Title Page
Contents
ABSTRACT 8
1. Introduction 10
1.1. Background Introduction 10
1.2. The Need for Project Finance in Power Sector 13
1.3. A Competent Developer in Power Sector 15
1.4. Purpose and Order of Study 19
2. Literature Review 20
2.1. Project Finance in Power Plant Industry 20
2.2. Internal Rate of Return(IRR) 22
2.2.1. Equity Investment(Co) and Gearing Ratio[이미지참조] 26
2.2.2. Net Cash Inflow(Ct) and Tenor of Loan[이미지참조] 29
2.2.3. Discount Factor (l+r)t and Financial Technique[이미지참조] 31
3. Data Analysis 32
3.1. Data Range 32
3.2. Variables 33
1) Tenor 33
2) GEAR_RATIO 33
3) DEV_POINT 33
4) PJT_AMT 34
5) CREDIT_RVS 34
6) LIBOR 6M 35
7) S_CODE 35
8) TGT_G_NO 35
3.3. Model Specification 37
4. Result 39
4.1. Statistic Summary 39
4.2. Estimation Results 42
5. Conclusion and Future Studies 46
5.1. Conclusion 46
5.2. Limitation and Future Studies 47
Reference 49
Appendix 52
국문요약 53
〈Table 1〉 Comparison of Project Finance and Corporate Finance 11
〈Table 2〉 Major Risks of Project 18
〈Table 3〉 Calculation of Cash Flow Statement 29
〈Table 4〉 Credit Rating Reverse Point 34
〈Table 5〉 Explanation on Factors 36
〈Table 6〉 Statistic Summary of Variables 40
〈Table 7〉 Correlation Analysis 41
〈Table 8〉 VIF Analysis 41
〈Table 9〉 Least Squared Analysis 42
〈Appendix Table 1〉 Correlation Analysis on Coal Power Sector Only 52
〈Appendix Table 2〉 Correlation Analysis on Renewable Power Sector Only 52
〈Figure 1〉 Project finance phases with dynamic of cumulative operating cash flows for an investment project 14
〈Figure 2〉 Project Finance Arrangement 15
〈Figure 3〉 Cost Structure of Power Project 23
〈Figure 4〉 Breakdown on Capacity Charges 24