金融Essay如何写：Evaluation of Private Finance Initiative Contracts
本文是金融专业的Essay范例，题目是“Evaluation of Private Finance Initiative Contracts（私人金融计划合同的评估）”，一个强有力的和有争议的改革主要投资项目的金融体系的努力是私人金融努力(PFI)。私人融资计划允许使用私人部门预付资金，公共部门有办法创造并维持一种资源，确保公共部门支付统一的费用。顾名思义，单一收费(按月收取)是指在整个合同期内，包括建造、维修和运营物业的费用的一笔交易。想象一下，这是一个住房抵押贷款，维护成本，福利和家庭维护，所有这些都打包在一个账户中。如果你的厨房或用餐区没有暴露在灯光下，由于缺乏操作，你有责任提前支付这部分的房子。
Introduction:作品简介:
A strong and controversial effort to reform the finance system of major investment programs is the Private Finance Effort (PFI). Private Finance Initiative permits the use of the private sector to up-front money, the public sector has a means to create and then maintain a resource that ensures that it pays a Unitarian payment by the public sector. As the name suggests, a single charge (made monthly) is one transaction that includes the cost of constructing, repairing and running the property for the entire contract period. Imagine this as a home mortgage, maintenance costs, benefits and home maintenance, all of them wrapped together in one account. If your kitchen or dining area does not have exposure to lighting due to a lack of operation, you are responsible for paying upfront for that part of the house.
Initially launched by a Conservative Government in 1992, the PFI extended considerably in 19972010 by the Labor Government. At the end of 2011, the PFI program operates more than 700 hospitals, universities, prisons and other programs in the public sector. This promotes private investors, such as such as new schools, clinics, social housing, defense contracts, jails and road expansion to finance the development, funding and public infrastructure management.
1992年，保守党政府首次推出PFI, 1997年至2010年，工党政府大幅扩展了PFI。截至2011年底，PFI项目在公共部门运营着700多家医院、大学、监狱和其他项目。这促进了私人投资者，如新学校、诊所、社会住房、国防合同、监狱和道路扩建，以资助发展、资助和公共基础设施管理。
Major private sector ventures of existing infrastructure are built, for example the state will use money for about 25-30 years on a long-term basis. Under the PFI, major projects like new infrastructure are designed through the private sector.
Intended Purpose:
To Improve publicprivate collaborations between both the Central and Local Governments.
Strengths of PFI:PFI的优势:
Extra investment: extra capital will facilitate new ventures that offer Social and economic strengths. The Private finance initiative offers funding from private sector to initiatives that may be impossible to afford by through lending and taxation on government projects. Health or education support projects can boost competitive capacities, increase economic development and can therefore be supported by future income produced by the projects.
额外的投资:额外的资本将促进提供社会和经济优势的新企业。“私人融资计划”通过向政府项目提供贷款和税收，向那些可能无法负担的计划提供私人部门的资金。保健或教育支助项目可提高竞争力，促进经济发展，因此可由这些项目今后产生的收入予以支助。
Efficiency: conviction that in running investment projects the private sector is stronger and that overall cost efficiencies are reached than the public sector.
Delivery: The private industry will not be charged until the commodity is shipped. Nearly all fixed price agreements are emerging PFI ventures which have financial implications to contractors, in case he failed to deliver on time. PFI companies are paying tax which could in turn render infrastructure ultimately easier for the State.
交付:私营企业将不收费，直到货物装运。几乎所有固定价格协议都是新兴的PFI合资企业，这对承包商有财务影响，以防他未能按时交付。PFI公司正在缴税，这反过来可能使国家的基础设施建设最终变得更容易。
Competitive effectiveness: Introducing strong technology and design into projects best positions the private sector. The tendering method for PFI ventures sets the stage for competitiveness.
Weaknesses of PFI:PFI的弱点:
Debt rates: The costs of private sector lending have risen since 2007, with PFI funding usually varying from 3-4% compared to government indebtedness. Many estimates suggest that it costs the British government to cover £ 1 billion in PFI liabilities similar to a direct public debt of £ 1,7 billion. Long service agreements may be challenging / It's hard to change – particularly when project management seems to be incorrect.
债务利率:自2007年以来，私营部门的贷款成本一直在上升，与政府债务相比，PFI融资的成本通常在3-4%之间变化。许多估计表明，英国政府需要支付10亿英镑的PFI债务，类似于17亿英镑的直接公共债务。长期服务协议可能具有挑战性/很难改变——特别是当项目管理似乎不正确的时候。
Inflexibility, poor value for money: There have been many instances of faulty ventures, such as deals with private companies, which are constructing and running as a PFI in hospitals to provide car parking, maintenance and other facilities. The facilities cannot last longer than the agreement and will require high replacement costs or maintenance costs.
Threat: The public sector (government) is the main threat for a company. The management of private financing contracts is complex and there is no certainty that a project can be assessed by the private sector more cost-effectively than the government sector.
Management: heavy spending on consultants and attorneys and contract expenses. The British Architects Royal Institute estimated Private finance initiative hospital project cost is over £ 11 million.
Addiction: States will become reliant on PFI – "the only option left" instead of using tax funding for key ventures. The PFI contributed to public debt, which generated several opportunities for the private industry
The newspapers is full of examples of the wasteful expenditure included in the government procured contracts for works performed by PFIs – for instance, the Civil service leases laptops for £ 120 a month, outrage at increasing parking charges in several local hospitals, the over-budget for road and bridge schemes (the extension scheme of M25 costs £ 1 billion more than anticipated.
The kennels at the Melton Mowbray Protection Animal Centre, which pay more per night than London Hilton. One of the best known examples. The Olympic Delivery Agency, which manages the London 2012 Olympic Games, is a good example of the latest PFI campaign.
Management Structure:
Authority: The PFI is being implemented by the NHS trust, local authorities or government departments. You want the construction and repair of a hospital / school / road and certain facilities.
The Constructor: the business constructing the property.
Service Provider: One or more organizations that provide hard (maintenance) and soft facilities for the duration of the contract (cleaning, catering, pottering).
Special purpose vehicle: a private company formed to manage and execute the venture, and which is commonly used in all situations. In addition, investors are private sector actors that participate in the PFI bidding process. The supplier, the service provider and an agency of financial or advanced PFI can be concerned. Such securities are often then offered to other companies in the secondary market. The post will shortly be the secondary market, how it works and its consequences.
特殊目的公司:为管理和执行风险投资而成立的私人公司，普遍用于各种情况。此外，投资者是参与PFI投标过程的私营部门参与者。供应商、服务提供商和金融或先进的PFI代理可以关注。这类证券通常会在二级市场上出售给其他公司。该帖子将很快介绍二级市场，它是如何运作的及其后果。
The Service contractors are the banks or bondholders who provide most of the funding to build the property.
The Manager: often senior employees or member firms are hired by the SPC. Nevertheless, the SPC is often operated by a specialist PFI leadership organization, or one of the private sector members.
The below is a condensed example aimed at demonstrating contractual arrangements in traditional PFI between parties. A number of contractual relationship between the parties in operation. 
Project Agreement (PA): that is the main PFI agreement. This determines what it is going to build, how it is to function, and which threats the authority maintains or transfers to the SPC. It also controls partnerships between both sides, including if things go bad or if the parties are unable to negotiate or the client or the other side wishes to change the agreement. The PA usually takes 20 to 30 years to complete.
项目协议(Project Agreement, PA):主要的PFI协议。这决定了它将构建什么，如何运行，以及当局维护或转移给SPC的哪些威胁。它还控制着双方之间的合作关系，包括如果情况变糟，或者双方无法谈判，或者客户或另一方希望更改协议。PA通常需要20到30年才能完成。
Contract Agreement: The contract between the SPV and the contractor is designed to determine what to build, where and for what cost.
Facilities Management Agreement: The agreement signed by the SPV and the company to manage and run the property is the contract. During the whole of the agreement, hard services typically run for the term (PA period), while for soft services benchmarking or market testing may be done, generally every five years, for the price of these services.
Credit agreement: The loan agreement is also named the service deal. Loan agreement (CA) In order to build the resource and fund the residual front expense required in order to collect profits in the public sector, SPC is taking up lots of money (typically 90% of the value). The contract outlines the time the cash has to be reimbursed and what happens if things go wrong. All PFI capital are funded by securities of private or government placement.
信贷协议:贷款协议又称服务协议。为了建立资源并为公共部门获取利润所需的剩余前期费用提供资金，SPC占用了大量资金(通常占价值的90%)。合同规定了偿还现金的时间，以及如果出现问题该怎么办。所有PFI资本都是由私人或政府发行的证券提供资金。
Risk Categories and their transference in Private Finance Initiative Contracts:
The design of a hazard checklist (or catalogue) is one form for threat recognition. Therefore some sort of project risk categorization is required if the participants of PFI projects are to have a clear understanding of the danger. A framework for meta classification focused on three rates of PFI plan risk factors.
These three risk categories include:
Major risks or macro risks
Intermediate risks or meso risks
Minor risks or micro risks
The PFI Risk macro scale covers threats that are externally to the project itself, that is to say, globally. This category reflects on the threats and the environmental hazards at regional or industrial scale. Risks at this stage are often linked to political and legal factors, financial, social and weather conditions. Such threats are ultimately triggered by events that occur beyond the project's program boundaries.
The mesolevel of risk from PFI involves threats that occur in an organic manner, i.e. threat incidents and their consequences within the project's process boundaries. Those reflect the issue with the application of PFI, including projects demand and use as a whole.
Inherent gaps in project administration between public and private sectors, PFI risks reflect the micro-level risks in the stakeholder’s partnership that are created during the procurement process. These are endogenous threats, but they vary from meso-risks because they apply to individuals instead of ventures. The principal reason why this class of threat was introduced is that the social responsibility usually lies within the public sector, while the benefits are generated by the private sector. Constructor and service contractors are most likely to carry these risks.
Risk Allocation in PFI Contracts:PFI合同中的风险分配:
Upon the understanding and specification of the threat assignment both sides (private and government sectors) in the contract may join the contract management hazard treatment process. To promote this result, it is important to understand the interpretation of hazard assignments and the distribution priorities of the government and private sectors (with experience in PFI). In addition, it includes defining common threats to PFI programs (and risk groups). This process gives private companies a powerful incentive to take steps to prevent any adverse impact on PFI programs, thereby enhancing public services.
在对威胁分配的理解和说明之后，合同双方(私人和政府部门)可以加入合同管理危险处理过程。为了推广这一结果，重要的是理解对危险分配的解释以及政府和私营部门(有PFI经验)的分配优先级。此外，它还包括定义PFI项目(和风险组)的常见威胁。这一过程为私营企业提供了强有力的激励，使它们能够采取措施，防止任何对私人主动融资计划的不利影响，从而提高公共服务。
Popularity of PFI Contracts in UK:
Initiatives in private equity first took place in the UK in 1992 and became common in the wake of 1997. We finance major projects in the public sphere such as universities, jails, clinics and facilities. Private companies are employed to invest, administer and complete projects rather than financing such ventures from taxes.
PFI contracts usually last between 25 and 30 years, depending on the project type. Nonetheless, it is not rare that companies are under 20 or even more than 40 years of contracts. During the contract period previously provided by the public sector, the company delivers those facilities. During the deal, the company will be paid for the work on a "no operation, no charge" basis.
Industries recover their capital by long-term repayments plus government interest. The state does not therefore have to set up a large amount of money to finance a major project at once.
Why PFI contracts are seen as major drain of money?为什么PFI合同被视为主要的资金流失?
In the United Kingdom in the 2000s, a PFI controversy showed that the government spent far more on these ventures than it was worth to support the companies that run them and to the disadvantage of the people. However, PFIs are being blamed for being an accounting device to reduce the public sector lending presence.
在21世纪初的英国，一场PFI争议表明，政府在这些风险投资上的投入远远超过了支持运营这些风险投资的公司的价值，这对民众是不利的。然而，pfi被指责为减少公共部门贷款存在的会计手段。
The economic loss was motivated by £ 375 m, which included the development of Central Midland and Royal Liverpool University Hospital under three public-private collaboration agreements. Everything is now under major delays, and the delivery of Healthcare care in Liverpool and Birmingham under further pressure.
Public-private alliances have also been criticized as allowing businesses to rack up revenue against poor quality infrastructure, whereas government agencies and NHS trusts are saddling with paralyzing debt repayments.
Major Failures of PFI:PFI主要故障:
Since reporting its debts in July last year, Carillion's failure became almost expected. Around £ 375 m contributed to three collaborations among government and private sectors. Royal University Hospital in Glasgow and the Birmingham Central Midland Hospital which are currently experiencing significant delays. The other venture was turned over to Carillion's private sector investors, the Aberdeen bypass road project.
自去年7月报告债务以来，卡里龙的破产几乎成了意料之中的事。大约3.75亿英镑资助了政府和私营部门之间的三项合作。格拉斯哥皇家大学医院和伯明翰中央米德兰医院目前正遭受严重延误。另一个项目是阿伯丁绕道公路项目，由Carillion的私营部门投资者投资。
A damning report showed that schools across the country established under the surge of PFI contracts launched in 2001 could be catastrophic safety vulnerabilities. The inquiry was launched when tons, which culminated in audits of other schools constructed under PFI and non-PFIfunding, reached the abandoned playground on Oxgangs Primary School in Edinburgh. "The fact that the fall of the gable wall at Oxgangs School caused no damage or fatality to children was timely and fortunate," concluded the study.
For the London riders, PFI deals were a constant cause of suffering. The federal auditing service estimated Metronet to have cost taxPayers close to £ 410 m in June 2009, which was the main contractor in the £ 30bn plan for improving the London Underground. As a consequence, substantial upgrades have been postponed. A 30-year PFI deal was terminated by London Underground in 2012. This charged £ 160 million for quitting the deal, but was still hoping to save £ 225 million.
对于伦敦的投资者来说，PFI交易一直是痛苦的根源。联邦审计署估计，2009年6月，Metronet是300亿英镑伦敦地铁改善计划的主要承包商，它耗费了纳税人近4.1亿英镑。其结果是，大幅升级已经被推迟。2012年，伦敦地铁终止了一项为期30年的PFI协议。这笔交易需要1.6亿英镑，但仍希望能节省2.25亿英镑。
What needs to be done in PFI contract to promote and implementation of UN Sustainability goals?
PFIs are an important tool for promoting sustainable development that is internationally recognized. To order to promote worldwide sustainable development, the United Nations was one of the most important international organizations to use and enhance PFIs for sustainable development through UN sustainable goals and with the 2030 sustainable development plan. In 2017 the United Nations Digital Commission for Europe released a Room Paper on PFIs in the sense of the UN Sustainability goals.
This paragraph is intended to define a model criterion that would describe what parameters would be introduced to determine the PFI-related policies for sustainable development to measure policy trends for sustainable development. This mechanism is relevant because, although the position of the PFI for sustainable development in the existing literature has been explained, it is still difficult to identify when and how the policies related to the PFIs may relate to sustainable development due to lack of a clear set of parameters.
The idea of sustainability is transformed into environmental sustainability, social sustainability and financial sustainability. Such three conservation priorities are translated into two dimensions. The sustainable development aspect of PFI applies to whether the regulations aligned with PFI promote the use of PFIs for ecological and sustainable development. The sustainable PFI aspect relates to whether PFI-related policies encourage PFI's use of green solutions in ecological, social and financial terms.
可持续性的概念被转化为环境可持续性、社会可持续性和财务可持续性。这三个保护重点被转化为两个方面。PFI的可持续发展方面适用于与PFI相一致的法规是否促进PFI用于生态和可持续发展。可持续性PFI方面涉及到与PFI相关的政策是否鼓励PFI在生态、社会和金融方面使用绿色解决方案。
Two requirements are included in the PFI aspects of sustainable development, which analyze whether the policies aligned with PFIs promote the use of PFIs for:
Ecological facilities and resources related to natural environment conservation programs and services.
Community resources and amenities relevant to family programs that are aimed at improving local quality of life and healthcare, such as universities, hospitals and health care.
Practices of PFIs are moving from the traditional economic field in different countries to the development of environmental and social infrastructure and services. As an alternative to environmental protection and poverty eradication, PFI has been advocated for the European Union and the USA, for instance. As a component of its social services including nutrition, employment, social care, rehabilitation and corrections, Australia is one of the most advanced countries in implementing PFIs. In Canada, the Department of Finance has initiated a 10-year social infrastructure development plan that includes affordable housing, early learning and education, educational, leisure and healthy public health facilities.
Therefore, a fundamental change in the definition of PFIs as policy instead of a practical economic instrument is advocated in terms of defining sustainable development as the core value of PFIs. A greater sustainability standard should be elevated as the main indicator for PFI performance under such a governance system. This suggests that all policies relevant to PFIs should set environmental social and financial stability as the principal aim of PFIs, with government support, departmental alignment and public accountability as the emphasis of the associated PFIs.
因此，在将可持续发展界定为可持续发展指标的核心价值方面，主张从根本上改变可持续发展指标作为政策而不是实际经济工具的定义。在这样的治理体系下，一个更大的可持续性标准应该被提升为PFI绩效的主要指标。这表明，所有与私营企业相关的政策都应将环境、社会和金融稳定作为私营企业的主要目标，而政府支持、部门协调和公共问责则是相关私营企业的重点。
留学生dissertation相关专业范文素材资料，尽在本网，可以随时查阅参考。本站也提供多国留学生课程essay写作指导服务，如有需要可咨询本平台。
