政府の「新成長戦略」にもある日本企業による海外インフラ事業進出への課題として、ファイナンスが重要であり、特に、公的金融が重要な役割をもつ。公的金融の融資形態は,輸出金融から投資金融、プロジェクトファイナンスと発展し、さらに事業環境整備のアンタイドの事業開発等金融、事業への出資参加から、ファンドへの出資、保証機能の活用など多様化し、近時、パッケージ型インフラ輸出への対応も期待されている。しかし、いかなる事業も資金提供者が撤退すれば消滅する。本論では、融資形態発展の紹介と融資可否(融資審査due diligence)の重点はなにか、さらにはインフラ輸出の国際競争激化の背景・対策にも言及する。

抄録全体を表示

政府の「新成長戦略」にもある日本企業による海外インフラ事業進出へのファイナンスとして、公的金融が一定の役割をもつ。公的金融の融資形態は,海外インフラの業態に応じて、輸出金融から投資金融、プロジェクトファイナンスと発展し、さらに事業環境整備のアンタイドの事業開発等金融、事業への出資参加から、ファンドへの出資、保証機能の活用など多様化し、近時、パッケージ型インフラ輸出への対応も期待されている。現在、海外インフラビジネス伸長のために公的融資の支援拡大が期待されている。本論では、どのような融資があるのか、その効果はどうか、課題はなにかを論じ提言する。しかし、いかなる事業も資金提供者が撤退すれば消滅するので、融資可否(融資審査due diligence)の重点はなにか、必要な競争力はなにかにも言及する。最後に結びとして、パッケージ型インフラ輸出や地域開発計画等のプログラム型案件形成にP2M手法が有用であることに触れる。

抄録全体を表示

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.

抄録全体を表示

抄録全体を表示

本稿は，インドのインフラ整備における官民パートナーシップの現状と課題について検討する。近年インドでは，公共サービスやインフラ整備の必要性が高まってきていることからインド政府は（Public Private Partnership，以下，PPP）民間部門の参加について議論されている。また，インド政府により提供されていたインフラの整備が規制緩和や民営化，官民パートナーシップ（PPP）など民間主体により提供される領域が増えてきている。つまり，公共提供と民間提供の役割関係の量的と質的な変化も見られてきている。そして公共サービス，とくに社会インフラであるHard InfrastructureではPPPの導入が増え，教育，医療，保険，環境公益事業といった曲型的な公共サービスまでも民間部門の領域になっている。そこで本研究では，インドのインフラ整備に官民パートナーシップがどのような形で，導入されそれらの種類と経緯を研究対象にすることにした。その結果，PPP導入件数領域が増加。加えて，インドのPPPを促進にPPP法制度の統一する必要があることを把握できた。

抄録全体を表示

This essay shows Morgan’s Self-organization theory and Weick’s ESR sequence theory can be utilized to analyze and respond ESG issues for Asian companies and in Asia. The USA Government initiative to stop public finance toward all coal fired power plant in Oct. 2013, which has been followed by World Bank, ADB, KfW and Governments of Nordic countries and France, may not reduce global CO2 emission, as this does not satisfy requisite variety of Morgan’s Self-organization. Chinese banks and China lead AIIB and BRICs Bank may not follow this initiative and finance to low efficient coal fired power plant made by Chinese companies. JBIC is requested not to follow this initiative but to extend finance to high efficient coal fired power plant as second best strategy for reducing global CO2 emission. Carrefour has suspended shrimp import from CP Foods, Thailand. CP Foods failed in CSR procurement as it did not satisfy to build the whole into the parts of Morgan’s Self-organization. Adani Mining, India faced Australian Court judgement to stop of its coal exploration project in Australia. Vedanta Resources, Indian oriented LSE listing company, was forced to stop its bauxite project in India as it mistook social issue with environmental issue. These can be explained that those mistook response to ESG issues with neglecting Weick’s feedback of ESR sequence. On the contrary, Nestle India’s response toward sales stop order of its instant noodle by the Federal Government with recall and administrative court petition for revocation the administrative order can be supported under Weick’s ESR sequence. 　ISO 26000 for Social Responsibility Guidance can be introduced without certificate toward companies and organizations with shame effect under Self-organization and/or ESR sequence. Those theories can be proposed not only to analyze ESG issues for Asian companies but also to be utilized by them for ESG issues.

抄録全体を表示

Because the low concerning JOGMEC (Japan Oil, Gas and Metals National Corporation) was revised, JOGMEC taked over the fields of coal and geothermal energy from NEDO (New Energy and Industrial Technology Development Organization) on September, 2012. The cabinet decision was made newly on “Basic Plan on Ocean Policy” on April, 2013. One of the most important plans of the policy is “promotion of the development of energy and mineral resources”. Many projects were financially supported by the special facility of JBIC (Japan Bank for International Cooperation), which had been provided in order to respond to a strong yen from September, 2011 to March, 2013.

抄録全体を表示