Hubungan Antara Risiko, Premium Dan Tingkat Diskonto Dalam Struktur Modal Project Finance Dari Perspektif Teorema Utilitas

. Capital structure is one of the most relevant issues in financing of public infrastructure projects involving the private sector. Three stakeholders having vested interests with the project capital structure include the government, project sponsor and creditor. Specifically for project sponsor and creditor, the chosen capital structure determines the risk exposed to both parties individually. This paper presents research findings on the relationships of risk, risk premium, and cost of capital using utility theorem. This paper demonstrates that risk premium asked for by the project sponsor and the creditor rises with the increase in debt service obligations. Consequently, the expected rates of return escalate as well. The existence of project debt capacity is also verified in this paper. The capital structure can be designed to maximize benefit in favor of the project sponsor. Next, it is noteworthy for the project analyst to set the discount rate thoroughly. Discount rate is not simply identical with bank depositing rate as is widely used in practice. This issue is of paramount relevance if associated with equity cashflows