プロジェクトファイナンスをめぐる環境変化

抄録

The scope of project financing stretches far beyond what it used to be the case. This is primarily because PF has been actively utilized for various types of infrastructure development projects. Formerly PF was the financing of special nature applied for big-projects like natural resource development.
The introduction of PF to infrastructure business was the result of deregulation of public utilities in the UK and the US. When this deregulation-oriented public utilities business reached a certain saturation point, it started overflowing into the emerging markets, where BOT type utilities business was badly in need. In such countries as fast growing Asian economies, the demand for infrastructure was too big to be satisfied with the only government spending and had to depend upon foreign direct investment to meet public services required for growth.
In the early stage of privatized infrastructure build-up, it provided a lot of room to accommodate for every participant to make relatively thick profit. However, recently the business climate has drastically changed due to increasing competition. Disproportionately to the size of profit, which seems to continue to decline, risks to which foreign participants are exposed have been increasing. Competition also penetrates into financing. There appear a number of financial facilities available to good projects. This, in turn, has weakened bargaining positions of financiers.
Though in terms of quantity both Japanese financial institutions and enterprises are big players in the world of PF, as for substance like making deals at the driver's seat, they still remain minor players. This may be the very reflection of the Achilles' heel of the problematic Japanese system, which has been being raised with respect to the protracted recession and financial crisis.