FixedAssetsInvestmentBusiness固定资产投资业务
Fixed assets investment is regulated to different extent in all countries, due to its special nature. For example, large-scale infrastructure construction projects such as water conservancy, road construction and the major resource exploitation of petroleum, coal and so on must obtain the government's approval. Nowadays, China regulates social fixed assets investment through grade ratifying. Usually the project cannot be commenced until its proposal, feasibility report and primary plan have been ratified and it is officially listed and proved to commence. Generally speaking, the infrastructure construction projects should be reported to the SDPC at all levels concerned, and technology conversion projects should be reported to the State Economy and Trade Committee at all levels concerned for ratification. Loans from the commercial bank is an important source of project construction fund. At different periods of the project, the commercial bank provides different services, as shown in the chart below.I.Project Proposing
The project's proprietor proposes the project, drafts the project proposal report and submits the report to the relevant authorities for ratification. While ratifying the proposal report, the authorities often require the proprietor to provide fund arranging scheme, in which a letter of intent for lending from the bank is needed for the bank loan portion. In this phase, the two parties (the bank and project proprietor (client)) can make preliminary contact. Then the client applies for a loan and the bank works out a financing proposal and grants a letter of intent for lending after initially examining the loan.
II. Feasibility study
When the project proposal is officially ratified, the project proprietor shall demonstrate the feasibility of the project and draft feasibility study report. If he has any loaning demand, he can apply to the bank directly. In order to satisfy the need for project ratification, the bank will, subject to the conditions of the project, provide a conditional letter of commitment (a letter of support) as the basis of the funding fulfillment. After the F/S report is ratified by relevant authorities, the bank will overall evaluate, investigate and ratify this project loan and review the loan scheme with the project proprietor. Once the loan is set, a formal letter of commitment for loan will be granted.
III. Construction
Upon the F/S report being officially ratified, the project proprietor shall prepare preliminary design for commencing the work. Some projects will have to be reported to the relevant authorities for ratification. During this phase, the bank will sign the loan contract and guarantee contract with the project proprietor and guarantor if the project involves a loan committed by the bank. The bank will open a special account of project loan for the project proprietor. This account will be the instrument for the bank to grant loan according to the contract after the opening of the project, to acquaint itself with the proceeding of the project and the financial condition of the project proprietor at regular interval, supervise the using of the loan, and to withdraw the interest according to the rate set forth in the contract (the loan principal may not be repaid within the grace period).
IV. Production
Upon the project construction being completed, the bank will attend acceptance checking meetings to acquaint itself with the final accounting status and provide suggestions. Once the project is put into operation, the project proprietor will have to account the depreciation of the built fixed assets and repay the interest and principal of the loan with the depreciation fund and the comprehensive profit gained in the production and operation. The bank will check regularly the production/operation and financial status of the project proprietor, supervise the loan risks and charge interest according to the contract in order to ensure recovering of the loan principal. In addition to providing the loan, the commercial bank also provides project financial consulting, syndicated loans and other services for the fixed assets investment project.
Project loan is a loan of local and foreign currencies granted by the commercial bank that is to be used in the borrower's constructing, expanding, modifying, developing and purchasing the fixed assets. Compared with the working capital loan, the project loan has the following four features:
1. The project should be ratified according to the state's regulated procedures;
2. It must be put into consideration that the project loan must have an appropriate proportion with the non-debt funds, i.e. the project must be funded partly with a certain portion of capital fund. According to the present regulation of China, the portion of capital fund in different industries is shown as follows:
Industry Proportion Transportation and coal projectsOver 35%Steel, post and telecommunications, and chemical fertilizer projectsOver 25%Other projects20%
FixedAssetsInvestmentBusiness固定资产投资业务
3. Project loan is ratified at one time and loan can be granted in several installments. The term of the loan is generally long and the rate is charged annually. The loan demand of the whole project must be evaluated. It is ratified and committed at one time. However, the loan will be granted annually in installment as per the proceeding of the project and fund use plan. The term of the project loan spans from the date the first installment of the loan is granted to the date the last installment of loan is repaid. The interest rate for the first year of the contract is set according to the rate of the same term publicized by the central bank at the time when the contract is signed. The rate for the rest years will change annually with the interest rate publicized by the central bank.4. A project loan is a periodic loan. One project loan can only be used in one fixed assets investment project. It will be granted from the day when the project is commenced and its repayment will count from the day when the project is put into operation to the day when the bank recovers all its interest and principal. After that, the loan will totally withdraw from the enterprise's operational activities
固定资产投资活动因其特殊性在世界各国都要受到政府不同程度的管理，如水利、公路等大型基础设施的建设，石油、煤炭等重大资源的开采等，须经政府许可。目前，我国对社会固定资产投资活动通过分级审批的方式进行管理。通常，固定资产投资项目要经政府有权部门审批建议书（立项）、可行性研究报告、初步设计，并同意开工后，才能施工建设。一般而言，基本建设项目报各级计委审批，技术改造项目报各级经贸委审批。商业银行贷款通常是项目建设资金的一个重要来源，在固定资产投资项目运作的各阶段，商业银行提供不同的服务（如图示）。
一、项目立项
项目业主提出拟建设的项目，编制项目建议书，并报政府有权部门审批。政府有关部门在审批项目建设书时，常要求业主提出资金安排方案，其中银行贷款部分，通常要求提供银行贷款意向书。在此阶段，银行与业主（客户）可初步接触，客户提出贷款申请，银行提出融资建议，并经初步审查贷款后，出具贷款意向书。
二、可行性研究
项目建议书经审批后，项目业主对项目进行可行性论证，编制可行性研究报告，有贷款需求的，可向银行正式提出贷款申请。为了满足项目报批的需要，银行可以根据项目情况，先出具有条件的贷款承诺函（又称支持函），作为项目资金落实的依据。项目可行性研究报告经政府有关部门批准后，银行将对项目贷款进行全面的评估、审查及审批，并与业主商订贷款方案，确定贷款后再出具正式的贷款承诺函。
三、开工建设
可行性研究报告获批准后，项目业主要编制初步设计，进行开工前的准备，有的项目还要报政府有关部门批准开工。在此阶段，银行承诺贷款的项目，银行要与业主及担保人签订贷款合同和担保合同。银行为业主开立项目贷款专户，项目开工后按照合同约定的放款计划发放贷款，并定期了解项目进度及项目业主财务状况、监督贷款的支付使用。同时，银行按照合同约定的利率及计息方式定期从专户中计收贷款利息（在贷款宽限期内，暂不用归还贷款本金）。
四、建成投产
项目建成，银行将参加必要的验收会议、了解项目决算情况并提出意见。项目投产后，业主开始对建成的固定资产计提折旧，并用折旧资金及生产经营的综合效益支付贷款本息、归还贷款本金；银行要定期掌握业主生产经营情况及财务状况、监控贷款风险，并按照合同定期计收贷款利息、逐步收回贷款本金。除提供贷款外，商业银行在固定资产投资项目建设中，还可提供项目融资顾问、银团贷款等服务。
项目贷款，是商业银行发放的，用于借款人新建、扩建、改造、开发、购置等固定资产投资项目的本外币贷款。 项目贷款相对流动资金贷款，主要具有四方面特征：
1、项目本身需要按国家规定的程序进行审批。
2、项目贷款必须考虑与其他非负债资金保持一定比例，即项目必须有一定比例的资本金，目前，我国政府规定的各行业项目资本金比例：
行 业 资本金占比
交通运输、煤炭项目 35%以上
钢铁、邮电、化肥项目 25%以上
其他项目 20%以上
3、项目贷款一次审批，多次放款，贷款期限较长，贷款利率一年一定。目贷款以整个项目全部贷款需求为评审对象，一次审批、承诺。而放款阶段是根据工程进度和年度用款计划，逐年、逐笔发放。项目贷款合同期限是指对项目发放第一笔贷款起至最后一笔贷款还清为止的期限。合同利率按照合同签定时央行公布的同档次利率作为贷款第一年利率，以后每年要随央行利率变动进行调整。
4、项目贷款是阶段性的。一笔项目贷款只能用于借款人的一次固定资产投资活动。从项目建设时投入，项目竣工投产产生效益开始归还借款，到银行逐步收回全部贷款本息，贷款即退出企业生产活动。
FixedAssetsInvestmentBusiness固定资产投资业务
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