PROJECT FINANCE JAKO METODA FINANSOWANIA INWESTYCJI INFRASTRUKTURALNYCH
Loading...
Date
2002
Authors
Advisor
Editor
Journal Title
Journal ISSN
Volume Title
Publisher
WydziaĆ Prawa i Administracji UAM
Title alternative
PROJECT FINANCE AS A METHOD OF FINANCING INFRASTRUCTURE INVESTMENTS
Abstract
For the time being there is no clear definition of project finance and there is no unanimity
about the role of its specific characteristics as potentially distinctive traits. Empirical research
leads to the following conclusions:
- in order to realise an undertaking a special company is created, called a project company or
a vehicle company (also: special purpose company),
- the sponsors and shareholders in such a company are also companies which actively participate
in the project e.g. as contractors or subcontractors,
- project participants (contractors, managers, lenders, often governmental agencies, and, if
possible, final users) all create a network of contracted connections aiming at distinguishing
the possible types of risk and ascribing the consequences of those risks to particular parties,
- a company implementing a project uses a high leverage and the creditors have limited rights
to file a claim in the case of a failure of the project (limited-recourse or non-recourse financing).
Most projects are realised in the industries that are particularly significant to the state, and
in many cases a project cannot be launched without a permit from the special governmental agencies
overseeing the investment process and representing the state interests while the buildings are
erected and used.
This article deals with two trends in the research on project finance. One of them focuses upon
project finance as a method of financing virtually only investments in the infrastructure sphere
and it includes research on the justification for private capital involvement in the infrastructure,
in addition to research on the role of the state in implementing projects and on the effect of project
finance upon the situation in the state where the undertaking is realised. The other trend perceives
project finance as a method of financing investment in general and it aims at presenting the
conditions for deriving greater benefits than in the case of carrying out undertakings by the company
itself.
Description
Sponsor
Keywords
Citation
Ruch Prawniczy, Ekonomiczny i Socjologiczny 64, 2002, z. 1, s. 187-202.
Seria
ISBN
ISSN
0035-9629