Based on analysing the applicability of the debt service coverage ratios (DSCR) and the charac-teristics of Public-Private Partnership (PPP) projects,this paper argues that DSCR is not applicable for evaluating the bankability of PPP projects. In order to evaluate the bankability of medium-or long-term debts,the "Levelized Debt Service Coverage Ratio" (LDSCR) was proposed,which was defined as the ratio of the present value of the funds available for principal and interest repayment in each year during the loan repayment period to the debt. Furthermore,"Levelized Debt Service Coverage Ratio under Risk" (LDSCR at Risk) was proposed,that is,the levelized debt service coverage ratio under a given confi-dence level. By using Monte Carlo simulation,it was demonstrated that LDSCR-at-Risk can evaluate the bankability of PPP projects,and can be applied to evaluate the bankability of PPP projects with risks while avoiding the determination of minimum LDBSR,thereby promoting the development of PPP project fi-nancing.
关键词
PPP/可融资性/平准化偿债备付率/LDSCR-at-Risk
Key words
PPP (Public-Private Partnership)/bankability/Levelized Debt Service Coverage Ratio/LDSCR-at-Risk
万方数据