| Fiberglass is a kind of compound material that be applied most widely, and it has the features like light weight, high-strength, corrosion resistance, electricity insulation, heat insulation, sound-absorptive and cost efficiency. It is one important members in modern material families, which is widely applied in industries such as transportation, construction, environmental protection, petrochemical industry, electronics , aviation and national defence, and it plays an irreplaceable role in national economy.To accelerate fiberglass industry of our country, we must go the modernized fiberglass way of high-quality, high-effect on which wiredrawing is the centre. In thelong-term plan of building materials industry 2010 and China building materials industry cross-century development strategy, we make it clear that fiberglass industry needs to develop the advanced wiredrawing technology, to accelerate industrialization process, to develop high-technology and to become one of the new economic growth points in the future development of building materials industry. But the fiberglass needs huge investment and the input-output ratio is low, and the invested scheduled time is as long as nearly 7 years. The enterprise can't put into production without strong investment ability.Project financing is one of the new financing ways adapt to international politics, economy , legal environment and changing social factor, and it is introduced in the middle of 1980's .Because of its project-oriented, reasonable risk distribution, various structure form , stronger environment acclimatization , complicated and strict agreement, it is adapt to financing project of large capital and high risk. It has become the important financing way of large construction project and expanded to different industries. The project financing can be divided into broad an narrow form. Broadly speaking, all financing activities such as build a new one ,buy an existing one or activities for debt restructuring can be named project financing. Narrowly speaking, it is financing or loan, anticipates that avails or rights and interests assumes the financing or loan mortgaging one kind of there be no right of recourse or limited right of recourse getting.The thesis put project financing of Taishan Fiberglass INC 50,000 tons as the research object. Combining features of fiberglass industry, it comment from the broad and narrow sense on the basis of deep study of project financing theory. At the same time, the paper draws experience from home and abroad to discourse upon the 50,000 tons production line projec and finds out the best financing pattern fit to the project of this kind.Innovation in this article: The thesis put project financing of Taishan Fiberglass INC 50,000 tons as the research object to analyze project finance model of this kind.It proposes to take the mode of financing lease on the basis of combination of equity and debt properly; to use risk management theory comprehensively in project risk research. It should be clear that project product price is the greatest risk through sensitivity analysis and breakeven analysis,and give risk control view in integrating other risk points.Inadequacie of article: can not analyze the specific , especially technology of the project deeply because of the limited knowledge. For these points, the article quotes feasibility analysis report . On sensitivity analysis and breakeven analysis, the article only takes changes in individual income into account ,and it doesn't analyse combined effect to the project of different factors by proper tool. |
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