| The project financing was first tried in the field of oil development project in America,and it developed into an independent discipline of management areas. Now it was widelyapplied to energy development, pipelines, refineries, mineral resources, mining, sewagetreatment, communications facilities and other major projects and areas. In projectmanagement, huge investment and long payback period make it have a strong need forcapital. As a result, project financing has been being the primary problem of enterprises.According to the overall objective in “Twelfth Five-Year "Period of the Tianjin BinhaiNew Area, Binhai New Area will be planned into a base of modern manufacturing and R&D transformation, and will become one of the largest concentration of modern manufacturing.To this end, to build a matching gas supply capacity, supply status quo according to theBinhai New Area, the Tianjin Municipal Government approved Binhai Investment (Tianjin)Co., Ltd. decided the second gas source gas pipeline of the New Binhai New Area, to ensurethat safe and stable Binhai New Area is to provide natural gas energy. Therefore, theconstruction of this project has important social and economic value.Binhai New Area, the second gas pipeline project, combined with the Binhai Investment(Tianjin) Co., Ltd. of the actual situation, the application of project evaluation theory, projectinvestment and financing theory, based on our current investment environment, mode offinancing the project funds, funds The source, mode of financing, capital structure, financingchannels in-depth analysis, and on this basis to develop alternative means of financing theproject, then the application of project financial analysis and risk analysis methods,optimization of the alternative financing programs.First of all, on the basis of analyzing the project scope, project overview, the mainengineering quantity, gas supply situation, market demand, estimated by a reasonableinvestment to calculate the total project investment, in order to provide the basic data for theformulation of project financing options. Then, the combination of investment companies,shareholders’ strength, the credit status of the actual situation, and the company’s strategicobjectives of the gas development of the Binhai New Area to determine the mode offinancing of the project financing for the project, and then, through the capital structureanalysis, project financing channels and select design, the design of the choice of financingstructure, to finalize the alternative financing options.Project financing options through the various options for financing cost analysis ofalternative financing programs of the financial effect of the project capital, the solvency analysis of alternative financing options, and financing of risk analysis, the final than theelection to determine the optimal financing options.: The total investment of the Binhai NewArea, the second natural gas pipeline project for￥177,880,000, of which: total registeredcapital is￥46,270,000bank loan funds￥107,970,000, working capital of￥23,630,000(including construction period interest on loans). Marina (Tianjin) Co., Ltd. as the soleshareholder invested￥46,270,000.Pipeline project of Tianjin Binhai New Area, the second gas source for the study,attempts to develop advanced project finance theory is applied to the project financingoptions, comparison and selection, to reduce project financing costs, and control the risk ofproject financing, and eventually reach the strategic objectives of investors. Meanwhile,through the project financing of the project study, the different financing options for theproject to produce economic benefits, advantages and disadvantages as well as risk analysisand appraisal, reference will be the company’s future project financing of the pipe networkconstruction project. |
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