経 済 学 部 池 尾 和 人 研 究 会 平 成 十 六 年 度 三 田 祭 論 文 プロジェクト ファイナンスの 現 状 と 課 題 金 融 パート 竹 下 慶 成 相 晋 一 郎 服 部 孝 洋 渡 邉 英 里 2004 年 11 月
1 2 1 4 11 12 13 14 2 16 21 22 23 24 25 26 3 35 31 32 4 45 41 42 43 44 45 46 47 48 49 1 5 86 51 52 2 99 101
90 2004 SPC 2
1 234 2 3 4 5 3
1 1 11 IPPIndependent Power Producer PFIPrivate Finance Initiative M A MBOmanagement buy out HP HP 12 4
11 13 131 1940 1940 1940 1920 2 1930 1940 50 GHQ 5
1 Hellmann,Murdock,Stiglitz1995 Financial Restraint: Towards A New Paradigm 70 132 1 6
2 80 133 2 1996 7
1990 2004 10 134 1996 11 2001 3 90 8
14 141 1980 9
12 1994 3 ABS Asset Backed Security ABS ABS 5 3 2 10
13 142 functional perspective 1980 Merton and Bodie1995 The Global Financial System 6 11
Levine1997 5 Hubbard2000 Merton and Bodie Merton 12
143 1999 144 20 4 2 13
(a) (b) ALMAsset Liability Management VaRValue at Risk (c) 1998 12 14
145 0 ROE ROA ROA ROA BS Asset Backed Securities BS M&A MBO 146 145 13143144 15
2 21 2 CBOCLO CMBS 16
21 211 / / 17
2 18
22 212 19
22 1 221 20
/ 222 21
223 2 2 22
1 John and John 23
John and John Jensen Shar and Thakor Chen,Kensiger,and Martin 24
Brickley,Lease,and,Smith Schipper and Smith 23 24 241 1299 1 1930 1960 1929 25
1969 1990 24270 1970 10 10 BP BP BP BP 1980 LNG 26
2 4380 1978 PURPA PURPA PURPA 200 BOT BOT (Built) (Operate) (Transfer) 1980 24490 PFI 90 PFI PFI Private Finance Initiative 27
23 PFI DBJ HP PFI SPC SPC PFI PFI 25 PFI PFI PFI PFI PFI 28
PFI PFI PFI BOT PFI BOT PFI BOT PFI BOT 80 BOT PFI PFI 1992 PFI LRT 1997 PFI PPP PFI PFI PFI 5-1 25 29
/ (Waterfall Basis Cash Flow) ( ) Application of Funds 1 ( ) 2 3 4 5 6 7 8 251 / 30
3 252 253 DCF NPV IRR 254 31
1.0 1.42.0 DSCR 255 256 Sensitivity Analysis 32
257 26 SPC 33
34
3 2 31 311 [ ] 312 35
[ ] 36
EPC(Engineering Procurement Construction) EPC EPC EPC 313 [ ] 37
( ) 32 321 10 (). 38
(). () () 2 39
322 40
3 23 [ ] 324 41
325 42
3 26.. 43
/ 327 44
4 i. 2 ii. iii. iv. v. 41 45
46 411 Max( R ) S P(S) CS. 2 S S 0 7 19 12 27 5 40 36 412
. ROE.... 42 47
421 48
i. 40 ii. iii. iv. 49
D/E / 50
v. 51
3 2 2 a. b. 3 2 43 6 431 52
3 i. ii. iii. 432 4 433 3 53
434 ( / )100 70 3 435 i. ii. 54
iii. 3 55
4 36 2 44 / 2 4 441 ROE LLCR ROE LLCR 442 56
i. ii. EPC(Engineering Procurement Construction) a EPC b EPC 57
EPC 2 443 i.. / 58
... ii. 2 / 59
444 i.... ( ii. 445 BOT i. ii. 1970 60
4 46 i. ii. iii. 61
4 47 45 451 1 62
2~3 iv. 452 i. ROE 31 0 63
100% 1 1 1 b 1 1 64
ii. iii. 46 461 65
462 463 9 47 / 66
471 i. ii. iii. 67
48. 4 481 68
i. ii. 3 69
482 2 49 60 70 2 70
4 91 45 i. 9798 ii. / 98 3 71
492 3 i. ii. iii. 72
491 i. 73
( ) 2 74
ii... 493 75
, 3 494 76
495 i. ii. iii. 77
496 10 1 i. ii. iii. 78
1215 79
1 1 ARCO SOCAL Edison SOCAL Edison ARCO QF QF PURPA QF QF 2 ARCO SPCSocial Gas SPC PURPS QF QF QF ARCO 80
2 BOT BOT BOT PLN PPA 30 1 P. T. Batu Hitam Perukasa (BHP) 30 BHP PLN PLN OPIC 3 PFI A 1,000kW 20 20 B A A C NEDO A SPC 81
SPC SPC PFI 4 2 BOT 2 82
SPC 83
Grupo Tribasa 1965 1991 1991 Grupo Tribasa 2 1993 144A 144A Grupo Tribasa Grupo Tribasa 2 2 2 2011 Grupo Tribasa 84
2005 Grupo Tribasa Grupo Tribasa Grupo Tribasa 85
5 51 511 1 511PFI PFI PFI PFI PFI 86
3 PFI PFI PFI 512PFI 1980 1986 3 3 3 3 3 3 25 3 1999 6,794 1 7,841 3 7.7 520 2 6,314 3 513PFI PFI PFI 87
3 PFI PFI 3 PFI 1999 7 PFI PFI PFI PFI PFI PFI PFI 88
PFI 514 1990 1993.12 1994.6 1995 31 IPP 1996 2001 1998 1999 2000 3 2 V 2,000kW 3 89
USJ USJ 2 2 USJ USJ 16 230 160 70 3 30 PFI 90
5 16 80 10 PFI PFI 91
5 2 521 521 92
522 2 523 524 93
525 2004 3 11 13.6 6.6 5.2 115 1.9 12.8 6.9 10 2003 3 94
95
2 1970 Securitization MBS 2004 21 96
SPV SPV SPV SPC SPV SPV SPV SPV 97
SPC IT 300 SPC 144 144 144 98
1997 2000 21 99
URL http://park.itc.u-tokyo.ac.jp/cois/ http://www.jmcti.org/ http://www.boj.or.jp http://www.dbj.go.jp/ http://www.mri.co.jp/ 100
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