in project development; However, in general, lenders require independent accounting of project assets and liabilities (including equity assets invested by shareholders and project loan assets invested by lenders), and restrict the use of project financing for other purposes; When the project sponsor is the borrower, the lender will require the sponsor to invest the project financing only in the specific project or project company, and require the project assets to be separated from the other assets of the sponsor, thus forming the off-balance sheet financing of the sponsor. This feature shows that international lenders do not rely on the credit of borrowers (including sponsors or project companies) to provide project financing, but mainly rely on the debt repayment ability after project investment and the integrity of project asset rights; In this case, the lender obviously does not want the project assets to include complex liabilities to third parties in addition to project financing.
2. The realization of creditor's rights of international lenders mainly depends on the future cash flow of the proposed project and the net present value of cash flow that can be legally used to repay debts. Based on this feature, the lender of international project financing must make a reliable forecast of the future cash flow of the project before deciding on the loan, and ensure that the cash flow will be mainly used to repay the debt through complicated contractual arrangements, and often require the host government to give preferential approval or concessions in accelerating depreciation and income tax relief. According to the specific situation of the project, all the above factors may become the prerequisite for restricting the entry into force of international project financing documents.
3. International project financing usually takes project assets as collateral, but according to the permission of different national laws, limited credit guarantee can be provided through borrowers or project sponsors. The asset guarantee of international project financing is not to obtain the compensation of assets, but the lender requires this guarantee to obtain the control of assets, which is only a part of the credit guarantee structure of project financing; Limited guarantee in international project financing is a supplementary credit guarantee provided by the borrower or the project sponsor to the lender when the future cash flow of the project is insufficient to guarantee the repayment of principal and interest, so that the lender can obtain supplementary limited recourse. If the lender does not require such limited guarantee according to the specific conditions of the project, it constitutes the so-called "project financing without recourse". It can be seen that in international project financing, project asset guarantee and limited guarantee are not the main means of credit guarantee, and their functions are related to ensuring the future profitability of the project.
4. The characteristics of international project financing are the diversification and complexity of credit guarantee. According to the specific risks of different financing projects, international lenders often put forward different credit guarantee requirements, with the aim of diversifying project risks and ensuring that the future cash flow of the project can be used to repay loans reliably. The measures usually taken in practice include: requiring the project sponsors or investors to make a certain equity investment in the project first, so that the project financing only accounts for a certain proportion of the total project assets (usually above 60%), so as to spread the loan risk; Lock the project duration, project price and project quality through the project completion guarantee contract to avoid the completion risk; By signing a long-term supply contract for raw materials, the project operation cost can be locked and the project operation risk can be avoided; By signing a long-term sales contract for the purpose of buying and selling project products at stable prices, the total cash income can be guaranteed and market risks can be avoided; In addition, international project financing usually needs to obtain the concession and guarantee from the government of the country where the project is located, and it is usually necessary to set up a trust trustee to receive and pay according to the contract to ensure the legal conditions of project financing and the reliability of debt repayment.
5. Associated with the above characteristics, international project financing has the characteristics of large financing amount, high risk, long cycle and relatively high financing cost. Because international project financing is based on the prediction of the future cash flow of the project and the legal arrangement aimed at improving the efficiency of debt repayment, the preparation cost, loan interest rate and future risk of this financing are higher than those of traditional international loan financing.
Legal basis:
Regulations on the supervision and administration of financing guarantee companies
Article 5 The State promotes the establishment of a government financing guarantee system, develops government-supported financing guarantee companies, establishes a cooperation mechanism among the government, banking financial institutions and financing guarantee companies, expands the financing guarantee business scale of small and micro enterprises and agriculture, rural areas and farmers, and maintains a low rate.
The financial departments of the people's governments at all levels provide financial support to financing guarantee companies that mainly serve small and micro enterprises and "agriculture, rural areas and farmers" through capital investment and risk sharing mechanism. The specific measures shall be formulated by the financial department of the State Council.
Chapter II Establishment, Alteration and Termination
Article 6 The establishment of a financing guarantee company shall be approved by the supervision and administration department.
The name of a financing guarantee company shall be marked with the words financing guarantee.
Without the approval of the supervision and administration department, no unit or individual may engage in financing guarantee business, and no unit may use the word financing guarantee in its name. Unless otherwise stipulated by the state.