کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
4922189 1429657 2017 14 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Infrastructure financing with project bond and credit default swap under public-private partnerships
ترجمه فارسی عنوان
تامین مالی زیرساخت با پیوند پروژه و اعتبار پیش فرض اعتباری تحت مشارکت عمومی و خصوصی
موضوعات مرتبط
مهندسی و علوم پایه سایر رشته های مهندسی مهندسی عمران و سازه
چکیده انگلیسی
This paper elaborates the use of project bonds and a credit default swap (CDS) in infrastructure financing under public-private partnerships (PPPs). First, a structural model is presented and calibrated using market data to estimate the default probability of a project company in a PPP project, which lays the foundation for determining the CDS premium. Second, the CDS is priced using the risk-neutral valuation method. Third, sensitivity analysis is conducted to evaluate the impacts of project parameters including capital structure, asset rate of return and volatility, bankruptcy loss rate, and tax rate on the default probability and CDS premium. This study concludes that it is beneficial to governments, project companies, and bond holders to implement bond financing in PPP projects with a fairly priced CDS.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: International Journal of Project Management - Volume 35, Issue 3, April 2017, Pages 406-419
نویسندگان
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