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原文传递 A valuation approach of strategies with application to a container terminal concession in Sub-Saharan Africa (Parti)

题名：	A valuation approach of strategies with application to a container terminal concession in Sub-Saharan Africa (Parti)
正文语种：	eng
作者：	Darren Fraser;Thando Mpikeleli;Theo Notteboom;;
作者单位：	Department of Maritime Studies, Durban University of Technology, Durban, South Africa;South African Institute of Chartered Accountants (SAICA), Johannesburg, South Africa;Faculty of Law and Criminology, Maritime Institute, Ghent University, Ghent, Belgium; Faculty of Business and Economics, University of Antwerp, Antwerp, Belgium and Antwerp Maritime Academy, Antwerp, Belgium;
关键词：	Port finance; Public/private partnership; Terminal concession; Terminal funding; Terminal valuation
摘要：	Purpose - Increased economic activity in sub-Saharan Africa (SSA) has given rise to increased demand for port development. Given the often scarce availability of national public funding, port institutional reform programmes have been implemented to pave the way for the inclusion of external port investors. Notwithstanding this fact, some sub-Saharan African Governments remain institutionally locked into the notion that state-owned enterprises remain an appropriate vehicle for port terminal operations. This, despite the fact that terminal operational concessions globally and within the continent of Africa are increasingly being managed by global terminal operators. Given this context, this study aims to evaluate different port valuation and funding strategies. Two research questions form the core of this research: what is the financial value of a concession? What is the most cost advantageous funding strategy? The methodology is applied to the development of a two-berth container terminal in SSA. Design/methodology/approach - After reviewing a range of financial valuation and funding techniques, the study presents valuation and funding model applicability-fit tests. Thereafter, a suitable valuation technique is selected and applied to the case study providing a concession valuation. Different funding strategies are applied to the valuation model to determine the cost implications of each funding instrument given the local context and institutional constraints applicable to SSA. Finally, the study discusses the significance of the results to potential SSA port investors by highlighting the impact of each funding approach on key financialmetrics. Findings - The study presents a range of financial investment appraisal results for the case study concession in consideration of four specific funding strategies. The highest concession valuation could be attributed to a higher debt ratio as a principal funding strategy. In addition, this funding approach (100% debt) realised the shortest payback period and the highest internal rate of return values. The authors, however, maintain that the optimal funding strategy for a concession depends ultimately on the financial goals of the investor. Originality/value 一 This research makes a contribution to the existing literature on port finance and development by presenting a structured approach to the evaluation of the valuation and funding techniques, which can be used in terminal development subject to the specific local context and institutional constraints (in this case applicable to SSA). The study provides practical insight into the potential cost of the considered terminal concession for private or public sector participants and a view of the most cost advantageous funding strategy available for interested investors.
期刊名称：	航贸周刊
出版年：	2021
期：	03
页码：	37-56