CURS: “TEHNICA PLĂŢILOR ŞI FINANŢĂRII INTERNAŢIONALE”

Transcript CURS: “TEHNICA PLĂŢILOR ŞI FINANŢĂRII INTERNAŢIONALE”

ACADEMIA DE STUDII ECONOMICE BUCUREŞTI FACULTATEA DE RELAŢII ECONOMICE INTERNAŢIONALE

“Finanţare internaţională”

CURSUL II: “Pieţe, instituţii şi instrumente folosite pe pieţele financiare internaţionale”

Conf. dr Cristian PĂUN

Structura Sistemului Financiar

Guvernul Tranzacţii financiare Tranzacţii financiare Instituţii financiare Populaţia Companii private Tranzacţii financiare Pieţe financiare

Cursul 2: Componentele SFI

Pieţele financiare - caracteristici

PIEŢE FINANCIARE Pieţe monetare (scadenţă < 1 an):

foarte lichide; tranzacţii cu instrumente de credit;

fluctuaţii reduse ale preţurilor activelor => risc redus

Piaţa primară

Piaţa secundară Pieţe de capital (scadenţă > 1 year):

tranzacţii cu instrumente de împrumut şi acţiuni (bonds,

equities) fluctuaţii mai mari de preţ Piaţa internaţională a creditului, Euromarkets şi FX Markets Exchange offices (NYSE, CBOT)

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OTC Markets 3

Pieţele financiare - caracteristici

Caracteristici

Scadenţă Riscuri Instrumente Lichiditate Volumul tranzacţiilor

Pieţe monetare

Sub un an Mai mic Instrumente de credit Mai mare Mai mic

Pieţe de capital

Peste 1 an Mai mare Instr. de împrumut + acţiuni Mai mic Mai mare

Instrumente de credit

- Titluri de stat; Hârtii comerciale; - Certificate de depozit; - Forward; - Credits; - REPO

Instrumente de împrumut şi acţiuni

Acţiuni obişnuite Acţiuni preferenţiale Obligaţiuni Participaţii la fondurile de investiţii Poliţe de asigurare Participaţii la fondurile de pensii

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Resursele de finanţare pentru o companie Decizia de finanţare Resurse interne

- Reinvestirea profiturilor; Majorări de capital;

Conversia datoriilor în acţiuni;

Amortizarea mijloacelor fixe.

Resurse atrase - Credite; Obligaţiuni; Acţiuni.

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Când se recomandă utilizarea surselor interne ?

Avantaje ale utilizării surselor interne de finanţare:

• Creşterea valorii companiei; • Autonomie mai mare faţă de instituţiile financiare; • Cost de tranzacţionare mai redus (comisioane bancare şi taxe mai mici); • Avantaje fiscale aplicate profitului reinvestit; • Companii mici sau companii aflate la început; • Companii îndatorate puternic (high debt).

Dezavantaje:

Costul total al surselor proprii este cel mai mare datorită impozitării (tax shield) şi datorită costului de oportunitate) Resursele proprii costă cel mai mult !!!

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Când se recomandă utilizarea surselor atrase ?

Avantaje:

• afaceri mature – “cash-flow cows”; • sunt mai puţin costisitoare decât sursele proprii; • posibilitatea de obţinere a unor resurse de capital importante; • scadenţe mai mari; • deducerea cheltuielilor cu dobânda;

Dezavantaje:

• Costuri adiţionale (taxes, commissions applied); • Dependenţa de instituţiile financiare; • Existenţa unui calendar precis de rambursare; • Necesitatea unei bune proiecţii a dezvoltării viitoare a afacerii.

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Efectele impozitării când se utilizează finanţarea prin emisiune de acţiuni

EBIT - interest expense EBT - taxes (34%) Acţiuni 400,000 0 400,000 (136,000) EAT - dividends 264,000 (50,000) Retained earnings 214,000 Credit 400,000 (50,000) 350,000 (119,000) 231,000 0 231,000

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Finanţare directă vs. Finanţare indirectă Intermediarii financiari

Finanţare indirectă

Debitor (beneficiar) Investitor

Finanţare directă

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Finanţare directă vs. Finanţare indirectă

Avantajele intermedierii financiare: • o mai bună informare cu privire la excedentul de resurse financiare; • risc mai redus (unele instituţii financiare pot prelua din riscuri); • consultanţa financiară; • facilităţile de finanţare; • o multitudine de tehnici de financiare; • condiţiile impuse de intermediarii financiari; • cost de tranzacţionare mai scăzut.

Dezavantajele intermedierii financiare: • costuri operaţionale mai mari; • inexistenţa unui contact direct cu piaţa; • impunerea unui istoric al relaţiilor cu piaţa.

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Serviciile furnizate de intermediarii financiari

•Vânzarea şi cumpărarea de active financiare; •Derularea fluxurilor de încasări şi plăţi; •Finanţarea afacerilor (incl. export financing); •Consultanţa financiară; •Monitorizarea pieţelor financiare internaţionale (rating agencies); •Asigurarea împotriva riscurilor financiare; •Garantarea riscurilor financiare; •Expertiza managerială; •Monitorizarea companiilor (competitors, clients); •Management de portofoliu; •Administrarea fondurilor de investiţii.

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Instituţiile financiare de pe piaţa internaţională

I . Instituţiile financiare internaţionale:

International Monetary Fund; World Bank (IBRD, IDA, IFC, IMGA); EBRD; European Investment Bank; Bank for International Settlements;

II. Agenţiile guvernamentale:

Export Credit Agencies; Export Guarantee Credit Agencies; Export Insurance Agencies;

III. Instituţiile depozitare:

Băncile comerciale; Casele de economii; Băncile mutuale de economii; Uniunile de credit.

IV. Instituţiile non-depozitare:

Băncile de investiţii; Fondurile mutuale; Fondurile de pensii; Companiile de asigurări; Companiile de finanţare; Fondurile cu capital de risc; Societăţile de valori mobiliare.

Instituţii financiare publice Instituţii financiare private

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Banca Europeană pentru Reconstrucţie şi Dezvoltare

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Banca Europeană pentru Reconstrucţie şi Dezvoltare

• BERD a fost creată în

1991

; • Obiectivul iniţial:

să furnizeze suport pentru crearea şi dezvoltarea sectorului privat în ţările foste comuniste

; • În prezent BERD furnizează asistenţă pentru dezvoltarea economiei de piaţă în 27 de ţări din Europa Centrală şi de Est şi din Asia.

• BERD este cel mai important investitor în regiune şi mobilizează importante investiţii străine directe în plus de propriile finanţări acordate.

• BERD interacţionează şi cu instituţiile publice, oferindu-şi sprijinul în procesul de privatizare, restructurare a companiilor de stat şi îmbunătăţire a serviciilor publice / municipale.

• BERD are

60 ţări membre şi două instituţii interguvernamentale (UE şi Banca Europeană de Investiţii).

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Banca Europeană pentru Reconstrucţie şi Dezvoltare

Obiectivele BERD:

•

Să ajute ţările foste comuniste să se îndrepte cât mai rapid către o economie de piaţă funcţională

•

Să îşi asume o parte din riscurile investiţionale

•

Să promoveze principii bancare sănătoase BERD promovează:

•

Reformele structurale şi sectoriale

•

Competiţia, privatizarea and spiritul antreprenorial

•

Instituţii financiare puternice şi sistemul legal - instituţional

•

Dezvoltarea infrastructurii necesare sectorului privat

•

O guvernare sănătoasă

•

Cofinanţarea şi ISD

•

Mobilizarea resurselor locale de capital

•

Furnizarea de asistenţă tehnică

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European Bank for Reconstruction and Development

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BERD în România

• BERD este cel mai mare investitor din România cu o sumă ce depăşeşte 2.5

miliarde de euro.

• România se află pe locul al III-lea ca beneficiar al resurselor BERD.

• Portofoliul BERD în ţara noastră este foarte diversificat şi include investiţii în sectorul privat, dezvoltarea sectorului financiar, infrastructura de bază (electricitate, transport, infrastructura municipală) şi privatizarea cu investitori strategici.

•EBRD încurajează

finanţarea privată a infrastructurii prin promovarea unor finanţări de tip “project finance”

• BERD susţine dezvoltarea sistemului financiar nebancar, prin promovarea investiţiilor în sectorul leasing şi a companiilor de asigurare, fondurilor de pensii şi fondurilor private de investiţii.

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Proiecte BERD de succes în România

•

Susţinerea privatizării cu succes a celei mai mari bănci din România

– Romanian Commercial Bank (In 2003 the EBRD agreed to buy a 25 per cent stake in BCR together with the IFC for a combined investment of

€176 million

); •

Privatizarea cu succes a PETROM: million

- in 2002, EBRD arranged a syndicated

US$ 150

pre-privatisation corporate loan to SNP Petrom, the Bank’s largest non-sovereign long-term syndicated loan to a state-owned company in Romania at the time.

•

Furnizarea de fonduri pentru terminalul din

Bank granted a

€16 million Constanţa:

- In September 2004, the non sovereign loan to the Administration of Constanta Port to finance a new barge terminal in what has been the first non sovereign guaranteed loan by the Bank for a state owned company in the Romanian Transport sector.

•

Transelectrica - Regional Transmission Line Project:

signed a

€23.2 million

- in December 2004 the Bank loan with Transelectrica in order to finance: (i) the Romanian part of a 110km transmission line between Oradea (Romania) and Bekescsaba (Hungary), • and (ii) the construction of a 400kV substation at Nadab along the route of the line.

Banca Transilvania:

- BT managed to implement the Mortgage Loan of

€10 million

in a short period of time, reaching around 830 clients with a large geographic spread covering 32 main counties through a network of 130 branches and agencies as of end March 2005.

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EBRD Direct Investment Projects:

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EBRD and SME Financing Facilities

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EBRD Municipal and Environmental Loan Facility EBRD Regional Investment

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Banca Europeană de Investiţii

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Banca Europeană de Investiţii

• The task of the European Investment Bank, the European Union's financing institution,

is to contribute towards the integration, balanced development and economic and social cohesion of the Member Countries

• The European Investment Bank (EIB), the financing institution of the European Union, was created by the

Treaty of Rome

• The members of the EIB are the

Member States of the European Union

, who have all subscribed to the Bank's capital.

• The EIB grants loans mainly from

the proceeds of its borrowings

, which, together with

resources"

"own funds"

(paid-in capital and reserves), constitute its

"own

• Outside the European Union, EIB financing operations are conducted principally from the

Bank's own resources

but also, under mandate, from

Union or Member States' budgetary resources

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Banca Europeană de Investiţii

Obiective şi priorităţi de finanţare pentru BEI:

•

Economic and social cohesion in the enlarged EU

•

Implementation of the Innovation 2010 Initiative

•

Development of Trans-European and Access Networks

•

Support of EU development and cooperation policies in partner countries

•

Environmental protection and improvement, including climate change and renewable energy.

•

Support for small and medium-sized enterprises as well as mid-cap companies of intermediate size

•

Support for human capital, notably health.

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European Investment Bank Shareholders

• The shareholders of the European Investment Bank are the

25 Member States of the European Union

• Each Member State’s share in the Bank’s capital is calculated

in accordance with its economic weight within the European Union

(expressed in GDP) at the time of its accession.

• In total, the Bank’s subscribed capital amounts to more than

163.6 billion

• The EU Member States

are fully eligible for Bank financing operations

, without any geographical or sectorial quotas being applied.

• Under its Statute, the Bank

may have maximum loans outstanding equivalent to two and half times its capital

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European Investment Bank - Structure

1. Board of Governors:

consists of Ministers designated by each of the 25 Member States, usually Finance Ministers.

2. Board of Directors:

has the power to take decisions in respect of loans, guarantees and borrowings. The Board of Directors consists of

26 Directors

, with one Director nominated by each

European Commission

Member State

and one by the

3. The Management Committee:

is the Bank’s permanent collegiate executive body. It has

nine members

. Under the authority of the President and the supervision of the Board of Directors, it oversees

day-to-day running of the EIB

prepares decisions for Directors implemented

and

ensures that these are 4. The Audit Committee:

is an

independent body

answerable directly to the Board of Governors and responsible for v

erifying

that the operations of the Bank have been conducted and its books kept in a proper manner.

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European Investment Fund

• Following the conclusions of the Lisbon European Council in March 2000, which called for increased support for operations to assist SME’s, the Board of Governors decided to set up the

Investment Bank

and the

"EIB Group"

, consisting of the

European Investment Fund

European

• The EIB became the majority shareholder in the European Investment Fund, which nevertheless retains a tripartite share-ownership structure consisting of the

EIB (59.15%),

the

European Commission (30%)

and

European banks and financial institutions (10.85%).

• EIB Group is thus able to play a

predominant role in boosting the competitiveness of European industry

through the diversified support it provides for the and guarantees).

activities of SMEs

(medium and long-term loans, venture capital • The EIB continues to

promote smaller businesses

through its medium and long-term global loan financing, arranged in collaboration with the banking sector.

• The relationship between the EIB and the EIF

sharing of expertise encourages a productive

between the Bank and the Fund in support of finance for SMEs; Cursul 2: Componentele SFI

Financing Facilities offered by EIB

The EIB offers various financial services to support projects, depending on eligibility and project category.

•

Loans for SMEs through an intermediary

(credit lines made available to banks, leasing companies or financial institutions, which on lend the proceeds for small or medium-scale investment projects meeting the Bank's criteria) •

Venture capital

•

Direct loans (also known as Individual loans)

(Promoters in both the public and private sectors, including banks); •

Structured Finance Facility (SFF) (

senior loans and guarantees incorporating pre-completion and early operational risk; subordinated loans and guarantees ranking ahead of shareholder subordinated debt; mezzanine finance, including high-yield debt for industrial companies in transition from SME scale or in the course of restructuring; project related derivatives.) Cursul 2: Componentele SFI

Priority Roads and Motorways Rehabilitation II – AFI Czech Republic

Date of Entry: Beneficiary:

17/05/2005 The Region of Pardubice.

The Region of Liberec.

Location:

Czech Republic - European Union. Pardubice and Liberec.

Description: Objectives: Sector:

The project concerns a series of priority schemes for the rehabilitation of the regional road network.

The project will improve traffic fluidity and safety along the Region’s road network and decrease cost of road users (fuel and tyre consumption, maintenance, travel time).

Transports.

Transport.

Proposed EIB finance: Total cost: Environment al aspects: Procuremen t: Status:

To be determined Up to EUR 40 million for the Region of Pardubice Up to EUR 40 million for the Region of Liberec.

Current environmental impact legislation in the Czech Republic is based on the Act No 100/2001 Coll., which reflects relevant EU legislation (namely Directive 85/337/EEC as amended by Directive 97/11/EC).

EU Procurement Directives have been transposed into the national legislation, and the procedures to be used will be verified during appraisal.

Signed - 30/06/2005 Cursul 2: Componentele SFI

A1 Motorway - Poland

Date of Entry: Beneficiary: Location: Description: Objectives: Sector:

25/02/2005 Gdansk Transport Company SA Poland - European Union.

Gdansk to Nowe Marzy (89.5 km) Design, construction and operation of 152 km dual carriage motorway from Gdanks to Torun.

The new motorway section will constitute the first step in completing of the missing link between Gdańsk and Łódź on the way to industrial Silesia. At the same time, once the whole section Gdańsk-Toruń is completed, it will facilitate easier access between Warsaw region and Tricity (Gdańsk, Sopot and Gdynia).

Transports.

Road transport

Proposed EIB finance: Total cost: Environment al aspects: Procuremen t: Status:

EUR 525 million EUR 700 million The project falls under the requirements of Annex 1 of the EU Directive 97/11 and requires full EIA with public consultation.

The project has been procured as a Public Private Partnership to design, build, finance and maintain the infrastructure based on combination of shadow toll revenues and availability and performance payments to the concession company during a 35-year concession.

Signed - 28/07/2005 Cursul 2: Componentele SFI

Budapest Central Waste Water Treatment Plant Project

Date of Entry:

16/09/2004

Beneficiary:

Municipality of Budapest

Location:

Hungary - European Union.

Budapest.

Description:

The project concerns the design, construction, operation and maintenance of the BCWWTP and ancillary investments. It includes the following main investments:

Objectives: Sector: Proposed EIB finance: Total cost: Environment al aspects:

The project represents a cost-effective solution to wastewater collection, treatment and sludge disposal in central Budapest to meet EU and Hungarian environmental standards. It is expected that there will be indirect benefits to the city through reduced pollution of the Danube and greater tourism potential of the riverfront.

Water, sewerage.

Environment sector.

Up to EUR 147 million.

Approximately EUR 529 million.

The project has been designed in full compliance with national and relevant EU environmental directives. Upon completion and successful start of operation wastewater generated by more than 90% of Budapest population (for the time being some 1.8 million) will be treated biologically.

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HVB Bank Romania Global Loan II

Date of Entry: Beneficiary: Location:

03/02/2005 HVB Bank Romania Romania - Accession Countries.

Description: Objectives: Sector:

Small and medium-scale projects in the field of environment protection, infrastructure, development of a knowledge-based economy, rational use of energy, health and education in Romania.

The global loan would contribute to the development of term finance in Romania. Through the financial intermediary, the global loan would provide long-term funding for eligible projects promoted by small and medium sized enterprises (SMEs) and local municipalities/authorities/associations.

Global loans.

Proposed EIB finance: Total cost: Environmental aspects: Procurement: Status:

Up to EUR 20 million EIB finances up to 50% of total project cost The financial intermediary will be requested to ensure compliance of the sub-projects with relevant national and EU directives, as appropriate.

The financial intermediary will be requested to ensure compliance of the sub-projects with EU directives, in particular for the award of public sector contracts, as may be appropriate.

Signed - 15/09/2005 Cursul 2: Componentele SFI

Grupul Băncii Mondiale

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World Bank Group

• The World Bank is a vital source of financial and technical assistance to

developing countries around the world

• WBG includes two international financial institutions owned by 184 member countries —the

International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA).

• The IBRD focuses on

middle income and creditworthy poor countries

; • IDA focuses on the

poorest countries in the world

• Together we provide

low-interest loans, interest-free credit and grants to developing countries for education, health, infrastructure, communications and many other purposes

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World Bank Group Organization

• The World Bank is like a cooperative, where its 184 member countries are shareholders.

• The shareholders are represented by a

Board of Governors

, who are the ultimate policy makers at the World Bank. Generally, the governors are member

countries' ministers of finance or ministers of development

. They meet once a year at the

Annual Meetings of the Boards of Governors

of the

World Bank Group and the International Monetary Fund

• Because the governors only meet annually, they delegate specific duties to

24 Executive Directors

, who work on-site at the bank. The five largest shareholders,

France, Germany, Japan, the United Kingdom

and

the United States

appoint an executive director, while other member countries are represented by

19 executive directors

• The World Bank operates day-to-day under the leadership and direction of the

president, management and senior staff

, and the

vice presidents in charge of regions, sectors, networks and functions

. Vice Presidents are the principal managers at the World Bank.

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•

Health Sector Reform 2 Project:

The Second Romania Health Sector Reform Project provides more accessible services, o f increased quality and with improved health outcomes for those requiring maternity and newborn care, emergency medical care, and rural primary health care.