| In pace with the boost of global economic integration, especially under the unfavorable situation of global steel market, the traditional steel trading patterns has been lagged behind the fierce market environment,as a result, supply chain building as well as value-added service are the necessary way to increase market shares.In recent years,Baosteel Ltd. has been on the way to accelerate the construction of overseas steel processing center in order to meet the trend of mass customization in global industry.However, due to the backward of Chinese steel enterprises in this area, especially for the construction of new project, there are no experiences for Baosteel to learn from, in addition,the choice of financing mode is still rely on personal experiences on project constructions, besides,there are no rational evaluation foundation.Therefore, establishment of financing pattern evaluation system to exploration of the best financing mode has been the top priority for solving the construction funding problem.This essay first reviewed the studies of financing theories at home and abroad, then analyzed Baosteel Ltd’s practice and existing problems on financing of overseas processing projects combining with financing patterns for Italy、Thailand and Korea projects. With the integration of theory and practice, the essay made an analysis about the influence factors of financing cost, risks and incentives to our financing pattern,and established an evaluation index system about financing patter based on the Analytic Hierarchy Process(AHP).Besides,an overall evaluation on efficiency of financing patterns is given by using of AHP. In the end, through the case of Baosteel India project, the efficiency for usage of evaluation index system and AHP on overall evaluation about overseas processing center financing pattern is verified. The results show that the financing pattern policy should seek a best combination of financing incentives、cost and risks. Firstly,our enterprises should take into account of financing incentives,namely project construction、 financing limit,payoff deadline, financing rate etc, to evaluate matching degree of financing pattern.Secondly,financing cost should be measured overall;Thirdly,financing risks should be valued,and financial derivatives such as swap transactions and forward bargain etc should be applied in a flexible way so as to manage financing risks and costs.The setting up of financing pattern evaluation index systems provides a method, which is a combination of qualitative and quantitative, for Baosteel Ltd to make comprehensive assessment on other overseas steel processing project’s financing pattern in the future. |
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