矿业项目融资风险分配研究
摘要
矿业行业特点决定了矿业融资具有周期长、资金需求量大、高风险和阶段性特点。中国当前矿业融资面临着矿业资本市场欠发达、外资利用水平低、获得国外贷款困难、资金来源渠道狭窄等局面。项目融资作为一种新型的、重要的、为大型资本密集型项目筹集长期资金的一种技术,具有筹资功能强、融资方式灵活多样、能减轻政府财政负担、实现风险分散和风险隔离、能够提高项目成功可能性等功能,在世界广泛应用于电力、通讯、矿业和自然资源、石油石化、基础设施等领域。项目融资特别适用于矿山设计和建设阶段融资。在中国矿业开展项目融资,是解决当前中国矿业融资困境的有效途径。
项目融资本质就是风险分配,它是各参与方通过分担风险、利用合同联接在一起利益共同体。本文在对国内外研究文献进行综述的基础上,分析了矿业项目融资结构,提出风险分配原则和程序;应用等级全息建模技术,识别中国矿业项目融资面临的风险因素和特点;基于项目融资风险分配原则,建立风险分配灰色关联评估模型,对矿业项目融资风险分配进行评估和分析;利用担保、保险等各种信用保证工具,将风险在矿业项目各参与方进行分配,构建完整的矿业项目融资信用保证结构,并提出相应风险管理措施;分析矿业项目融资契约特点,最终通过契约实现风险在各参与方的分配;建立基于巴塞尔新资本协议的矿业项目融资信用风险评价指标体系和模型,来评价风险分配的最终效果,并通过案例进行研究,得出矿业项目融资信用风险等级。
研究表明,在中国当前法律、金融和矿业环境下,采用公司型合资结构通过项目公司模式利用银团贷款方式筹集债务资金是矿业项目融资结构可行选择。基于此结构下,矿业项目主要面临地质风险等21种风险,其中关键的风险更多来源于法律风险、税费风险等系统风险以及矿业开发过程中的安全风险和市场风险等。基于风险忍耐度(风险关联度)原则,可将风险分配给项目参与方。风险忍耐度(风险关联度大)的参与方应该承担更多的风险,而不是仅仅将风险分配给某一参与方独自承担。某种风险可能与多个参与方有关联,同时某个参与方也可能与多个风险有关联。矿业项目融资中,担保、保险和其它信用保证工具是实现风险分配的有效工具,信用保证更多地来源于矿业项目利益相关方提供的间接担保,另外获得政府的支持是矿业项目成功的重要保证。基于“背对背”风险分配机制的融资契约设计是实现风险分配的最终保证,重点设计好项目的合资协议、贷款协议、建设合同、销售合同和运营维护合同等关键契约的风险分配措施。经过风险分配后的矿业项目融资具有更低的信用风险,传统的基于企业历史经营数据的信用度量模型难以应用到项目融资中来,基于巴塞尔新资本协议的矿业项目融资信用风险评估模型,可实现对矿业项目融资的信用风险评估。案例分析表明,矿业项目融资具有较低的信用违约风险,同时也验证了信用风险度量模型的有效性。
本文为中国拓宽矿业融资渠道、开展矿业项目融资提供重要的理论实践指导意义。
Mining industry characteristics determine mining financing with a long cycle, capital demand for large, high-risk and periodic characteristics. In China, current mining financing is facing the situation that mining industry capital markets is low developed, foreign capital utilization level is low, it is difficult to obtain foreign loans, funding sources is narrow channels. Project finance, as a new, important technique to raise long-term funds for large capital-intensive projects, with strong fund-raising function, flexible financing methods, can reduce financial burden on the government and achieve risk diversification and risk isolation, improve the likelihood of success of the project. In the world, it is widely used in electric power, telecommunications, mining and natural resources, petroleum and petrochemicals, infrastructure and other fields. Project finance is applied especially for the design and construction phase in mining financing. Therefore, it is an effective way to solve the current financial plight to carry out project finance in mining industry in China.
The nature of project finance is risk allocation. In fact, it is the interests of the community that risk is shared by the participants connected with contracts. In this paper, based on an overview of the research literature at home and abroad, the author introduces theories about structure of mining project finance and risk allocation principles and procedures in project finance, applies hierarchical holographic modeling techniques to identify risk factors and characteristics in mining project finance in China. The author researches risk allocation mechanism and principles, and establish a gray correlation model about the assessment of risk allocation, and conducts assessment and analysis about the risk allocation in mining project finance. Risk is allocated to the participants by guarantees, insurance, other credit enhancement instruments which build a credit guarantee structure in mining project finance. Other risk management measures are put out in this paper. The author analysis contract features in mining project finance, and realize risks allocation through the contract between the parties involved in project finance. Credit risk evaluation index system and models are established based on the Basel II to assess the final results about risk allocation in mining project finance, and through case studies, it shows that credit risk rating is high in mining project financing.
The results show that, in current legal, financial and mining environment, it is viable option for structure of mining project finance by corporate joint venture structure, financing model arranged by project company to raise syndicated loans debt capital. At present, there are twenty kinds of risks such as geological risk etc. in mining project finance in China. Major risks come from system risks such as legal risks and tax and fee risks because mining laws and regulations are reformed in China, and safety and market risks during mining development process. Based on the principle of risk-tolerance degree (risk-relational degree), risk can be allocated to the project participants, the participants with high risk-tolerance degree (risk-relational degree) should bear more risk, rather than just the risk assigned to the most appropriate sole responsibility of the participants. Some risk may be associated with a number of participants, while some participant may also be associated with a number of risks. Securities, insurance and other credit guarantee instrument is effective tools for risk allocation in mining project finance. More credit guarantees come from indirect guarantees provided by interest parties with project, while the government’s support is an important guarantee for the success of mining projects in mining project finance in China. Based on the "back to back" risk allocation mechanism, financing contract design is the ultimate guarantee of risk allocation. We should focus on designing risk allocation measures in joint venture agreement, the loan agreement, construction contracts, sales contracts and operation and maintenance contracts, and other key contracts. Through allocation of risk, there is a lower credit risk for mining project finance. It is difficult to apply the traditional credit measurement model according to corporate historical operational data to project finance. Based on Basel II, the credit risk assessment model can be realized to assess credit risk of the mining project finance. Case analysis shows that the mining project financing with low credit default risk, but also demonstrate the effectiveness of credit risk measurement model.
This paper provides important theoretical and practical significance to carry out project finance and broaden financing channels for mining project in China.
项目融资本质就是风险分配,它是各参与方通过分担风险、利用合同联接在一起利益共同体。本文在对国内外研究文献进行综述的基础上,分析了矿业项目融资结构,提出风险分配原则和程序;应用等级全息建模技术,识别中国矿业项目融资面临的风险因素和特点;基于项目融资风险分配原则,建立风险分配灰色关联评估模型,对矿业项目融资风险分配进行评估和分析;利用担保、保险等各种信用保证工具,将风险在矿业项目各参与方进行分配,构建完整的矿业项目融资信用保证结构,并提出相应风险管理措施;分析矿业项目融资契约特点,最终通过契约实现风险在各参与方的分配;建立基于巴塞尔新资本协议的矿业项目融资信用风险评价指标体系和模型,来评价风险分配的最终效果,并通过案例进行研究,得出矿业项目融资信用风险等级。
研究表明,在中国当前法律、金融和矿业环境下,采用公司型合资结构通过项目公司模式利用银团贷款方式筹集债务资金是矿业项目融资结构可行选择。基于此结构下,矿业项目主要面临地质风险等21种风险,其中关键的风险更多来源于法律风险、税费风险等系统风险以及矿业开发过程中的安全风险和市场风险等。基于风险忍耐度(风险关联度)原则,可将风险分配给项目参与方。风险忍耐度(风险关联度大)的参与方应该承担更多的风险,而不是仅仅将风险分配给某一参与方独自承担。某种风险可能与多个参与方有关联,同时某个参与方也可能与多个风险有关联。矿业项目融资中,担保、保险和其它信用保证工具是实现风险分配的有效工具,信用保证更多地来源于矿业项目利益相关方提供的间接担保,另外获得政府的支持是矿业项目成功的重要保证。基于“背对背”风险分配机制的融资契约设计是实现风险分配的最终保证,重点设计好项目的合资协议、贷款协议、建设合同、销售合同和运营维护合同等关键契约的风险分配措施。经过风险分配后的矿业项目融资具有更低的信用风险,传统的基于企业历史经营数据的信用度量模型难以应用到项目融资中来,基于巴塞尔新资本协议的矿业项目融资信用风险评估模型,可实现对矿业项目融资的信用风险评估。案例分析表明,矿业项目融资具有较低的信用违约风险,同时也验证了信用风险度量模型的有效性。
本文为中国拓宽矿业融资渠道、开展矿业项目融资提供重要的理论实践指导意义。
Mining industry characteristics determine mining financing with a long cycle, capital demand for large, high-risk and periodic characteristics. In China, current mining financing is facing the situation that mining industry capital markets is low developed, foreign capital utilization level is low, it is difficult to obtain foreign loans, funding sources is narrow channels. Project finance, as a new, important technique to raise long-term funds for large capital-intensive projects, with strong fund-raising function, flexible financing methods, can reduce financial burden on the government and achieve risk diversification and risk isolation, improve the likelihood of success of the project. In the world, it is widely used in electric power, telecommunications, mining and natural resources, petroleum and petrochemicals, infrastructure and other fields. Project finance is applied especially for the design and construction phase in mining financing. Therefore, it is an effective way to solve the current financial plight to carry out project finance in mining industry in China.
The nature of project finance is risk allocation. In fact, it is the interests of the community that risk is shared by the participants connected with contracts. In this paper, based on an overview of the research literature at home and abroad, the author introduces theories about structure of mining project finance and risk allocation principles and procedures in project finance, applies hierarchical holographic modeling techniques to identify risk factors and characteristics in mining project finance in China. The author researches risk allocation mechanism and principles, and establish a gray correlation model about the assessment of risk allocation, and conducts assessment and analysis about the risk allocation in mining project finance. Risk is allocated to the participants by guarantees, insurance, other credit enhancement instruments which build a credit guarantee structure in mining project finance. Other risk management measures are put out in this paper. The author analysis contract features in mining project finance, and realize risks allocation through the contract between the parties involved in project finance. Credit risk evaluation index system and models are established based on the Basel II to assess the final results about risk allocation in mining project finance, and through case studies, it shows that credit risk rating is high in mining project financing.
The results show that, in current legal, financial and mining environment, it is viable option for structure of mining project finance by corporate joint venture structure, financing model arranged by project company to raise syndicated loans debt capital. At present, there are twenty kinds of risks such as geological risk etc. in mining project finance in China. Major risks come from system risks such as legal risks and tax and fee risks because mining laws and regulations are reformed in China, and safety and market risks during mining development process. Based on the principle of risk-tolerance degree (risk-relational degree), risk can be allocated to the project participants, the participants with high risk-tolerance degree (risk-relational degree) should bear more risk, rather than just the risk assigned to the most appropriate sole responsibility of the participants. Some risk may be associated with a number of participants, while some participant may also be associated with a number of risks. Securities, insurance and other credit guarantee instrument is effective tools for risk allocation in mining project finance. More credit guarantees come from indirect guarantees provided by interest parties with project, while the government’s support is an important guarantee for the success of mining projects in mining project finance in China. Based on the "back to back" risk allocation mechanism, financing contract design is the ultimate guarantee of risk allocation. We should focus on designing risk allocation measures in joint venture agreement, the loan agreement, construction contracts, sales contracts and operation and maintenance contracts, and other key contracts. Through allocation of risk, there is a lower credit risk for mining project finance. It is difficult to apply the traditional credit measurement model according to corporate historical operational data to project finance. Based on Basel II, the credit risk assessment model can be realized to assess credit risk of the mining project finance. Case analysis shows that the mining project financing with low credit default risk, but also demonstrate the effectiveness of credit risk measurement model.
This paper provides important theoretical and practical significance to carry out project finance and broaden financing channels for mining project in China.
引文
[1]戴大双.项目融资[M].北京:机械工业出版社,2005.
[2] Stefanie Kleimeier, William L. Megginson. Are Project Finance Loans Different From Other Syndicated Credits?,2000.
[3] Van Son Lai,Issouf Soumaré. Project Financed Investments,Debt Maturity and Credit Insurance.2006.
[4]孙俊.矿业开发中的融资决策理论和方法[D].北京科技大学,2002:10-11.
[5] Klompjan, Richard, Wouters, Marc J.F. Default risk in project finance. Journal of structured & project finance,2002, Vol. 8, Issue 3.
[6]中国矿业融资培训与研究项目组.中国矿业融资[M].北京:中国大地出版社,2004.
[7]蒋先玲.项目融资模式和法律问题研究[D].对外经济贸易大学,2002.
[8]李瑞跃.国际项目融资法律研究[D].中国政法大学,2004.
[9] E.R. Yescombe. Principles of Project Finance. Academic Press, 2002.
[10] Benjamin C. Esty. The economic motivations for using project finance,2003.
[11] Klaus Backhaus,Holger Werthschulte.Identification of Key Risk Factors In Project Finance-A“Project Type”-Based Simulation Approach.Journal of Structured Finance,2006.
[12] Douglas Deady.International Project Finance:Identyfy and Manageing Risks.Electric Light and Power,2005:24-25.
[13] Bain, Fergus. Project finance risks-getting it right first time. Morden Power Systems,1996, Vol.16, Issue 4.
[14] Richard Tinsley. Advanced Project Financing Stucturing Risk,First Edition. Euromoney Books,2000.
[15] Scott L.Hoffman. The Law and Business of International Project Finance, Second Edition. Transnational Publishers, Inc., USA, 2001.
[16]王冉.项目融资的风险及风险管理[J].资本市场,1997年第2期:58-62.
[17] Robert L.K. Tiong. BOT project: risk and securities. Construction management and economic,1990,8,315-328.
[18] Shou Qing Wang, Robert L K Tiong, S K Tiong , D Ashley. Risk management framework for BOT projects in China. Journal of Project Finance, 1999, Vol.4, Iss.4:56-67.
[19] A.V.Thomas,Satyanarayana,N.Kalidindi,K.Ananthanarayanan.Risk Perception Aanlysis of BOT Road Project Participants in India.Construction Management and Economics,2003(21):393-407.
[20] Akintola Akintoye,Craig Taylor,Eamon Fitzgerald.Risk Analysis and Management of Private Finance Initiative Projects.Engineering,Construction and Architectural Management,1998(5):9-21.
[21]王上铭,李树丞,王贵军.AHP法在项目融资风险管理中的应用[J].湖南大学学报(社会科学版),2002年11月,第16卷第6期.
[22]田琦,赵凤.SCERT在项目融资风险评估中的应用研究[J].工业技术经济,2004年12月,第23卷第6期.
[23]范小军,王方华,钟根元.大型基础项目融资风险的动态模糊评价[J].上海交通大学学报,2004年3月第38卷第3期.
[24] Yangcheng LU, Soushan Wu, Darshin Chen, Yunyung Lin. BOT projects in Taiwan: finance modeling risk, term structure of net cash flows, and project at risk analysis. Journal of project finance,2000,Vol.5,Iss.4:53-63.
[25]彭海艳,杨会云.蒙特卡罗在项目融资风险评估中的应用[J].森林工程, 2006年7月,第22卷第4期.
[26] Mei Han and Zhiyong Jerry Shi,2000,“How To Assess The Profitability Of A Project Finance Deal-From The Lenders’Perspective,”Journal of Project Finance, Vol. 5, Issue 3.
[27] Mansoor Dailami,IIya Lipkovich,John Van Dyck.A computer simulation approach to risk management in infrastructure project finance transactions. Regulatory Reform and Private Enterprise Division Economic Development Institute of the World Bank.
[28] Peter Rigby, James Penrose,Esq. Project finance summary debt rating criteria. Standard & Poor’s, Global project finance yearbook,2005:82-95.
[29] Jorg Orgeldinger. Basel II and project finance—the development of a Basel II—conforming rating model. Journal of structured finance,2006,11,4:84-95.
[30] Marc Freydefont. 2001. An Approach to Credit Valuation For Structured And Project Finance Transaction. Journal of Project Finance.v6 no4:p53-67.
[31]任宇航,孔健,王少丹,夏恩君.巴塞尔新资本协议下的项目融资贷款信用评级方法研究[J].金融论坛,2007年,第4期.
[32] Chris Marrison. Risk Measurement For Project Guarantees. Journal of Project Finance, 2001, v7 no2:p43-53.
[33]屈哲.项目融资风险评估—引入动态分析的定量评估[J].辽宁师范大学学报(自然科学版), 2003年3月,第26卷第1期.
[34]张曼,屠梅曾,王为人.大型项目融资风险动态管理方法[J].系统工程理论方法应用,2004年2月第13卷第1期.
[35] Stefanie Kleimeier, William L. Megginson. An empirical analysis of limited recourse project finance.1999.
[36] Chris Beale, Michel Chatain, Nathan Fox, Sandra Bell, James Berner, Robert Preminger and Jan Prins, Credit Attributes of Project FinanceJournal of Structured & Project Finance, 2002,Vol. 8, Issue 3.
[37] Marco Sorge. The nature of credit risk in project finance. BIS quarterly review,2004,11:91-101.
[38] Stefano Gatti,Stefnie Kleimeier,William L.Megginson,Alessandro Steffanoni.Arranger Certification in Project Finance.2007.
[39] Paul M. Vaaler, Barclay E. James, Ruth V. Aguilera. Risk and capital structure in Asian project finance.Asia Pacfic Manage,2008,25:25-50.
[40] Carl R.Beidleman,Donna Fletcber,David Vesboskr.On Allocating Risk:The Essence of Project Finance.Sloan Management Review,1990,31,3:47-55.
[41] Arturo Olvera Vega. Risk allocation in infrastructure financing. Journal of project finance, 1997, Vol.3, Iss.2:38-42.
[42]范小军,钟根元.基础项目融资风险的最优分配模式研究[J].现代经济探讨,2005年第3期.
[43]范小军,赵一,钟根元.基础项目融资风险的分配比例研究[J].管理工程学报,2007年第1期.
[44]周运祥,曹国华.项目融资中风险分配的优化模型分析[J].重庆大学学报(自然科学版), 2005年10月,第28卷第10期.
[45]杨宏伟,何建敏,周晶. BOT项目“有限追索权”融资方式的风险收益分析[J].东南大学学报(自然科学版), 2002年11月第32卷第6期.
[46]陈赟,张凤明.工程项目融资风险分配的博弈分析[J].长沙交通学院学报, 2004年6月,第20卷第2期.
[47]杨宇,穆尉鹏.PPP项目融资风险分配模型研究[J].建筑经济,2008年第2期.
[48]吴艳霞,王雷,殷仲民.基于投资方角度的项目融资风险分配研究[J].重庆建筑大学学报,2006年4月,第28卷第2期.
[49] Stephan Marti and Lowell Keith. Cash Flow Volatility As Opportunity: Adding Sophisticated Insurance Capital To The Project Finance Mix. Journal of Project Finance, 2000,Vol. 6, Issue 3.
[50] Bob Percopo, Peter J Haller. Insurance solutions for project finance. Journal of project finance,1999,Vol. 5,Iss. 2:23-26.
[51] Daniel Galvao. Political Risk Insurance: Project Finance Perspectives And New Developments.
[52]杨永刚,雷庆忠,刘润汉.BOT项目融资中的保险支持与参与[J].保险世界.
[53] Stephany Griffith-Jones,Ana Teresa Fuzzo de Lima. Alternative loan guarantee mechanisms and project finance for infrastructure in developing countries.2004.
[54]徐冬根,姚约茜.国际项目融资浮动担保的法律经济学分析[J].河南省政法管理干部学院学报, 2005年第1期.
[55]陈欣.试论项目融资中的浮动抵押[J].当代法学,2003年第1期.
[56]高丽峰,张超,杜燕,倪克俊.基于实物期权理论的BOT项目融资中政府经济政策担保价值研究[J].商场现代化,2005年11月.
[57]韩灵丽.BOT项目融资中的政府信用[J].上海财经大学学报,2003年6月,第5卷第3期.
[58]孙艳,郭菊娥,高峰,张国兴.基础设施项目融资中政府担保的影响因素[J].统计与决策,2007年,第20期.
[59]屈哲.刍论中国项目融资风险管理[J].财经问题研究. 2002年11月第11期.
[60]中国矿业融资培训与研究项目组.加拿大矿业融资[M].北京:中国大地出版社,2004.
[61]李海洋.试论国外项目融资对发展中国矿产业的启示[J].中国地质矿产经济,2000年第3期.
[62]干飞,文志岳.矿业项目融资浅析[J].中国矿业,2003年第12卷第8期.
[63] Graham Vinter. Project Finance A Legal Guide, Third Edition. Sweet & Maxwell, UK, 2006.
[64]王立国.项目融资中资金结构的选择[J].财经问题研究,1999年12月第12期.
[65]费尔.布瑞登,鲍尔.仁特,郑伏虎.项目融资和融资模型[M].北京:中信出版社,2003.
[66]肖林著.融资管理与风险价值[M].上海:上海人民出版社,2003.
[67]卓志.风险管理理论研究[M].北京:中国金融出版社,2006.
[68]雅科夫·Y·海姆期著,胡平译.风险建模、评估和管理[M].西安:西安交通大学出版社,2007.
[69] Jeffrey Delmon. Project Finance, BOT Projects and Risk. Kluwer Law International, 2005.
[70]王春秀.矿业权市场及矿业权价值评估研究[D].昆明理工大学,2003.
[71]郭建伟.矿业权评估体系研究[D].中国地质大学(北京),2006.
[72]李晓峰.中国矿业法律制度与操作实务[M].北京:法律出版社,2007.
[73]邓光君.国家矿产资源安全理论与评价体系研究[D].中国地质大学(北京),2006.
[74]刘志伟,刘澄,祁卫士.矿山企业安全管理[M].北京:冶金工业出版社,2007.
[75] (美)O·哈特著,费方域译.企业、合同与财务结构[M].上海人民出版社,1998.
[76] Shou Qing Wang, Robert L.K. Tiong, Member, ASCE, Seng Kong Ting , David Ashley, Member, ASCE. Political risks: analysis of key contract clauses in China’s BOT project. Journal of construction engineering and management, 1999, Vol.125, No.3.
[77]王顺康.中国项目融资协议的法律适用探析[J].国际商务研究, 1992年02期.
[78]史万钧.银团贷款和项目融资[M].上海:上海财经大学出版社,2007.
[79]张悦.项目融资中的税务筹划[J].合作经济与科技,2007年6月.
[80]冯菱君.矿山企业税费结构优化研究[D].中南大学,2004.
[81]张明燕.矿产资源规划环境影响评价方法与政策研究[D].中国地质大学(北京),2006.
[82]吴神法,魏晓平.中国矿业项目融资法律问题分析与对策建议[J].中国煤炭,2009年第3期.
[83]魏铁军.矿产资源法律改革初步研究[D].中国地质大学,2005.
[84]克里斯蒂安·戈利耶.风险和时间经济学[M].北京:中信出版社,2003.
[85]杜亚灵,尹贻林.基于模糊逻辑的公共项目风险分配模型[J].北京理工大学学报(社会科学版), 2008年6月第10卷第3期.
[86] E.Ballestero.Project Finance:A Multi-criteria Approach to Arbitration.Journal of Operational Research Society,2000(51):183-197.
[87]党耀国,刘思峰,王正新,林益.灰色预测与决策模型研究[M].科学出版社,2009年12月.
[88]黄为一,范征,张云峰.项目融资的汇率风险管理[J].国际经济合作,2007年第9期.
[89]刘明康.项目融资专题讲座[J].福建金融,1990年5期.
[90]段世霞.项目投融资管理[M].北京:对外经济贸易大学出版社,2007年8月.
[91]朱咏.项目融资中的资信增强技术及其案例分析[J].商业研究,2005,08,总第316期.
[92]孙慧,段志成,姚君.项目融资合同契约体系及其管理[J].国际经济合作,2007年第4期.
[93]黄丽平.浅谈银团贷款业务的风险防范及内部审计关注重点[J].经济师,2009年第10期.
[94]董翠香.项目融资与中国担保法的适用[J].法学论坛,2002年2月第1期.
[95]马秀岩,卢洪升.项目融资[M].大连:东北财经大学出版社,2008年7月.
[96] (美)M.Fouzul Kabir Khan,Robert J.Parra.大项目融资:项目融资技术的运用与实践[M].北京:清华大学出版社,2005年6月.
[97]蒋先玲.项目融资(第三版)[M].北京:中国金融出版社,2008年10月.
[98]方志刚.境外项目融资合同法律问题研究.中国金融学会,2005年12月.
[99]揭水利,陈恩.国外信用风险度量方法对中国的借鉴与启迪[J].企业活力,2009年第10期.
[100]张极井.项目融资(第二版)[M].北京:中信出版社,2003年11月.
[2] Stefanie Kleimeier, William L. Megginson. Are Project Finance Loans Different From Other Syndicated Credits?,2000.
[3] Van Son Lai,Issouf Soumaré. Project Financed Investments,Debt Maturity and Credit Insurance.2006.
[4]孙俊.矿业开发中的融资决策理论和方法[D].北京科技大学,2002:10-11.
[5] Klompjan, Richard, Wouters, Marc J.F. Default risk in project finance. Journal of structured & project finance,2002, Vol. 8, Issue 3.
[6]中国矿业融资培训与研究项目组.中国矿业融资[M].北京:中国大地出版社,2004.
[7]蒋先玲.项目融资模式和法律问题研究[D].对外经济贸易大学,2002.
[8]李瑞跃.国际项目融资法律研究[D].中国政法大学,2004.
[9] E.R. Yescombe. Principles of Project Finance. Academic Press, 2002.
[10] Benjamin C. Esty. The economic motivations for using project finance,2003.
[11] Klaus Backhaus,Holger Werthschulte.Identification of Key Risk Factors In Project Finance-A“Project Type”-Based Simulation Approach.Journal of Structured Finance,2006.
[12] Douglas Deady.International Project Finance:Identyfy and Manageing Risks.Electric Light and Power,2005:24-25.
[13] Bain, Fergus. Project finance risks-getting it right first time. Morden Power Systems,1996, Vol.16, Issue 4.
[14] Richard Tinsley. Advanced Project Financing Stucturing Risk,First Edition. Euromoney Books,2000.
[15] Scott L.Hoffman. The Law and Business of International Project Finance, Second Edition. Transnational Publishers, Inc., USA, 2001.
[16]王冉.项目融资的风险及风险管理[J].资本市场,1997年第2期:58-62.
[17] Robert L.K. Tiong. BOT project: risk and securities. Construction management and economic,1990,8,315-328.
[18] Shou Qing Wang, Robert L K Tiong, S K Tiong , D Ashley. Risk management framework for BOT projects in China. Journal of Project Finance, 1999, Vol.4, Iss.4:56-67.
[19] A.V.Thomas,Satyanarayana,N.Kalidindi,K.Ananthanarayanan.Risk Perception Aanlysis of BOT Road Project Participants in India.Construction Management and Economics,2003(21):393-407.
[20] Akintola Akintoye,Craig Taylor,Eamon Fitzgerald.Risk Analysis and Management of Private Finance Initiative Projects.Engineering,Construction and Architectural Management,1998(5):9-21.
[21]王上铭,李树丞,王贵军.AHP法在项目融资风险管理中的应用[J].湖南大学学报(社会科学版),2002年11月,第16卷第6期.
[22]田琦,赵凤.SCERT在项目融资风险评估中的应用研究[J].工业技术经济,2004年12月,第23卷第6期.
[23]范小军,王方华,钟根元.大型基础项目融资风险的动态模糊评价[J].上海交通大学学报,2004年3月第38卷第3期.
[24] Yangcheng LU, Soushan Wu, Darshin Chen, Yunyung Lin. BOT projects in Taiwan: finance modeling risk, term structure of net cash flows, and project at risk analysis. Journal of project finance,2000,Vol.5,Iss.4:53-63.
[25]彭海艳,杨会云.蒙特卡罗在项目融资风险评估中的应用[J].森林工程, 2006年7月,第22卷第4期.
[26] Mei Han and Zhiyong Jerry Shi,2000,“How To Assess The Profitability Of A Project Finance Deal-From The Lenders’Perspective,”Journal of Project Finance, Vol. 5, Issue 3.
[27] Mansoor Dailami,IIya Lipkovich,John Van Dyck.A computer simulation approach to risk management in infrastructure project finance transactions. Regulatory Reform and Private Enterprise Division Economic Development Institute of the World Bank.
[28] Peter Rigby, James Penrose,Esq. Project finance summary debt rating criteria. Standard & Poor’s, Global project finance yearbook,2005:82-95.
[29] Jorg Orgeldinger. Basel II and project finance—the development of a Basel II—conforming rating model. Journal of structured finance,2006,11,4:84-95.
[30] Marc Freydefont. 2001. An Approach to Credit Valuation For Structured And Project Finance Transaction. Journal of Project Finance.v6 no4:p53-67.
[31]任宇航,孔健,王少丹,夏恩君.巴塞尔新资本协议下的项目融资贷款信用评级方法研究[J].金融论坛,2007年,第4期.
[32] Chris Marrison. Risk Measurement For Project Guarantees. Journal of Project Finance, 2001, v7 no2:p43-53.
[33]屈哲.项目融资风险评估—引入动态分析的定量评估[J].辽宁师范大学学报(自然科学版), 2003年3月,第26卷第1期.
[34]张曼,屠梅曾,王为人.大型项目融资风险动态管理方法[J].系统工程理论方法应用,2004年2月第13卷第1期.
[35] Stefanie Kleimeier, William L. Megginson. An empirical analysis of limited recourse project finance.1999.
[36] Chris Beale, Michel Chatain, Nathan Fox, Sandra Bell, James Berner, Robert Preminger and Jan Prins, Credit Attributes of Project FinanceJournal of Structured & Project Finance, 2002,Vol. 8, Issue 3.
[37] Marco Sorge. The nature of credit risk in project finance. BIS quarterly review,2004,11:91-101.
[38] Stefano Gatti,Stefnie Kleimeier,William L.Megginson,Alessandro Steffanoni.Arranger Certification in Project Finance.2007.
[39] Paul M. Vaaler, Barclay E. James, Ruth V. Aguilera. Risk and capital structure in Asian project finance.Asia Pacfic Manage,2008,25:25-50.
[40] Carl R.Beidleman,Donna Fletcber,David Vesboskr.On Allocating Risk:The Essence of Project Finance.Sloan Management Review,1990,31,3:47-55.
[41] Arturo Olvera Vega. Risk allocation in infrastructure financing. Journal of project finance, 1997, Vol.3, Iss.2:38-42.
[42]范小军,钟根元.基础项目融资风险的最优分配模式研究[J].现代经济探讨,2005年第3期.
[43]范小军,赵一,钟根元.基础项目融资风险的分配比例研究[J].管理工程学报,2007年第1期.
[44]周运祥,曹国华.项目融资中风险分配的优化模型分析[J].重庆大学学报(自然科学版), 2005年10月,第28卷第10期.
[45]杨宏伟,何建敏,周晶. BOT项目“有限追索权”融资方式的风险收益分析[J].东南大学学报(自然科学版), 2002年11月第32卷第6期.
[46]陈赟,张凤明.工程项目融资风险分配的博弈分析[J].长沙交通学院学报, 2004年6月,第20卷第2期.
[47]杨宇,穆尉鹏.PPP项目融资风险分配模型研究[J].建筑经济,2008年第2期.
[48]吴艳霞,王雷,殷仲民.基于投资方角度的项目融资风险分配研究[J].重庆建筑大学学报,2006年4月,第28卷第2期.
[49] Stephan Marti and Lowell Keith. Cash Flow Volatility As Opportunity: Adding Sophisticated Insurance Capital To The Project Finance Mix. Journal of Project Finance, 2000,Vol. 6, Issue 3.
[50] Bob Percopo, Peter J Haller. Insurance solutions for project finance. Journal of project finance,1999,Vol. 5,Iss. 2:23-26.
[51] Daniel Galvao. Political Risk Insurance: Project Finance Perspectives And New Developments.
[52]杨永刚,雷庆忠,刘润汉.BOT项目融资中的保险支持与参与[J].保险世界.
[53] Stephany Griffith-Jones,Ana Teresa Fuzzo de Lima. Alternative loan guarantee mechanisms and project finance for infrastructure in developing countries.2004.
[54]徐冬根,姚约茜.国际项目融资浮动担保的法律经济学分析[J].河南省政法管理干部学院学报, 2005年第1期.
[55]陈欣.试论项目融资中的浮动抵押[J].当代法学,2003年第1期.
[56]高丽峰,张超,杜燕,倪克俊.基于实物期权理论的BOT项目融资中政府经济政策担保价值研究[J].商场现代化,2005年11月.
[57]韩灵丽.BOT项目融资中的政府信用[J].上海财经大学学报,2003年6月,第5卷第3期.
[58]孙艳,郭菊娥,高峰,张国兴.基础设施项目融资中政府担保的影响因素[J].统计与决策,2007年,第20期.
[59]屈哲.刍论中国项目融资风险管理[J].财经问题研究. 2002年11月第11期.
[60]中国矿业融资培训与研究项目组.加拿大矿业融资[M].北京:中国大地出版社,2004.
[61]李海洋.试论国外项目融资对发展中国矿产业的启示[J].中国地质矿产经济,2000年第3期.
[62]干飞,文志岳.矿业项目融资浅析[J].中国矿业,2003年第12卷第8期.
[63] Graham Vinter. Project Finance A Legal Guide, Third Edition. Sweet & Maxwell, UK, 2006.
[64]王立国.项目融资中资金结构的选择[J].财经问题研究,1999年12月第12期.
[65]费尔.布瑞登,鲍尔.仁特,郑伏虎.项目融资和融资模型[M].北京:中信出版社,2003.
[66]肖林著.融资管理与风险价值[M].上海:上海人民出版社,2003.
[67]卓志.风险管理理论研究[M].北京:中国金融出版社,2006.
[68]雅科夫·Y·海姆期著,胡平译.风险建模、评估和管理[M].西安:西安交通大学出版社,2007.
[69] Jeffrey Delmon. Project Finance, BOT Projects and Risk. Kluwer Law International, 2005.
[70]王春秀.矿业权市场及矿业权价值评估研究[D].昆明理工大学,2003.
[71]郭建伟.矿业权评估体系研究[D].中国地质大学(北京),2006.
[72]李晓峰.中国矿业法律制度与操作实务[M].北京:法律出版社,2007.
[73]邓光君.国家矿产资源安全理论与评价体系研究[D].中国地质大学(北京),2006.
[74]刘志伟,刘澄,祁卫士.矿山企业安全管理[M].北京:冶金工业出版社,2007.
[75] (美)O·哈特著,费方域译.企业、合同与财务结构[M].上海人民出版社,1998.
[76] Shou Qing Wang, Robert L.K. Tiong, Member, ASCE, Seng Kong Ting , David Ashley, Member, ASCE. Political risks: analysis of key contract clauses in China’s BOT project. Journal of construction engineering and management, 1999, Vol.125, No.3.
[77]王顺康.中国项目融资协议的法律适用探析[J].国际商务研究, 1992年02期.
[78]史万钧.银团贷款和项目融资[M].上海:上海财经大学出版社,2007.
[79]张悦.项目融资中的税务筹划[J].合作经济与科技,2007年6月.
[80]冯菱君.矿山企业税费结构优化研究[D].中南大学,2004.
[81]张明燕.矿产资源规划环境影响评价方法与政策研究[D].中国地质大学(北京),2006.
[82]吴神法,魏晓平.中国矿业项目融资法律问题分析与对策建议[J].中国煤炭,2009年第3期.
[83]魏铁军.矿产资源法律改革初步研究[D].中国地质大学,2005.
[84]克里斯蒂安·戈利耶.风险和时间经济学[M].北京:中信出版社,2003.
[85]杜亚灵,尹贻林.基于模糊逻辑的公共项目风险分配模型[J].北京理工大学学报(社会科学版), 2008年6月第10卷第3期.
[86] E.Ballestero.Project Finance:A Multi-criteria Approach to Arbitration.Journal of Operational Research Society,2000(51):183-197.
[87]党耀国,刘思峰,王正新,林益.灰色预测与决策模型研究[M].科学出版社,2009年12月.
[88]黄为一,范征,张云峰.项目融资的汇率风险管理[J].国际经济合作,2007年第9期.
[89]刘明康.项目融资专题讲座[J].福建金融,1990年5期.
[90]段世霞.项目投融资管理[M].北京:对外经济贸易大学出版社,2007年8月.
[91]朱咏.项目融资中的资信增强技术及其案例分析[J].商业研究,2005,08,总第316期.
[92]孙慧,段志成,姚君.项目融资合同契约体系及其管理[J].国际经济合作,2007年第4期.
[93]黄丽平.浅谈银团贷款业务的风险防范及内部审计关注重点[J].经济师,2009年第10期.
[94]董翠香.项目融资与中国担保法的适用[J].法学论坛,2002年2月第1期.
[95]马秀岩,卢洪升.项目融资[M].大连:东北财经大学出版社,2008年7月.
[96] (美)M.Fouzul Kabir Khan,Robert J.Parra.大项目融资:项目融资技术的运用与实践[M].北京:清华大学出版社,2005年6月.
[97]蒋先玲.项目融资(第三版)[M].北京:中国金融出版社,2008年10月.
[98]方志刚.境外项目融资合同法律问题研究.中国金融学会,2005年12月.
[99]揭水利,陈恩.国外信用风险度量方法对中国的借鉴与启迪[J].企业活力,2009年第10期.
[100]张极井.项目融资(第二版)[M].北京:中信出版社,2003年11月.