This thesis intends to examine in depth the Project Finance topic in Italy, a structured financing alternative to the traditional ones, characterized by the coexistence of benefits and problems, which are related to information asymmetries between the parties and to contractual incompleteness. The aim of this work is the study and in-depth analysis of the Italian market of project finance and it is led by paying particular attention to the regulatory framework of this instrument and on how it has contributed to the progressive development of the approach. There is a twofold objective: on the one hand the project is aimed to show the historical evolution of the legislation, on the other hand it wants to elaborate precise analysis to describe how project finance has spread to Italy. The project is divided in two phases: the first one concerning the research and examination of the entire range of legislative measures that have been implemented over the years, from the first introduction of the instrument in 1998 until today; the second one is about the creation and the subsequent analysis of a database containing project finance initiatives surveyed in the Guida agli operatori del Project Finance 2011 drafted by Finlombarda. The thesis is concluded with a schematic representation of the concepts developed with reference to the Italian regulatory framework, in relation to both the project finance and the specific instrument of the project bond, and to the different analysis perspectives carried out. In relation to this technique some problems have risen during the project. As a consequence, some potential future developments have been presented to address them. It is possible to cite the need to: establish a legislation complete and stable over time that will enable operators to become more familiar with the instrument; introduce government incentives to encourage the use of project finance in the areas in which it is still rarely used or completely absent; establish partnerships among the different authorities that are responsible for the elaboration of reports in order to provide comprehensive and integrated documents; etc.
Il presente progetto di tesi approfondisce il tema della finanza di progetto in Italia, una modalità di finanziamento strutturata alternativa a quelle tradizionali, in cui coesistono vantaggi e criticità, queste ultime legate alle asimmetrie informative tra le parti e all’incompletezza contrattuale. La finalità perseguita con questo lavoro è lo studio e l’approfondimento del mercato italiano del project finance, con particolare attenzione alla disciplina legislativa di tale strumento e a come quest’ultima abbia contribuito al progressivo sviluppo dell’approccio. In particolare, gli obiettivi sono riconducibili da una parte alla descrizione dell’evoluzione storica della normativa in materia, e dall’altra all’elaborazione di accurate analisi per descrivere come la finanza di progetto si sia diffusa in Italia. Il progetto è stato suddiviso in due fasi: la prima di ricerca ed esaminazione di tutti i provvedimenti legislativi attuati nel corso degli anni, dalla prima introduzione dello strumento nel 1998 fino ad oggi; la seconda di costruzione e successiva analisi di una base di dati contenente le iniziative di project finance censite nella Guida agli Operatori del Project Finance 2011 redatta da Finlombarda. Il lavoro di tesi si è concluso con una rappresentazione schematica dei concetti elaborati con riferimento al quadro normativo italiano, sia relativamente alla finanza di progetto che allo specifico strumento del project bond, e alle diverse prospettive di analisi svolte. Nel corso dello studio sono emerse alcune criticità relativamente a questa modalità di finanziamento e successivamente, per risolverle, sono stati presentati potenziali sviluppi futuri in merito. Tra questi è possibile citare la necessità di: definire una normativa completa e stabile nel tempo che permetta agli operatori di prendere maggiore confidenza con lo strumento; introdurre incentivi statali per favorire il ricorso al project finance in quei settori in cui tutt’oggi è scarsamente utilizzato o del tutto assente; istituire collaborazioni tra i diversi enti preposti all’elaborazione di report al fine di fornire documenti esaustivi ed integrati; etc.
Il project finance in Italia : evoluzione normativa e analisi del mercato
PRESOTTO, ELENA;RIZZA, ANNA
2012/2013
Abstract
This thesis intends to examine in depth the Project Finance topic in Italy, a structured financing alternative to the traditional ones, characterized by the coexistence of benefits and problems, which are related to information asymmetries between the parties and to contractual incompleteness. The aim of this work is the study and in-depth analysis of the Italian market of project finance and it is led by paying particular attention to the regulatory framework of this instrument and on how it has contributed to the progressive development of the approach. There is a twofold objective: on the one hand the project is aimed to show the historical evolution of the legislation, on the other hand it wants to elaborate precise analysis to describe how project finance has spread to Italy. The project is divided in two phases: the first one concerning the research and examination of the entire range of legislative measures that have been implemented over the years, from the first introduction of the instrument in 1998 until today; the second one is about the creation and the subsequent analysis of a database containing project finance initiatives surveyed in the Guida agli operatori del Project Finance 2011 drafted by Finlombarda. The thesis is concluded with a schematic representation of the concepts developed with reference to the Italian regulatory framework, in relation to both the project finance and the specific instrument of the project bond, and to the different analysis perspectives carried out. In relation to this technique some problems have risen during the project. As a consequence, some potential future developments have been presented to address them. It is possible to cite the need to: establish a legislation complete and stable over time that will enable operators to become more familiar with the instrument; introduce government incentives to encourage the use of project finance in the areas in which it is still rarely used or completely absent; establish partnerships among the different authorities that are responsible for the elaboration of reports in order to provide comprehensive and integrated documents; etc.| File | Dimensione | Formato | |
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2013_04_Presotto_Rizza.pdf
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Descrizione: Testo della tesi
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3.89 MB
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3.89 MB | Adobe PDF | Visualizza/Apri |
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https://hdl.handle.net/10589/79741