Does funding huge capital outlay projects through project finance enhance shareholders' value?

 

Show simple item record

dc.contributor.advisor Uliana, Enrico en_ZA
dc.contributor.author Mheyamwa, John en_ZA
dc.date.accessioned 2018-11-07T13:03:33Z
dc.date.available 2018-11-07T13:03:33Z
dc.date.issued 2013 en_ZA
dc.identifier.citation Mheyamwa, J. 2013. Does funding huge capital outlay projects through project finance enhance shareholders' value?. University of Cape Town. en_ZA
dc.identifier.uri http://hdl.handle.net/11427/29031
dc.description.abstract Despite project finance advancing as a crucial tool in funding huge capital outlay projects that facilitate development little research has been conducted in assessing whether it is the most optimum way of funding big project especially when one looks at the value addition in respect of the shareholders. Consequently, this research attempts to examine whether Project Finance when compared to conventional funding done under Corporate Finance does contribute to shareholders value in funding huge capital outlay projects. The research was conducted in two phases. The first phase analysed the Mozal Project which was jointly funded by the IDC and other parties under project finance. In this phase the research assess how the IDC as a funder established measures to protect and enhance value for its shareholders in funding the project. The phase goes further by assessing the value created by the investment from an IDC shareholder point of view. The results are then compared to that of other high capital magnitude projects funded under on balance sheet finance. The second phase comprised of 5 interviews and 25 questionnaires with local Project Finance industry professionals with the aim of establishing the common view on which between on balance sheet and off balance sheet finance has a positive impact on shareholders' value. The first phase led to a general guide on funding projects via project finance does add to shareholder value or not whilst the second phase gave a factual conclusion on whether funding shareholder value through project finance creates value. Specific recommendations for further research work was also indicated where it was felt that there are certain areas that can help in advancing the research subject. en_ZA
dc.language.iso eng en_ZA
dc.subject.other Development Finance en_ZA
dc.title Does funding huge capital outlay projects through project finance enhance shareholders' value? en_ZA
dc.type Master Thesis
uct.type.publication Research en_ZA
uct.type.resource Thesis en_ZA
dc.publisher.institution University of Cape Town
dc.publisher.faculty Faculty of Commerce en_ZA
dc.publisher.department Research of GSB en_ZA
dc.type.qualificationlevel Masters
dc.type.qualificationname MPhil en_ZA
uct.type.filetype Text
uct.type.filetype Image
dc.identifier.apacitation Mheyamwa, J. (2013). <i>Does funding huge capital outlay projects through project finance enhance shareholders' value?</i>. (Thesis). University of Cape Town ,Faculty of Commerce ,Research of GSB. Retrieved from http://hdl.handle.net/11427/29031 en_ZA
dc.identifier.chicagocitation Mheyamwa, John. <i>"Does funding huge capital outlay projects through project finance enhance shareholders' value?."</i> Thesis., University of Cape Town ,Faculty of Commerce ,Research of GSB, 2013. http://hdl.handle.net/11427/29031 en_ZA
dc.identifier.vancouvercitation Mheyamwa J. Does funding huge capital outlay projects through project finance enhance shareholders' value?. [Thesis]. University of Cape Town ,Faculty of Commerce ,Research of GSB, 2013 [cited yyyy month dd]. Available from: http://hdl.handle.net/11427/29031 en_ZA
dc.identifier.ris TY - Thesis / Dissertation AU - Mheyamwa, John AB - Despite project finance advancing as a crucial tool in funding huge capital outlay projects that facilitate development little research has been conducted in assessing whether it is the most optimum way of funding big project especially when one looks at the value addition in respect of the shareholders. Consequently, this research attempts to examine whether Project Finance when compared to conventional funding done under Corporate Finance does contribute to shareholders value in funding huge capital outlay projects. The research was conducted in two phases. The first phase analysed the Mozal Project which was jointly funded by the IDC and other parties under project finance. In this phase the research assess how the IDC as a funder established measures to protect and enhance value for its shareholders in funding the project. The phase goes further by assessing the value created by the investment from an IDC shareholder point of view. The results are then compared to that of other high capital magnitude projects funded under on balance sheet finance. The second phase comprised of 5 interviews and 25 questionnaires with local Project Finance industry professionals with the aim of establishing the common view on which between on balance sheet and off balance sheet finance has a positive impact on shareholders' value. The first phase led to a general guide on funding projects via project finance does add to shareholder value or not whilst the second phase gave a factual conclusion on whether funding shareholder value through project finance creates value. Specific recommendations for further research work was also indicated where it was felt that there are certain areas that can help in advancing the research subject. DA - 2013 DB - OpenUCT DP - University of Cape Town LK - https://open.uct.ac.za PB - University of Cape Town PY - 2013 T1 - Does funding huge capital outlay projects through project finance enhance shareholders' value? TI - Does funding huge capital outlay projects through project finance enhance shareholders' value? UR - http://hdl.handle.net/11427/29031 ER - en_ZA


Files in this item

This item appears in the following Collection(s)

Show simple item record