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所在平台: Coursera |
课程主页: https://www.coursera.org/learn/infrastructure-investing
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课程名称：基础设施融资与投资 课程概述：本课程旨在教授如何利用债务和股权融资基础设施投资，以及投资者如何看待基础设施投资。根据经济合作与发展组织 (OECD) 的数据，到2030年，全球基础设施投资需求总额将达到71万亿美元，占2007年至2030年全球GDP年均的3.5%。 欧洲委员会估计，到2020年，欧洲基础设施投资需求将在1.5万亿至2万亿欧元之间。同时，在2011到2020年之间，实施跨欧洲运输网络（TEN-T）计划约需5000亿欧元，能源分配网络和智能电网需要4000亿欧元，能源传输网络和存储需2000亿欧元，而新的发电厂建设和升级的资金需求也将达到5000亿欧元。此外，还需额外投资38至58亿欧元和181至268亿欧元以实现宽带普及目标。 传统上，基础设施投资主要依靠公共资金，但由于预算限制和公共实体基础设施管理效率低下，私人投资者的参与日益增加。 本课程将重点讲解私营投资者如何从股权、债务和混合工具的角度接近基础设施项目。课程着重于项目融资的实践方面，强调基础设施投资中最常用的金融技术。通过实际案例和案例研究，学生将能够将理论知识与实际业务实践相联系。 课程结束时，学生将能够分析复杂交易，识别交易的关键要素，并从金融顾问的角度提出适当的交易结构解决方案。 课程形式：课程包括讲座视频、阅读材料和嘉宾演讲。虽然鼓励学生参加完整课程，但也可以选择集中于单一主题。 推荐阅读：本课程为自成一体，无需额外购买必读材料。对于有兴趣进一步学习的学生，可以参考以下资料： • Gatti Stefano, "Project Finance in Theory and Practice", Academic Press, 2nd edition, 2012. 课程大纲： 1. 项目融资与合同网络：模块探讨项目融资作为合同的网络，分析特殊目的载体（SPV）的性质及其周围的关键合同。 2. 银团：分析SPV与贷款人的关系，探讨银团的不同角色和组织方式，以及金融危机对银团贷款市场的影响。 3. 风险分析：介绍基础设施融资中的风险话题，为风险分配做准备，最终学习成果为制定基础设施项目的风险矩阵。 4. 资本预算：引入基础设施交易的资本预算，包括建设阶段的预算要素和融资来源的分析。 5. 基础设施项目的财务可持续性：分析基础设施项目的可行性，探讨股东和贷款人的获利指标及财务可持续性的测量。 6. 债权人如何保护自己：分析债权人保护自己免受不利情况影响的方式及SPV提供的标准担保包。 7. 附加视频与期末测验：提供商业案例讲座和最终测验内容。
Name:Project Finance and the Network of Contracts
Description:Module 1 explores the nature of project finance as a nexus of contracts. We will analyze the nature of the SPV (Special Purpose Vehicle) as an empty shell and the key contracts surrounding it (project contracts and financial contracts).
Name:Syndicate
Description:Module 2 analyzes the relationship between the SPV and its lenders. We will start from the introduction of what a syndicate is looking at the different roles performed by banks in a syndicate and the options available to organize such a syndicate. We will also look at the cost paid by the SPV for the organization of the financing and reflect on how the recent financial crisis has reshaped the syndicated loans market.
Name:Risk Analysis
Description:Module 3 introduces the topic of risk in infrastructure financing. We will introduce a possible risk taxonomy (pre-, post-, and both pre- and post-completion risks) useful for analyzing risk as a preliminary step for its allocation to the parties best able to manage and control risk. Our final learning outcome will be the preparation of a risk matrix for an infrastructure project.
Name:Capital Budgeting
Description:Module 4 introduces capital budgeting of infrastructure deals. Firstly, we will present the key elements making up the budget of the construction phase and the sources of finance used for the construction of said infrastructure. We will then move on with the analysis of the budgeting of the operational phase pointing our attention to the sources and uses of funds. Special care will be given to the analysis of the system of reserve accounts of the SPV.
Name:The Financial Sustainability of an Infrastructure Project
Description:Module 5 covers whether an infrastructure project is doable or not from the dual perspective of the shareholders and lenders. We will answer this question in the module by analyzing the criteria for measuring the profitability for project sponsors and lenders. We will also look at measurements of financial sustainability and the key role played by cover ratios in disciplining the performance of the SPV.
Name:How Can Creditors Protect Themselves?
Description:Module 6 looks at a number of subjects that share the need for creditors to protect themselves against pathological situations of the infrastructure. We will analyze the standard security package offered by the SPV to its creditors, together with an in-depth look at the system of covenants assisting the credit agreement. We will then look at the methods used to amortize a base facility in project finance.
Name:Additional Videos and Final Quiz
Description:Here you can find the lectures on the business cases and the final quiz
Learn how debt and equity can be used to finance infrastructure investments and how investors approach infrastructure investments! According to the OECD, the global infrastructure investment requirement by 2030 for transport, electricity generation, transmission & distribution, and water & telecommunications totals to 71 trillion dollars. This figure represents about 3.5% of the annual World GDP from 2007 to 2030. The European Commission estimated, that by 2020, Europe will need between 1.5 - 2 trillion Euros in infrastructure investments. Between 2011 and 2020, about 500 billion Euros will be required for the implementation of the Trans-European Transport Network (TEN-T) program, 400 billion Euros for Energy distribution networks and smart grids, 200 billion Euros on Energy transmission networks and storage, and 500 billion Euros for the upgrade and construction of new power plants. An additional 38 - 58 billion Euros and 181 - 268 billion Euros in capital investment will be needed to achieve the targets set by the European Commission for broadband diffusion. Traditionally investments in infrastructure were financed using public sources. However, severe budget constraints and inefficient management of infrastructure by public entities have led to an increased involvement of private investors in the business. The course focuses on how private investors approach infrastructure projects from the standpoint of equity, debt, and hybrid instruments. The course concentrates on the practical aspects of project finance: the most frequently used financial techniques for infrastructure investments. The repeated use of real life examples and case studies will allow students to link the theoretical background to actual business practices. In the end of the course, students will be capable of analyzing a complex transaction, identifying the key elements of a deal, and suggesting proper solutions for deal structuring from a financial advisor's perspective. Course Format The course will consist of lecture videos, readings, and talks given by guest speakers. Although we do hope you will attend the entire course, it is possible to just focus on single topics. Suggested Readings The course is designed to be self-contained, there are no obligatory readings that must be acquired outside of the course. For students interested in additional study material, you may refer to: • Gatti Stefano, "Project Finance in theory and practice", Academic Press, 2nd edition, 2012.
