Certificate issuance system and method for attracting funds

TECHNICAL FIELD TO WHICH INVENTION RELATES.

[0001] The present invention relates to a system for issuing certificates for issuing certificates that attract funds for building new infrastructure or repairing existing infrastructure, and a method for raising funds.

BACKGROUND

[0002] Patent document 1 and Patent document 2 describe certificates for attracting private funds, in particular, certificates issued for attracting private funds for investing in public projects, for example, improving infrastructure.

[0003] The construction and operation of public utilities, such as roads and railways, and facilities for public goods, such as health facilities and social welfare institutions, play an important role for residents in the area concerned, since such facilities are closely related to their daily lives. Therefore, in urban planning, it is important to improve the infrastructure that affects the foundations of life (the main structures of society), such as roads and health facilities. However, although administrative services with such infrastructure are required for places of permanent residence, not all projects are profitable.

[0004] Federal or local authorities need to provide the infrastructure described above to achieve urban development. However, some federal or local authorities are not able to allocate a sufficient annual budget to public infrastructure improvement projects due to lack of funds. To solve this problem, private money can be attracted to provide a budget for infrastructure improvements.

[0005] As a means of attracting private money, the federal or local government can issue public bonds, such as government bonds and municipal bonds. Public and corporate bonds include bonds with a government guarantee, which are issued in the market of private financing and whose obligations of the issuer to repay the principal and interest are fully guaranteed by the relevant authority.

[0006] In addition, bonds of industrial enterprises whose issuers are private enterprises include bonds related to a special purpose / specific purpose company (SPC). SPC bonds, which refer to the so-called "project financing", are issued to raise funds for a specific project. For example, when an enterprise builds and operates a large building in front of a certain station, the enterprise issues bonds and uses the funds raised through bonds only for the project "construction and operation of the building in front of the station". In addition, in a private financial initiative (PFI), which is a way to improve social infrastructure with the help of private money, some kind of enterprise

DOCUMENTS OF THE LEVEL OF TECHNOLOGY

Patent documents

[0007] Patent document 1: Laid-open publication of Japan patent No. 2002-157419

Patent document 2: US Patent No. 7536330

SUMMARY OF INVENTION

Problems that the invention must solve

[0008] However, in relation to government-guaranteed bonds, a federal or local government that is financially deficient would have had difficulty in fulfilling guaranteed obligations when the project fails. With respect to project financing bonds, such as SPC and PFI, which are not guaranteed by the government, there is no guarantee on principal and interest. This may prevent you from raising sufficient funds. In addition, when the maturity of the bonds is reached, the relevant enterprise must repay the principal debt, and accordingly, it carries a significant burden. Moreover, private money is difficult to attract non-profit administrative services for infrastructure improvements.

[0009] Stocks are another means for raising money by an enterprise. The company issues shares to raise funds, and shareholders who buy shares can participate in the company's project and receive dividends. However, even when stocks are issued to increase capital, few investors will buy stocks for fear of reducing capital or liquidating the company as a result of poor company performance. This may interfere with raising sufficient funds.

[0010] In addition, much of the infrastructure is transport networks or buildings that require long-term maintenance. The maintenance required after construction includes repairs and cash for repairs.

Problem Solver

[0011] In the circumstances described above, the purpose of the present invention is to provide a certificate issuance system for issuing new certificates (collateral obligations) that allow an enterprise to easily raise funds and a method for raising funds that facilitates raising funds using new certificates.

[0012] Another objective of the present invention is to provide a new certificate issuance system and a method for raising funds that can change the types and entities of certificates in accordance with the needs of investors or the progress of the project.

[0013] Another objective of the present invention is to provide a new certificate issuance system and method for raising funds that can select and issue suitable types of certificates in accordance with the project progress.

The certificate issuance system includes a certificate issuing computer, configured to issue certificates to raise funds for a new project to build a new infrastructure. The certificate issuing computer includes a processing unit that determines the interest rate and dividends of the certificates.

The certificate issuing computer issues the first certificate, which includes the first issuing entity, which issues the first certificate, the first nominal value paid to the first issuing entity in exchange for possessing the first certificate, the first guaranteed rate, which sets the amount returned to the certificate holder at least one third party participating in the release of the first certificate, if the first issuing entity does not fulfill the obligation and / or becomes unable to pay percent, with the first guaranteed rate expressed as a share of the first nominal value, the first interest rate that sets interest periodically paid to the certificate holder, and the first interest rate is expressed as a fraction of the first nominal value or guaranteed part,

[0015] Provided that the project works well, the investor of the first certificate receives interest in accordance with the interest rate (annual interest) and dividends each year. When maturity is reached, the amount corresponding to the first face value is returned. If the project fails and causes the enterprise to default or becomes unable to pay interest, the guarantor will return the guaranteed limit of X%. The first certificate is partially guaranteed, simplifying the attraction of funds from investors. In addition, the guarantor is not obliged to guarantee the amount of the first nominal value completely, and accordingly, it carries a lower financial burden. In addition, the first certificate also includes an unguaranteed part, which encourages the certificate holder to actively participate in the project in the hope of a successful program. The first certificate is similar to bonds in that the first certificate has a maturity date and pays interest.

The certificate issuing computer may issue another first certificate for raising funds for a new project and / or a repair project for repairing an existing infrastructure that differs from the above described new project. The other first certificate is the second certificate of the second certificate, which has no maturity and includes the second issuing object, which issues the second certificate, the second nominal value paid to the second issuing object in exchange for possessing the second certificate, the second guaranteed rate, which sets the amount returned certificate holder at least one third party participating in the issuance of the second certificate, if the second issuing object does not fulfill the obligations and / or becoming unable to pay interest, the second guaranteed rate is expressed as a share of the second nominal value, the second interest rate, which sets the interest paid periodically to the certificate holder, the second interest rate expressed as a percentage of the second nominal value or the guaranteed part, which is guaranteed at the second guaranteed rate, and the second dividend to be distributed to the certificate holder after the project financed by the second certificate begins to generate profit, than second dividend paid unguaranteed portion other than the guaranteed portion of the second guaranteed guaranteed rate. The second certificate differs from the first certificate in that the second certificate does not have a maturity date. The second certificate is similar to certificates for shares in that that the second certificate has no maturity and pays the second dividend. The processing unit determines the second interest rate and the second dividend for the second certificate and issues the second certificate.

[0017] The first and second certificates can be used to raise funds for a new project to build a transport infrastructure that connects cities, and a project to repair existing infrastructure. In addition to the transport infrastructure, a new project may additionally include a project to build an additional new city between cities. A construction project for a new city may include a construction project for a station in a new city, a construction project for attractions in a new city, and a construction project for an educational institution, a social facility and / or a health facility in a new city. A project to repair an existing infrastructure includes repairing an infrastructure that is being built in a new project, in addition to other infrastructure, such as an existing road.

[0018] The first and second certificates are a new type of certificate, which includes the characteristic features of bonds and certificates for shares. The first and second certificates are similar to bonds in that they pay interest, and are similar to certificates for shares in that they pay dividends. The first certificate is similar to bonds in that it has a maturity, and the second certificate is similar to certificates for shares in that it does not have a maturity date. Although the second certificate is similar to certificates for shares in that it does not have a maturity, the second certificate differs from certificates for shares in that it does not provide the holder of the certificates with an opportunity equivalent to that of the shareholders.

[0019] The first and second certificates can be used to raise funds for a large-scale project, including a new project and an infrastructure repair project. The company is free to use the attracted funds for various projects that make up the new large-scale project, within the scope of the new large-scale project. Since the appointment of funds attracted through the first and second certificates, it is obvious that investors can control whether funds are used for their intended purpose.

[0020] The first and second certificates, in comparison with the examples described above, can be further classified by purpose. That is, in addition to issuing certificates to raise funds for a project to build a new transport infrastructure, you can issue a different type of first certificates to raise funds for a new project to build an additional new city between cities.

[0021] The entities of the first and second certificates and the description of the project for which the funds are attracted are presented in the TV shop program. When receiving purchase order data sent from a digital television receiver that displays a TV shop program, a certificate issuing unit in the certificate issuing system issues the first or second certificate corresponding to the purchase order to an investor who is a spectator.

[0022] The certificate issuance system includes a certificate issuing computer that issues a first certificate that attracts funds for a new project to build a new infrastructure. The certificate issuing computer includes a processing unit that determines the first interest rate and the first dividend. The processing unit issues the first certificate, and when the predetermined time has passed since the first certificate was issued, it executes the process for converting the first certificate into a second certificate that differs from the first certificate by type. The first certificate may or may not have a maturity date. However, it is preferable that the first certificate has a maturity date.

[0023] For example, the processing unit is configured to execute conversion to a second certificate of a different type when the maturity date is reached. In addition, the processing unit is configured to execute the process for converting the first certificate from the certificate holder to a second certificate of a different type, if the processing unit receives data from the investor’s computer that the conversion rights are exercised, which give instructions for converting the first certificate to a second certificate of a different type, and executing the process for redemption of the first investor’s certificate, if the processing unit does not accept the exercise of conversion right.

[0024] The second certificate has a second guaranteed rate, which is 0%, pays a second dividend and charges (brings) a second interest rate, which is 0% or different from the first interest rate of the first certificate. The second certificate can be converted into a variety of certificates, including a certificate that fully guarantees the amount of the guaranteed part and charges the second interest rate, and a certificate that does not guarantee the amount of the unguaranteed part and pays the second dividend. A certificate of another type may be a certificate for a share. Certificate per share may be a regular (traditional) certificate per share. Alternatively, the amount corresponding to a predetermined share of the nominal value of the certificate per share or market price at the time of conversion from the first certificate,

[0025] The processing unit may be configured to change the first interest rate and / or the first guaranteed rate when the predetermined time has passed since the issuance of the first certificate.

The certificate issuance system includes a certificate issuing computer that issues a first certificate to raise funds for a new infrastructure project and a second certificate to raise funds for a repair project to repair the existing infrastructure. At least the first and second certificates described above are issued. The certificate issuing computer includes a processing unit that is configured to determine the first interest rate and the first dividend on the first certificate, issue the first certificate, determine the second interest rate and the second dividend on the second certificate and issue the second certificate. The processing unit may be configured to issue a second certificate after issuing the first certificate. For example,

[0026] The processing unit before the maturity of the first certificate is reached can be configured to evaluate whether to issue the first certificate or the second certificate as an additional certificate. In this case, the processing unit before the maturity of the first certificate is reached can be configured to display a notification inviting you to enter the information needed to assess whether to issue the first certificate or the second certificate as an additional certificate. For example, a processing unit may be configured to select a second certificate that does not have a maturity date, if the infrastructure that is being repaired is a long-term or permanent structure, and to choose the first certificate that has a maturity date, if the infrastructure that is being repaired is a short-term structure. The processing unit may be configured to issue a second certificate after issuing the first certificate, if the processing unit determines that a second certificate needs to be issued. The processing unit may be configured to issue the first certificate instead of or together with the second certificate after the first certificate is issued, if the processing unit decides to issue the first certificate.

[0027] The present invention relates to a method for raising funds using the certificate issuance system described above. The system of issuing certificates and a method for raising funds are achieved by installing a computer program into a computer system.

RESULTS OF THE INVENTION

[0028] In accordance with the present invention, the processing unit issues the first certificate, and when the predetermined time has passed since the first certificate was issued, it executes the process for converting the first certificate into a second certificate that differs from the first certificate by type. As a result, the original first certificate is redeemed and leaves the converted certificate after it. This allows the investor to provide a stable cash flow as a certificate holder before converting the first certificate, and then receive interest and dividend after conversion in accordance with the entities after conversion. This gives the investor more flexibility in investing. If the certificate is converted into a first certificate that does not have a maturity date, then the company does not need to pay the investor the value of the nominal value at maturity, and accordingly, it carries a lower financial burden. Essentially, the present invention allows to change the types and entities of certificates in accordance with the needs of enterprises and investors.

[0029] In accordance with the present invention, second certificates that do not have a maturity date are issued after the first certificates that have a maturity date are issued. Thus, funds for the construction of a new infrastructure can be attracted by means of first certificates that have a maturity, and funds for repairs can be attracted by means of second certificates that do not have a maturity. Since the second certificates do not have a maturity date, the issuer pays the investor a second interest and a second dividend, but does not have to pay investors the amount of the nominal value. This reduces the financial burden. Essentially, the present invention allows to change the types and entities of certificates in accordance with the needs of enterprises and investors.

BRIEF DESCRIPTION OF THE DRAWINGS

[0030] FIG. 1 is a diagram showing the structure of the first certificate.

FIG. 2 is a diagram showing the first certificate.

FIG. 3 is a diagram showing the structure of the second certificate.

FIG. 4 is a diagram showing a second certificate.

FIG. 5 is a schematic diagram showing the route of the California High-Speed ​​Railway.

FIG. 6 is a diagram showing the design of the California High-Speed ​​Railway, which uses first certificates.

FIG. 7 is a diagram showing the first certificate that attracts funds for the California High-Speed ​​Railway and buildings along the railway.

FIG. 8 is a diagram showing the progress of the project and the cash flow with the release of one type of first certificates used to raise funds for the California High-Speed ​​Railway and building along the railway.

FIG. 9 is a diagram showing the first certificate that attracts funds for the construction of the California High-Speed ​​Railway and new cities A - C.

FIG. 10 is a diagram showing the progress of the project and the cash flow with the release of four types of first certificates used to raise funds for the construction of the California High-Speed ​​Railway and new cities A - C.

FIG. 11 is a diagram showing the first certificates, which are additionally classified by purpose and issued for the construction of a new city ​​A.

FIG. 12 is a diagram showing the first certificates, which are additionally classified by purpose and issued for the construction of a new city B.

FIG. 13 is a diagram showing the first certificates, which are additionally classified by purpose and issued for the construction of a new city C.

FIG. 14 is a diagram showing the second certificate used for the reconstruction of the urban stadium.

FIG. 15 is a diagram showing a second certificate for repairing the California High Speed ​​Rail.

FIG. 16 is a diagram showing a second certificate for the reconstruction of a health care institution in city A.

FIG. 17 is a diagram showing a bridge repair project.

FIG. 18 is a diagram showing the second certificate for the repair work of the toll bridge and the restructuring of cities on both banks.

FIG. 19 is a diagram showing the progress of the project and the cash flow when issuing one type of second certificate used to raise funds for the project of repairing the toll bridge and rebuilding cities on both banks.

FIG. 20 is a diagram showing the progress of the project and the cash flow when issuing second certificates, which are additionally classified by purpose for the repair of a toll bridge.

FIG. 21 is a diagram showing the progress of the project and the cash flow for the release of three types of second certificates used to raise funds for the project of repairing the toll bridge X and rebuilding cities on both banks.

FIG. 22 is a block diagram showing the structure of the certificate issuance system.

FIG. 23 is a block diagram showing a certificate issuing computer.

FIG. 24 is a diagram showing a database of investors.

FIG. 25 is a flowchart showing the process of issuing the first and second certificates.

FIG. 26 is a flowchart showing the processing of an order to purchase the first and second certificates.

FIG. 27 is a flowchart showing the processing of an order to sell the first and second certificates.

FIG. 28 is a flowchart showing the process of interest payment and dividend.

FIG. 29 is a flowchart showing the conversion process for converting the first certificate to the second certificate.

FIG. 30 is a diagram showing an example in which the first and second certificates are issued through a tele-shop program.

FIG. 31 is a diagram showing certificates for renovation and certificates for tourism.

FIG. 32 is a diagram showing certificates for restoring a city.

FIG. 33 is a diagram showing certificates for the regional development of Southern Europe and North Africa.

FIG. 34 is a diagram showing energy related certificates.

FIG. 35 is a diagram showing certificates for pipeline construction.

FIG. 36 is a diagram showing certificates for landscaping desert areas.

FIG. 37 is a diagram showing certificates for infrastructure management.

FIG. 38 is a diagram showing certificates of the Olympic Games.

IMPLEMENTATION OF THE INVENTION

[0031] Next, embodiments of the present invention will be described in detail with reference to the accompanying drawings. The present invention is not limited to the embodiment described below, and various modifications are possible without deviating from the scope of the invention.

[0032] <1. first and second certificates>

<2. Examples of the use of the first and second certificates - Construction of high-speed railway ->

<2-1. High-speed railway>

<2-2. Using First Certificates in the California High-Speed ​​Rail Project>

<2-3. Example of issuing first certificates classified by purpose>

<2-4. Example of issuing first certificates, additionally classified by purpose>

<2-5. An example of a second certificate to raise funds for the reconstruction of the stadium>

<2-6. Advantages of first certificates>

<2-7. An example of using second certificates for the California High-Speed ​​Rail>

<3. Example of using second certificates - Repair of the bridge ->

<3-1. Old Bridge>

<3-2. Using second certificates for the project of repairing the toll bridge X and the project for rebuilding cities on both banks>

<3-3. Example of issuing second certificates classified by purpose>

<3-4. Advantages of second certificates>

<4. Certificate issuing system>

<4-1. System Configuration>

<4-2. Certificate issuing computer>

<4-3. Certificate Issue Process>

<4-4. Processing certificate purchase order>

<4-5. Processing certificate sales order>

<4-6. Interest / Dividend Process>

<4-7. Conversion process>

<4-8. Evaluation unit>

<4-9. Tele-shop>

<5. Other examples of using the first and second certificates>

<5-1. Certificates for renovation and certificates for tourism>

<5-2. Certificates for city recovery>

<5-3. Certificates for regional development>

<5-4. Energy related certificates>

<5-5. Certificates for landscaping desert areas>

<5-6. Certificates for infrastructure management>

<5-7. Certificates of the Olympic Games>

<5-8. Possible application of the first and second certificates>

<1. first and second certificates>

As shown in FIG. 1 and 2, the first certificate 10 includes the name and content of the project 11, which uses the attracted funds, the scheduler / company / issuer 12, which plans the project and issues the first certificate 10, the nominal value 13, which is paid to the issuer of the first certificate 10 in exchange to possess the first certificate 10, and the maturity date 14 of the issued first certificate 10. The first certificate 10 additionally includes a guaranteed rate of 15 (guaranteed limit), which sets the amount returned to the holder certificates by at least one third party who participates in the issuance of the first certificate 10, if the issuing entity does not fulfill the obligation and / or becomes unable to pay interest. The guaranteed rate of 15 is expressed as a fraction of the nominal value of 13. The first certificate 10 also includes guarantor 16, which guarantees a guaranteed amount. In addition, the first certificate 10 includes an interest rate of 17 (annual interest), which sets the interest paid periodically to the certificate holder, and is expressed as a fraction of the nominal value of 13 or the guaranteed part, which is guaranteed at a guaranteed rate, and dividend 18, which you need to pay the certificate holder in the non-guaranteed part, which is different from the guaranteed part, guaranteed at a guaranteed rate of 15. First certificate 10 differs from bonds, such as corporate bonds and g government bonds, in that the first certificate 10 is partially guaranteed, and that the funds raised are used for a specific purpose. On the other hand,

[0033] For example, with regard to the first certificate 10, X% of the nominal value of 13 (0% <X <100%, or 0% ≤X≤100%) represents the debt portion that the enterprise owes, as well as the guaranteed portion, which is guaranteed third-party guarantor, such as federal or local government. Y% of face value 13 (nominal value - debt part (guaranteed part)) represents the investment part for the investor, as well as the unguaranteed part (the “risk part” for investors), which will not return if the issuer does not fulfill the obligations and / or becomes unable to pay interest. The interest rate is expressed as a fraction of the nominal value of 13 or the guaranteed part. Guarantor 16 can be a private company or a public-private association,

[0034] Provided that the project works well, the first certificate 10 pays interest to the investor, who is the buyer of the first certificate 10, every year in accordance with the interest rate 17 (annual interest) until the maturity date is reached. In addition, the first certificate 10 pays a dividend in the form of a share of profits. When the maturity date is reached, the amount corresponding to the first par value (1 million yen) is returned. If the project fails and forces the company 12 or so on to not fulfill the obligations and / or become unable to pay interest until the maturity date is reached, then the guarantor 16 will return the guaranteed limit of X% (0.7 million yen). As will be described in more detail below, the first certificate 10 is partially guaranteed, simplifying the raising of funds from investors. In this way, The first certificate 10 is suitable for raising funds for new public projects. In addition, the first certificate 10 also includes an unguaranteed part, which encourages the certificate holder to actively participate in the project in the hope of a project's success and higher dividends. Interest rate can be fixed or floating. In addition, in addition to the face value of 13, fixed or floating interest, which is paid periodically, can be guaranteed at a similar rate. For example, you can guarantee 70% of interest (3% of nominal value) in a year in which interest is not paid. The first certificates 10 can be issued regardless of the number, size or types of funded projects, provided that the guarantor 16 can guarantee them.

[0035] FIG. 2 shows an example of a first certificate 10 for a high-speed railway project. In the example of FIG. The two entities are the California High-Speed ​​Railway and buildings along the railway, the planner / enterprise / issuer 12 is the California High-Speed ​​Rail Authority, the nominal value of 13 is 1 million yen, the 14 repayment period is ten years, the guaranteed rate is 15 (guaranteed limit), which guaranteed by the guarantors of 16, which are the United States and the State of California, is 70%, and the interest rate 17 (annual interest) is 3%.

[0036] As shown in FIG. 3 and 4, the second certificate 20 of the present invention includes the name and content 21 of the project that uses the attracted funds, the scheduler / company / issuer 22, which plans the project and issues the second certificate 20, and the nominal value 23, which is paid to the second issuer certificate 20 in exchange for possession of a second certificate 20. The second certificate 20 additionally includes a guaranteed rate of 25 (guaranteed limit), which sets the amount to be returned to the certificate holder at least re one third party who participates in the issuance of the second certificate 20, if the issuing object does not fulfill the obligation and / or becomes unable to pay interest. The guaranteed rate of 25 is expressed as a fraction of the nominal value of 23. The second certificate 20 also includes guarantor 26, which guarantees the guaranteed amount. In addition, the second certificate 20 includes an interest rate of 27 (annual interest), which sets the interest paid periodically to the certificate holder, expressed as a fraction of the nominal value of 23 or the guaranteed part, which is guaranteed at a guaranteed rate, and a dividend of 28 must be paid in the non-guaranteed part (the “risk part” for the investor), which is different from the guaranteed part, guaranteed at a guaranteed rate of 25. The second certificate 20 is similar to certificates for shares in that the second with rtifikat 20 does not expire 24 repayment and pay the dividend 28. However, unlike shareholders The holder of the second certificate 20 is not given the opportunity to directly participate in the project. Guarantor 26 may be a private company or a public-private association, as well as a federal or local authority.

[0037] Provided that the project works well, the second certificate pays interest to the investor, who is the buyer of the first certificate 10, each year in accordance with the interest rate 27 (annual interest). After the project begins to make a profit, dividend 28 will be paid in accordance with the profit according to the agreement. If the project fails and forces enterprise 22 to default and / or becomes unable to pay interest, guarantor 26 will return X% (0.7 million yen). For example, as will be described in more detail below, the second certificate 20, which has no maturity or does not give the investor an opportunity equivalent to that of the shareholders, is suitable for raising funds for a project to repair an existing structure. Besides, The second certificate 20 includes an unguaranteed part in which the dividend is paid. This encourages certificate holders to take an active part in the project in the hope of a project's success and higher dividends. Interest rate can be fixed or floating. In addition, in addition to the face value of 23, fixed or floating interest, which is paid periodically, can be guaranteed at a similar guaranteed rate. For example, you can guarantee 70% of interest (3% of nominal value) in a year in which interest is not paid. Second certificates 20 can be issued regardless of the number, size or type of funded projects, provided that guarantor 26 can guarantee them. This encourages certificate holders to take an active part in the project in the hope of a project's success and higher dividends. Interest rate can be fixed or floating. In addition, in addition to the face value of 23, fixed or floating interest, which is paid periodically, can be guaranteed at a similar guaranteed rate. For example, you can guarantee 70% of interest (3% of nominal value) in a year in which interest is not paid. Second certificates 20 can be issued regardless of the number, size or type of funded projects, provided that guarantor 26 can guarantee them. This encourages certificate holders to take an active part in the project in the hope of a project's success and higher dividends. Interest rate can be fixed or floating. In addition, in addition to the face value of 23, fixed or floating interest, which is paid periodically, can be guaranteed at a similar guaranteed rate. For example, you can guarantee 70% of interest (3% of nominal value) in a year in which interest is not paid. Second certificates 20 can be issued regardless of the number, size or type of funded projects, provided that guarantor 26 can guarantee them. fixed or floating interest, which is paid periodically, can be guaranteed at a similar guaranteed rate. For example, you can guarantee 70% of interest (3% of nominal value) in a year in which interest is not paid. Second certificates 20 can be issued regardless of the number, size or type of funded projects, provided that guarantor 26 can guarantee them. fixed or floating interest, which is paid periodically, can be guaranteed at a similar guaranteed rate. For example, you can guarantee 70% of interest (3% of nominal value) in a year in which interest is not paid. Second certificates 20 can be issued regardless of the number, size or type of funded projects, provided that guarantor 26 can guarantee them.

[0038] FIG. 4 shows an example of a second certificate 20 for a toll bridge repair project. In the example of FIG. The four entities are a toll bridge connecting Rockland County with Westchester County, and the redevelopment of neighboring areas, the planner / enterprise / issuer 22 is the New York State Highway Administration, the nominal value of 23 is 1 million yen, the maturity period of 24 is not set, the guaranteed rate is 25 ( guaranteed limit), which is guaranteed by guarantors 26, which are the State of New York and the United States, is 70%, and the interest rate 17 (annual interest) is 3%. After the project starts to make a profit, a dividend will be paid 28.

[0039] the first and second certificates 10, 20 shown in FIG. 1-4, are a new type of certificate, which include the characteristic features of bonds and certificates for shares. The first and second certificates 10, 20 are similar to bonds in that they pay interest, and similar to certificates for stocks in that they pay dividends. The first certificate 10 is similar to bonds in that it has a maturity, and the second certificate 20 is similar to certificates for shares in that it does not have a maturity date. Although the second certificate 20 is similar to share certificates in that it does not have a maturity date, the second certificate 20 differs from share certificates in that it does not provide the certificate holder with an opportunity equivalent to that of the shareholders.

[0040] With the first and second certificates 10, 20, even if it becomes impossible to pay out the percentages specified by the wording, investors, or buyers, will return a guaranteed amount corresponding to the specified rate. This is more encouraging investors and, accordingly, facilitates the attraction of project funds by the company. In addition, since the first and second certificates 10, 20 are guaranteed, their market prices in the certificate markets, where the first and second certificates 10, 20 are sold and bought, are less likely to decrease significantly. If the prices of the first and second certificates 10, 20 in the certificate markets are rising, then investors can make a profit on the sale. On the other hand, federal or local authorities who are planning community projects are not required to guarantee full face value. when the project fails, allowing simpler fundraising through the first and second certificates 10, 20. In particular, the first and second certificates 10, 20, for which the full nominal value is not guaranteed, help the federal or local government to raise money in difficult financial situations. state by means of the first and second certificates 10, 20. As will be described in more detail below, the first certificate 10, which facilitates raising funds from investors, is suitable for attracting money for new community projects. The second certificate 20 is suitable for raising funds for repairs in an existing project, since the second certificate 20 does not have a maturity date, pays the investor only an interest rate of 27 (annual interest) and a dividend 28, does not require reimbursement corresponding to the nominal value of 23, and does not give the holder of the second certificate 20 a possibility equivalent to that of the shareholder. Both certificates include an unguaranteed part and pay dividends of 18, 28. This motivates certificate holders to help the project achieve success, increasing the likelihood of success.

[0041] <2. Examples of the use of the first and second certificates - Construction of high-speed railway ->

<2-1. High-speed railway>

For example, in the United States there is a project to build the California High-Speed ​​Rail in California. As shown in FIG. 5, the project plans to connect San Francisco and Los Angeles for two and a half hours on high-speed trains with a maximum speed of 350 km (220 miles) per hour and build a railway that spans over 1,100 km (700 miles) and connects the main cities, for example Sacramento, San Jose, Fresno and San Diego.

[0042] For example, the California High-Speed ​​Rail project involves the construction of a railway that connects San Francisco and Los Angeles. Shown in FIG. 5 The route goes inland through a vast agricultural area instead of the coast of California. The number of users is estimated from 91 to 95 million. For additional increase in users, building along the railway is necessary. As shown in FIG. 6, new cities A, B and C can be built between San Francisco and Los Angeles, and in those cities you can build high-speed railway stations and facilities that serve as landmarks.

[0043] For example, a large healthcare facility that offers modern medical care is being built in a new city, A huge amusement park comparable to Disneyland is being built in a new city B, and a gambling house is being built in a new city C. This makes new cities A, B and C between San Francisco and Los Angeles are attractive. The California High-Speed ​​Railway delivers passengers traveling to new cities A, B and C, in addition to passengers traveling between San Francisco and Los Angeles, and passengers traveling to existing cities (for example, San Jose, Fresno and Bakersfield). This further increases the user experience. In addition, the establishment of new cities A, B and C will increase the population in the areas along the California high-speed railway, through this, increasing the value of real estate and tax revenues with local authorities in cities along the railroad and the state of California. In addition, new cities can be founded in a short time, creating the possibility of rapid population growth.

[0044] <2-2. Using First Certificates in the California High-Speed ​​Rail Project>

The first certificates of 10 of the present invention are suitable for use in the newly built California high-speed rail, as described above. The first certificate 10A shown in FIG. 7, has the name of the project “Building a High-Speed ​​Railway and Building Along the Railway” and is intended to raise funds for the high-speed railway between San Francisco and Los Angeles and building along the railway. The first 10A certificates are used to raise funds for the construction of the California High-Speed ​​Railway, as well as funds for projects involving the construction of new cities A - C shown in FIG. 6, and the construction of station buildings, educational institutions,

[0045] In other words, the first certificates 10A shown in FIG. 7, are used to raise all cash for the California High-Speed ​​Rail and building along the railway. The first 10A certificate includes a nominal value of 1 million yen, an annual interest rate of 3% and a guaranteed rate of 70%. The guarantors of the first 10A certificate are the United States and the State of California. This gives investors more confidence when buying the first 10 certificates and therefore allows the enterprise, the California High Speed ​​Rail Authority (CHSRA), to raise funds without difficulty. The certificate holder will receive dividends as a share of the profits.

[0046] Referring to FIG. 8, the project progress and cash flow will now be described with the release of one type of first 10A certificates, which can be used to raise funds for the California High-Speed ​​Railway and building along the railway, as shown in FIG. 7. When a California high-speed railway and development project along a railway is proposed, enterprise 35 may authorize the project coordinator 31 to elaborate the construction of the California high-speed railway and new cities A, B and C. You can choose contractors 36-39 for construction and the smallest the budget required to maximize project efficiency (calculated back from the project). That is, the project coordinator 31 is responsible for individual projects of the California High-Speed ​​Railway and building new cities A - C. The project coordinator 31 and the financial institution / firm 32 conducting operations with certificates determine the total amount of money raised through the first 10A certificates, the total first certificates issued 10A and face value. In other words, instead of determining the content of projects based on the cash that can be attracted, the total amount needed is determined based on the content of the projects, and then raised through the first 10A certificates. In addition, the project coordinator 31 and the financial institution / firm 32, which carries out operations with certificates, determine the interest rate and dividend. Enterprise 35, Project Coordinator 31 and Financial Institution / Firm 32, leading operations with certificates may determine guarantors 34, such as federal or local authorities, and a guaranteed rate that must be guaranteed by guarantors 34 in order to develop the first 10A certificates. The financial institution / firm 32, conducting operations with certificates, proceeds and / or is authorized to sell to investors 33 the first 10A certificates, which can be developed by a financial institution / firm 32, conducting operations with certificates, alone or together with the project coordinator 31, and receives cash. In this embodiment, the first certificates 10A allow direct financing, in which investors 33 directly finance enterprise 35 or the like. A financial institution / firm 32 conducting operations with certificates,

[0047] Through the project coordinator 31, the raised funds are distributed to the construction contractor 36 of the California High-Speed ​​Railway, the construction contractor 37 of the new city A, the construction contractor 38 of the new city B and the construction contractor 39 of the new city C, and are used for each job. In this example, since the funds are raised for the comprehensive project of the California High-Speed ​​Railway and the development along the railroad, the funds raised can be used for any individual projects within the framework of the integrated project. That is, the funds can be used for projects of new cities A - C, as well as the construction of the California high-speed railway. Enterprise 35 or m. pays interest to investors 33 through a financial institution / firm 32 conducting operations with certificates. When paying interest, an enterprise of 35 or so on pays funds to a financial institution / firm 32 that performs operations with certificates, and a financial institution / firm 32 that performs operations with certificates, pays interest to investors 33. In addition, dividends will be paid after the project is beginning to make a profit. In addition, the projects described above may be evaluated by an outside organization at least once every financial year. In addition, dividends will be paid after the project starts to make a profit. In addition, the projects described above may be evaluated by an outside organization at least once every financial year. In addition, dividends will be paid after the project starts to make a profit. In addition, the projects described above may be evaluated by an outside organization at least once every financial year.

[0048] <2-3. Example of issuing first certificates classified by purpose>

In the example described above, all cash for the California High Speed ​​Rail and buildings along the railroad are drawn through the same type of first 10A certificates. However, the first certificates 10 of the present invention can be many types of first certificates 10, which are used to raise funds for the California high-speed railway project and development along the railway. In particular, as shown in FIG. 9, the first 10B certificates may attract money for the construction of the California high-speed railway, the first 1 ° C certificates may attract money for the construction of a new city A, the first 10D certificates may attract money for the construction of a new city B,

[0049] The first 10B certificates for the construction of the California High-Speed ​​Railway attract money for basic high-speed railway technologies, such as the development and construction of a train / track infrastructure, alarm systems, power systems, rolling stock technologies and train protection systems, the implementation of a ticketing system and construction of station buildings. In relation to the construction of new cities A - C, money is attracted for the construction of facilities that provide the functions of the city, for example, railway station buildings, educational institutions, social facilities and health care facilities.

[0050] Guarantors for the construction of the California High-Speed ​​Railway include the United States and the State of California. This gives investors more confidence when buying certificates, and therefore allows enterprises, the California High-Speed ​​Rail Authority and the State of California, to raise funds without difficulty. In addition, the guarantors for the construction of new cities A - C also include the United States and the State of California. This gives investors more confidence when buying certificates, and therefore allows enterprises, the California High-Speed ​​Rail Authority and the State of California, to raise funds without difficulty. In addition, investors can choose among several types of first certificates 10 (10B - 10E), that belong to the california high speed rail. In addition, the holders of the first 10B-10E certificates can receive dividends in the form of a share of profits when the projects of the corresponding certificates bring profit.

[0051] Referring to FIG. 10, the project progress and cash flow will now be described with the release of four types of first 10B-10E certificates used to raise funds for the construction of the California High-Speed ​​Railway and new cities A-C, as shown in FIG. 9. When a California High-Speed ​​Railway and New Cities A-C construction project is proposed, Enterprise 45 may authorize the project coordinator 41 to elaborate the construction of the California High-Speed ​​Railway and new cities A, B and C. You can choose construction contractors 46-49, and the smallest budget necessary to maximize project efficiency is calculated (calculated back from the project). That is, the project coordinator 41 is responsible for individual construction projects of the California High-Speed ​​Railway and the new cities A - C. The project coordinator 41 and the financial institution / firm 42, conducting operations with certificates, determine the total amount of money raised through the first 10B - 10E certificates, The total number of each set of first issued certificates 10B - 10E and their nominal value. In other words, instead of determining the content of projects based on the cash that can be attracted, the required total amounts are determined based on the content of the projects, and then raised through the first 10B - 10E certificates. In addition, the coordinator of 41 projects and a financial institution / firm 42, conducting operations with certificates, determine interest rates and dividends. Enterprise 45, The project coordinator 41 and the financial institution / firm 42, conducting operations with certificates, can determine guarantors 44, such as federal or local authorities, and guaranteed rates, which must be guaranteed by guarantors 44 in order to develop the first 10B-10E certificates. A financial institution / firm 42, conducting operations with certificates, starts and / or is authorized to sell to investors 43 the first 10B - 10E certificates, which can be developed by a financial institution / firm 42, conducting operations with certificates, alone or together with 41 project coordinators, and receives cash. The financial institution / firm 42 that manages certificates and enterprise 45 can be a strategic financial institution, for example, Development Bank, SPC for the region, SPC for the project,

[0052] Through the project coordinator 41, funds raised by the first 10B-10E certificates for each project are distributed to the construction contractor 46 of the California High-Speed ​​Railway, the construction contractor 47 of the new city A, the construction contractor 48 of the new city B and the construction contractor 49 of the new city C and used for every job. In this example, the funds raised for the construction of the California High-Speed ​​Railway through the first 10B certificates are not used for other projects (new city projects A - C). An enterprise 45 or so on pays interest and dividends to investors 43 through a financial institution / firm 42 conducting operations with certificates. When paying interest and dividends, the company is 45 or so on.

[0053] <2-4. Example of issuing first certificates, additionally classified by purpose>

The first 10 certificates, which are additionally classified by purpose, can be issued for the construction of the California High-Speed ​​Railway. FIG. 11 illustrates the certificates for the new city A. As shown in FIG. 11, the first 10F certificates attract money for the construction of a station in the new city A, the first 10G certificates attract money for the construction of a health facility in the new city A, and the first 10H certificates attract money for the construction of a social facility in the new city A. in the new city, A preferably offers modern medical care. Guarantors of projects related to new city A include the State of California and the United States. This gives investors more confidence when buying certificates and therefore allows businesses, the California High-Speed ​​Rail Authority, and the Hospital X, to raise funds freely. In addition, investors can clearly understand which project they should invest in when choosing from various types of first certificates 10 (10F - 10H), which are additionally classified by purpose for the new city A, belonging to the California high-speed rail.

[0054] FIG. 12 shows the certificates for the new city B. As shown in FIG. 12, the first 10I certificates attract money for the construction of a station in the new city B, the first 10J certificates attract money for the construction of a huge amusement park that will be comparable to Disneyland and serve as the attraction of the new city B, and the first 10K certificates attract money for construction of an educational institution, such as an elementary school, high school, high school, college and research center, in a new city B. For example, educational institution can be a school that specializes in a particular area. As a function of the city in the new city of B, you can build a college with full board in Western style, in which students live with college staff, such as teachers and researchers. It can improve relationships among students and between students and college staff, and improve college research and student education. In addition, a new city B may encourage people who are associated with a college to establish their business in city B, for example, a young company (start-up). The first 10K certificates or other first 10 certificates or the second certificates 20 can be used to raise funds for college research. It can grow young companies. Guarantors of projects related to the new city of B include the United States and the State of California. This gives investors more confidence when buying certificates and therefore allows enterprises The California High Speed ​​Rail Authority and the State of California can easily raise money. In addition, investors can clearly understand which project they should invest in when choosing from various types of first certificates 10 (10I - 10K), which are additionally classified by purpose for the new city B, which belongs to the California high-speed railway.

[0055] FIG. 13 shows certificates for a new city C. As shown in FIG. 13, the first 10L certificates attract money for the construction of a station in the new city C, the first 10M certificates attract money for the construction of a gambling house that will serve as a landmark of the new city C, and the first 10N certificates attract money for the construction of a research center in the new city ​​C. In addition to raising funds for structuralx functions, such as a research center, the first 10N certificates may attract money for non-structural functions, such as a new study. In this case, you can issue a different type of first or second certificate, different from the first 10N certificates, to raise funds for a new study. For example, the first and second certificates 10 and 20 can be used to raise funds for the study of induced pluripotent stem (IPS) cells, genetic information, new pharmaceuticals, quantum information processing, or robotics. Guarantors of projects related to the new city of C include the United States and the State of California. This gives investors more confidence when buying certificates and therefore allows enterprises The California High Speed ​​Rail Authority and the State of California can easily raise money. In addition, investors can clearly understand which project they should invest in when choosing from various types of first certificates 10 (10L - 10N), which are additionally classified by purpose for the new city C, belonging to the California high-speed railway.

[0056] <2-5. An example of second certificates for raising funds for the reconstruction of the stadium>

The construction of the California High-Speed ​​Railway may include the renovation of structures in an existing city, such as San Jose. For this purpose, second certificates 20 can preferably be used. For example, San Jose, which is the stop of the California High-Speed ​​Railway, has an urban baseball stadium, and the second 20A certificates can be used to raise funds for the reconstruction of a baseball stadium. As shown in FIG. 14, the second certificates 20A are used for the reconstruction of the urban baseball stadium, do not have a maturity date and pay dividends. Second 20A certificates allow San Jose to quickly raise money and begin the reconstruction of the stadium. Second certificates 20A are similar to shares, but do not give holders of second certificates 20A opportunities, equivalent to those of shareholders. Thus, even if one person owns a large number of second 20A certificates, the stadium owner will not change. As incentives, you can specify the names of buyers of second certificates 20A on the stadium seats, you can provide reserved seats, or you can issue discount coupons for games, for example, to attract the attention of investors who love baseball, to certificate to second certificates 20A. The content of incentives can be changed according to a predetermined schedule. As with the first 10 certificates, the guarantor includes the State of California. This gives investors more confidence when buying second certificates. In addition, even if the project fails, the State of California is not required to return the full amount, and accordingly, carries a lower financial burden. Thus, even if one person owns a large number of second 20A certificates, the stadium owner will not change. As incentives, you can specify the names of buyers of second certificates 20A on the stadium seats, you can provide reserved seats, or you can issue discount coupons for games, for example, to attract the attention of investors who love baseball, to certificate to second certificates 20A. The content of incentives can be changed according to a predetermined schedule. As with the first 10 certificates, the guarantor includes the State of California. This gives investors more confidence when buying second certificates. In addition, even if the project fails, the State of California is not required to return the full amount, and accordingly, carries a lower financial burden. Thus, even if one person owns a large number of second 20A certificates, the stadium owner will not change. As incentives, you can specify the names of buyers of second certificates 20A on the stadium seats, you can provide reserved seats, or you can issue discount coupons for games, for example, to attract the attention of investors who love baseball, to certificate to second certificates 20A. The content of incentives can be changed according to a predetermined schedule. As with the first 10 certificates, the guarantor includes the State of California. This gives investors more confidence when buying second certificates. In addition, even if the project fails, the State of California is not required to return the full amount, and accordingly, carries a lower financial burden. even if one person owns a large number of second certificates 20A, the stadium owner will not change. As incentives, you can specify the names of buyers of second certificates 20A on the stadium seats, you can provide reserved seats, or you can issue discount coupons for games, for example, to attract the attention of investors who love baseball, to certificate to second certificates 20A. The content of incentives can be changed according to a predetermined schedule. As with the first 10 certificates, the guarantor includes the State of California. This gives investors more confidence when buying second certificates. In addition, even if the project fails, the State of California is not required to return the full amount, and accordingly, carries a lower financial burden. even if one person owns a large number of second certificates 20A, the stadium owner will not change. As incentives, you can specify the names of buyers of second certificates 20A on the stadium seats, you can provide reserved seats, or you can issue discount coupons for games, for example, to attract the attention of investors who love baseball, to certificate to second certificates 20A. The content of incentives can be changed according to a predetermined schedule. As with the first 10 certificates, the guarantor includes the State of California. This gives investors more confidence when buying second certificates. In addition, even if the project fails, the State of California is not required to return the full amount, and accordingly, carries a lower financial burden. As incentives, you can specify the names of buyers of second certificates 20A on the stadium seats, you can provide reserved seats, or you can issue discount coupons for games, for example, to attract the attention of investors who love baseball, to certificate to second certificates 20A. The content of incentives can be changed according to a predetermined schedule. As with the first 10 certificates, the guarantor includes the State of California. This gives investors more confidence when buying second certificates. In addition, even if the project fails, the State of California is not required to return the full amount, and accordingly, carries a lower financial burden. As incentives, you can specify the names of buyers of second certificates 20A on the stadium seats, you can provide reserved seats, or you can issue discount coupons for games, for example, to attract the attention of investors who love baseball, to certificate to second certificates 20A. The content of incentives can be changed according to a predetermined schedule. As with the first 10 certificates, the guarantor includes the State of California. This gives investors more confidence when buying second certificates. In addition, even if the project fails, the State of California is not required to return the full amount, and accordingly, carries a lower financial burden. To attract the attention of investors who love baseball, certificates to second certificates 20A. The content of incentives can be changed according to a predetermined schedule. As with the first 10 certificates, the guarantor includes the State of California. This gives investors more confidence when buying second certificates. In addition, even if the project fails, the State of California is not required to return the full amount, and accordingly, carries a lower financial burden. To attract the attention of investors who love baseball, certificates to second certificates 20A. The content of incentives can be changed according to a predetermined schedule. As with the first 10 certificates, the guarantor includes the State of California. This gives investors more confidence when buying second certificates. In addition, even if the project fails, the State of California is not required to return the full amount, and accordingly, carries a lower financial burden.

[0057] <2-6. Advantages of first certificates>

The first 10 certificates simplify the attraction of a significant amount of private money for the California High-Speed ​​Railway project and development along the railway. In addition to the California High-Speed ​​Railway, building along the railway creates attractive A-C cities with individual features. Patients can use the California High-Speed ​​Rail to come to city A, where they can get modern medical care. Organizing a huge amusement park comparable to Disneyland will make City B attractive, which will lead tourists from neighboring cities on the California High-Speed ​​Rail to a huge amusement park in City B. City C, which has a gambling house, can lead people on the California High-Speed ​​Rail to a gambling house. Therefore, the California High-Speed ​​Railway receives passengers traveling to cities A-C, in addition to passengers traveling between San Francisco station and Los Angeles station and between existing cities. In addition, property values ​​may increase in areas along the California High-Speed ​​Railway, including cities A - C, allowing the enterprise, the project coordinator, etc., to profit from development by selling land in lots. Such a profit can be used to repay basic debts on the first certificates 10. In addition, since the first and second certificates 10, 20 include non-guaranteed parts and dividends, certificate holders can actively participate in relevant projects, through this contributing to the success of projects. For example, certificate holders can actively use high-speed rail and visit facilities such as an amusement park and a gambling house. In addition, the holders of the first certificates 10 can receive dividends in the form of a share of the profits when the projects of the corresponding certificates bring profit.

[0058] Some community projects are unprofitable. By expanding the scope of the project funded by the first certificates 10, as with the California High-Speed ​​Railway project and the development along the railway shown in FIG. 7, a non-profit project can be included in a profitable project. Such a project generally improves administrative services.

[0059] Since the first and second certificates 10, 20 are guaranteed, their market prices in the certificate market, where the first and second certificates 10, 20 are sold and bought, are unlikely to decrease significantly. In addition, factors such as the increased value of real estate can increase the prices of the first and second certificates 10, 20 in the market of certificates. Increasing the prices of the first and second certificates 10, 20 allow investors to make a profit when selling. Although the interest rate tends to decrease when the price of a bond increases, investors can profit by selling the first and second certificates 10, 20 in the market.

[0060] In order to provide preferential treatment to multi-year certificate holders, the interest rate of the first certificates 10 can be changed after the predetermined time has elapsed since release. For example, the interest rate can be changed from 3% to 3.5% after the predetermined time has passed. In addition, the interest rate can be raised in steps or tied to the market rate.

[0061] <2-7. An example of using second certificates for the California High-Speed ​​Rail>

As described above, the California High-Speed ​​Rail may require the reconstruction of a train / track infrastructure or the repair of trains or station buildings in one or several decades. For such purposes, the second certificates 20, shown in FIG. 3 and 4. Secondary certificates 20 do not have a maturity date. Thus, investors can continue to receive interest and dividends until they sell the second certificates to a third party. Shown in FIG. A 15 example, which is designed for a California high-speed railway renovation project, pays dividends and charges an interest rate of 3%. With the help of such second certificates 20B, even if it becomes impossible to pay the percentages given by the wording, the guaranteed amount is returned to investors or buyers corresponding to the given rate. This is more encouraging investors. In addition, interest can be partially guaranteed so that a part of interest can be guaranteed, which corresponds to a rate similar to the rate for nominal value when it becomes impossible to pay interest. This facilitates the mobilization of project funds by enterprises of the California High Speed ​​Rail Authority. On the other hand, the United States and the State of California, which are planning community projects, are not required to guarantee full nominal value when the project fails, allowing simpler fundraising using the second 20B certificates. In addition, unlike stocks, even if one person owns a large number of second certificates 20B, the owner will not change.

[0062] A modern health care institution in city A after some time may require the replacement of medical devices or the reconstruction of the institution. For such purposes, suitable second certificates 20C. Shown in FIG. 16 example, which is intended for the project of reconstruction of a health care institution, pays dividends and charges an interest rate of 3%. With the help of such second certificates 20C, even if it becomes impossible to pay the interest set by the wording, to investors, or buyers, the guaranteed amount corresponding to the given rate is returned. This encourages investors more and makes it easier for an enterprise to raise project funds, which is Hospital X or the like. On the other hand, the United States and the State of California, which are planning a community project, There is no obligation to guarantee full face value when the project fails, allowing simpler fundraising using the second 20C certificates. In addition, unlike stocks, even if one person owns a large number of second certificates 20C, the owner will not change. This limits misunderstanding in the project.

[0063] The first certificate 10 may be a convertible certificate so that you can accept the exercise of conversion rights, which give instructions for converting the first certificate 10 into the second certificate 20 when the maturity date is reached or during a predetermined period to maturity, and the first certificate 10 can be converted to a second certificate 20 after redemption. When an investor who owns such a first certificate 10 exercises the right to convert, the first certificate 10 is redeemed and leaves behind the second certificate 20. This allows the investor to ensure a steady cash flow as the holder of the first certificate 10 until the right of conversion is exercised, and then if the company’s performance or t. n are improving, become a holder of a second certificate 20 by exercising the right of conversion and receive dividends in addition to interest in order to benefit from improved indicators. The company or the like does not need to pay the value of the nominal value at maturity, and accordingly, it carries a lower financial burden. In addition, the second certificate 20 can be re-issued before the maturity of the first certificate 10.

[0064] The interest rate of the second certificates 20 may be a floating interest rate that is tied to the market interest rate. Second certificates 20 pay dividends to investors in the form of a share of project profits.

The guaranteed rate of the first certificates 10, which are issued during the construction of a new infrastructure, may differ from the guaranteed rate of the second certificates 20, which are issued during the repair of this infrastructure. For example, with respect to the guaranteed rate of 70% for the first certificates 10, the guaranteed rate for the second certificates 20 can be increased to 80%, reduced to 60% or turned into 0%. The guaranteed rate can also be changed when converting the first certificate 10 to the second certificate 20.

[0065] A high-speed train may be a wheeled train, such as Shinkansen in Japan, a TGV in France and ICE in Germany, or a magnetic suspension train. The high-speed railway section is not limited to the section between San Francisco and Los Angeles, as described above, and may be a section between Boston or New York, Washington and Baltimore, or may connect Washington, Dallas and New York. In addition, a high-speed railway can go between Tokyo and Nagoya or Osaka, or between major airports, such as Haneda and Narita in Japan. High-speed rail can go through several countries in Europe, Asia or South America. When the railway stretches across several countries, the first and second certificates 10, 20 can be issued separately in each country or issued by the World Bank Group, for example, International Bank for Reconstruction and Development. You can provide high-speed trains that cross the Eurasian, African, South American or Australian continent. New cities can be established along the railway, and existing cities can be revived. This involves moving cities to recover the economy. For example, a high-speed railway can connect 17 major cities in the United States, new cities can be established between major cities, and existing cities can be revived. In addition, the high-speed railway can connect Alaska with Chile or London with the Cape of Good Hope, or it can cross Tokyo, Seoul, Mongolia, the Middle East and Africa. You can build a long tunnel that goes across several countries or crosses the strait. Guarantors can be countries along the railway,

[0066] <3. Example of using second certificates - Repair of the bridge ->

<3-1. Old Bridge>

For example, in 1955, Tappan-Zi Bridge was built, which crosses the Hudson River to connect Rockland County with Westchester County. Although the bridge contains the state of New York freeway and serves as an important transportation system, the bridge is deteriorating. The Tappan-Zi Bridge is a toll bridge operated by the New York State Highway Administration. This rather large bridge has a total length of 4881 mm and requires a considerable amount of money for repairs. As shown in FIG. 17, repair of bridge X may include rebuilding at least one of the cities Y, Z, which are connected by bridge X. Rebuilt cities can serve as tourist resources and increase the use of bridge x. For example, the project of rebuilding the city Y can build a large shopping complex. City redevelopment project Z can build a new high-rise residential building residential neighborhood and educational institutions / social facilities, such as schools, to increase population. Accordingly, there will be more people traveling between a large shopping complex in the city of Y and the city Z of residence. In Z and / or Y, you can build a Western-style full-board college, in which students live with college staff, such as teachers and academics. It can improve relationships among students and between students and college staff, and improve college research and student education. In addition, the city of Z can encourage people who are associated with the college to base their business in the city of Z, for example, a young company. This may increase the population in the areas near bridge X and, accordingly, users of the paid bridge X.

[0067] <3-2. Using second certificates for the project of repairing the toll bridge X and the project for rebuilding cities on both banks>

As shown in FIG. 18, the second 20D certificates, which attract funds for the project of repairing the toll bridge X and rebuilding cities on both banks, pay dividends and charge an interest rate of 3% for the project of repairing toll bridge X and rebuilding cities on both banks. With the help of such second certificates 20D, even if it becomes impossible to pay out the percentages specified by the wording, the guaranteed amount corresponding to the given rate is returned to investors or buyers. This encourages investors more and makes it easier for the enterprise to raise project funds, which is the New York State Highway Administration or the like. On the other hand, the United States and the State of New York, which are planning community projects, do not have to guarantee full nominal value when project fails allowing for simpler fundraising using second 20D certificates. Moreover, unlike stocks, even if one person owns a large number of second 20D certificates, the owner will not change. This limits misunderstanding in the project. In addition, the second certificate 20D includes an unguaranteed part in which dividends are paid. This encourages certificate holders to actively participate in the project in the hope of a project's success.

[0068] Referring to FIG. 19, the project progress and cash flow will now be described with the release of one type of second certificate 20D, used to raise funds for the project of repairing toll bridge X and rebuilding cities on both banks, as shown in FIG. 18. When a project is proposed for repairing toll bridge X and rebuilding cities on both banks, enterprise 55 may authorize the project coordinator 51 to elaborate on repairing toll bridge X, rebuilding city Y (building a large shopping complex) and rebuilding city Z (building a new residential neighborhood). You can choose contractors 56, 57, 58 for the construction of the relevant projects, and the smallest budget is drawn up necessary to maximize the efficiency of the projects (calculated back from the projects). That is, the project coordinator 51 is responsible for individual projects for repairing the toll bridge X and rebuilding the cities of Y and Z. The project coordinator 51 and the financial institution / firm 52 conducting operations with certificates determine the total amount of money raised through the second 20D certificates, the total number of issued 20D second certificates and face value (calculated back from projects). In other words, instead of determining the content of projects on the basis of the cash that can be attracted, the required total amount is determined on the basis of the content of the projects, and then raised through the second 20D certificates. In addition, the project coordinator 51 and the financial institution / firm 52, conducting operations with certificates, determine the interest rate and dividend. Enterprise 55, project coordinator 51 and financial institution / firm 52, leading operations with certificates may determine guarantors 54, such as federal or local authorities, and a guaranteed rate that must be guaranteed by guarantors 54 in order to develop second certificates 20D. The financial institution / firm 52, conducting operations with certificates, starts and / or is authorized to sell to investors 53 second certificates 20D, which can be developed by a financial institution / firm 52, conducting operations with certificates, alone or together with the project coordinator 51, and receives cash. The financial institution / firm 52 that manages certificate operations, enterprise 55 and project coordinator 51 can be a strategic financial institution, such as the Development Bank, an SPC for a region, an SPC for a project, a public-private pool, or a combination of these.

[0069] Through the project coordinator 51, the raised funds are distributed to the contractor 56 to repair the toll bridge X, the contractor 57 to build a large shopping complex in the city Y and the contractor 58 to build a residential neighborhood in the city Z, and are used for each job. In this example, since the funds are attracted for the complex project of repairing the toll bridge X and rebuilding cities on both banks, the raised funds can be used for any individual projects. That is, money can be used for the construction of a large shopping complex in the city of Y and the construction of a residential neighborhood in the city of Z, as well as for the repair project of the toll bridge X. The enterprise 55 or the like pays interest to investors 53 through a financial institution / firm 52, leading certificate operations. When paying interest, an enterprise of 55 or so on pays funds to a financial institution / firm 52 that performs operations with certificates, and a financial institution / firm 52 that performs operations with certificates, pays interest to investors 53. In addition, dividends will be paid when the project brings profit. In addition, the projects described above may be evaluated by an outside organization at least once every financial year.

[0070] <3-3. Example of issuing second certificates classified by purpose>

In the example described above, funds for the project of repairing the toll bridge X and rebuilding cities on both banks are attracted by one type of second certificates 20D. However, it is possible to issue second certificates 20, which are further classified by purpose. As shown in FIG. 20, second certificates 20E can raise money for repairing the toll bridge X, second certificates 20F can attract money for building a large shopping complex as rebuilding city Y, and second certificates 20G can attract money for building a residential neighborhood as rebuilding city Z The United States is the guarantor of the toll bridge X repair project. This gives investors more confidence when buying certificates and therefore allows enterprises The state of New York and the New York State Highway Administration are able to raise funds freely. In addition, the United States is the guarantor of the Y and Z restructuring project. This gives investors more confidence when buying certificates and allows businesses, the State of New York and the New York State Highway Administration, to raise funds freely. In addition, investors can choose among several types of second certificates 20E - 20G, which relate to the project of repairing the toll bridge X. When building a new shopping complex, you can issue the first 10 certificates to raise funds for construction. This gives investors more confidence when buying certificates and allows businesses, the State of New York and the New York State Highway Administration, to raise funds freely. In addition, investors can choose among several types of second certificates 20E - 20G, which relate to the project of repairing the toll bridge X. When building a new shopping complex, you can issue the first 10 certificates to raise funds for construction. This gives investors more confidence when buying certificates and allows businesses, the State of New York and the New York State Highway Administration, to raise funds freely. In addition, investors can choose among several types of second certificates 20E - 20G, which relate to the project of repairing the toll bridge X. When building a new shopping complex, you can issue the first 10 certificates to raise funds for construction.

[0071] Referring to FIG. 21, the project progress and cash flow will now be described with the release of the three types of first 10E-10G certificates used to raise funds for the project of repairing the toll bridge X and rebuilding cities on both banks, as shown in FIG. 20. When a project is proposed for repairing toll bridge X and rebuilding cities Y, Z on both banks, enterprise 65 may authorize the project coordinator 61 to elaborate in detail the project of repairing a toll bridge, rebuilding city Y (building a large shopping complex) and rebuilding city Z (building a new residential microdistrict). You can choose construction contractors, and the smallest budget is made to maximize project efficiency. That is, the coordinator of the 61 project is responsible for individual projects: the project of repair of the toll bridge X, rebuilding the city of Y (building a large shopping complex) and rebuilding the city of Z (building a new residential neighborhood). The project coordinator 61 and the financial institution / firm 62, conducting operations with certificates, determine the total amount of funds attracted through the second certificates 20E - 20G, the total number of each set of issued second certificates 20E - 20G and their nominal values ​​(calculated back from the projects). In other words, instead of determining the content of projects based on the cash that can be attracted, the required total amounts are determined based on the content of the projects, and then attracted by means of second certificates 20E - 20G. In addition, the coordinator 61 of the project and the financial institution / firm 62, conducting operations with certificates, determine interest rates and dividends. Enterprise 65, The project coordinator 61 and the financial institution / firm 62, conducting operations with certificates, can determine guarantors 64, such as federal or local authorities, and guaranteed rates, which must be guaranteed by guarantors 64 in order to develop second certificates 20E - 20G. The financial institution / firm 62, conducting operations with certificates, starts and / or is authorized to sell to investors 63 second certificates 20E - 20G, which can be developed by a financial institution / firm 62, conducting operations with certificates, alone or with the coordinator 61 projects, to receive cash. A financial institution / firm 62 operating in certificates, an enterprise 65 and a project coordinator 61 may be a strategic financial institution, such as a development bank, an SPC for a region, an SPC for a project,

[0072] Through the project coordinator 61, the funds raised through each of the second certificates 20E-20G are distributed to the contractor 66 of the paid bridge X repair project, the contractor 67 to rebuild the city of Y (building a large shopping complex) and the contractor 68 to rebuild the city Z (building a new residential microdistrict), and used for every job. In this example, the funds raised for the project of repairing the toll bridge X using the second 20E certificates are not used for other projects (rebuilding the city Y (building a large shopping mall) and rebuilding the city Z (building a new residential neighborhood)). Enterprise 65 or m. P. Pays interest to investors 63 through a financial institution / firm 62 conducting transactions with certificates. When paying interest, an enterprise of 65 or so on pays funds to a financial institution / firm 62, conducting operations with certificates, and a financial institution / firm 62, conducting operations with certificates, pays interest to investors 63. In addition, dividends will be paid when the project brings profit. In addition, the projects described above may be evaluated by an outside organization at least once every financial year.

[0073] The interest rate of the second certificates 20 may be a floating interest rate that is tied to the market interest rate. Second certificates 20 pay dividends to investors in the form of a share of project profits.

The guaranteed rate for the second certificate 20 may vary over the course of the project in accordance with conditions, for example indicators. For example, the initial guaranteed rate of 70% can be increased to 80%, reduced to 60% or turned into 0%. The guaranteed rate can be changed when converting the first certificate 10 to the second certificate 20.

[0074] <3-4. Advantages of second certificates>

Second certificates 20 simplify the attraction of a significant amount of private money for the project of repairing the toll bridge X and rebuilding cities on both banks. In addition to the project of repairing the toll bridge X, you can build a large shopping complex and a city of residence, such as a residential neighborhood, as part of the restructuring of the cities Y, Z on both banks. Accordingly, more people use the toll bridge X to drive between the large shopping complex in the city of Y and the city of Z residence. In addition, the value of real estate in cities Y, Z on both banks of the paid bridge X may increase, allowing the company, the project coordinator, etc., to profit from development by selling land in lots. Such profits can be used for dividends from second certificates 20. Some public projects are unprofitable. By expanding the scope of the project, financed through second certificates 20, as with the project of repairing the toll bridge and rebuilding cities on both banks, shown in FIG. 18, a non-profit project can be included in a profitable project. Such a project generally improves administrative services. In addition, the second certificates 20 include an unguaranteed part in which dividends are paid. This encourages certificate holders to actively participate in the project in the hope of a project's success.

[0075] Since the second certificates 20 are guaranteed, their market prices in the certificate market, where the second certificates 20 are sold and bought, are unlikely to decrease significantly. In addition, factors such as the increased value of real estate can increase the prices of second certificates 20 in the certificate market. Increases in the price of second certificates 20 allow investors to make a profit when selling. Although interest tends to decrease when the price of a bond increases, investors can profit by selling second certificates 20 in the market.

[0076] Instead of a bridge, a repair project can be oriented to a large airport, such as a hub airport, and a transit terminal.

<4. Certificate issuing system>

<4-1. System Configuration>

As shown in FIG. 22, the certificate issuance system includes a certificate issuing computer 100, a project coordinator computer system 120, contractor computer systems 130a, 130b, 130c ... and a authorities computer system 140. The certificate issuing computer 100 may be managed by a financial institution / certificate trading firm and issues first and second certificates 10, 20 in accordance with the design. The computer system 120 of the project coordinator coordinates the entire project. Computer systems 130a, 130b, 130c ... contractors create related projects that make up an integrated project. The computer system 140 of authorities is a computer system of authorities, such as federal or local authorities, which serves as a guarantor of the first and second certificates 10, 20. Computer systems 100, 120, 130,

[0077] Contractor’s computer systems 130 also include contractor’s computer systems that operate the facilities. Computer systems 100, 120, 130, 140 can distribute the calculation across multiple computers and processors. A network may include a private link or a public link, which is used as a virtual private network (virtual private link). For example, a virtual private network (VPN) can be used on the Internet that generates and transmits encrypted data over the Internet using some protocol, such as Tunneling Protocol for Two-Point Communication (PTP) or Secure Sockets Layer (SSL). Alternatively, a private network offered by an Internet Service Provider (ISP) or a CATV network may be used.

[0078] The investor’s computer 150 connects to the certificate issuing computer 100 in the financial institution / certificate trading company via the network and sends the order to the certificate issuing computer 100 to purchase the first and second certificates 10, 20 on the market via a web page on the Internet or digital broadcasting programs, such as TV shop programs. As an investor computer 150, an institutional investor can use a high-performance computer, such as a workstation, and a private investor can use a portable or even smaller information processing terminal, such as a universal desktop computer, a laptop computer, a smartphone, and a cell phone. Alternatively, a digital television receiver with a data transmission function can be used.

[0079] The computer system 120 of the project coordinator, the computer system 130 of the contractor and the computer system 140 of the authorities, which may be workstations, communicate with each other over the network. The computer system 120 of the project coordinator manages the entire project. In the planning phase, the approximate cash required for each project, the approximate work period of each project, and the approximate total cash required for the projects are determined on the basis of various data. Data on cash, etc. for each project is sent over the network to the certificate issuing computer 100 at the financial institution / certificate operations firm that issues the first and second certificates 10, 20.

[0080] That is, the computer system 120 of the project coordinator retrieves various data from the computer systems 130 of contractors that are located at the project sites. This allows the certificate issuer computer 100 in the financial institution / certificate operations firm and the project coordinator’s computer system 120 to develop a financing plan and develop first and second certificates 10, 20.

[0081] <4-2. Certificate issuing computer>

Referring to FIG. 23, a certificate-issuing computer 100 is a high-performance computer, such as a workstation, and includes components such as a processor, hard disk, memory, and communication interface. The certificate issuing computer 100 provides “popular” financing, which allows an unlimited number of investors to finance a person or organization, often via the Internet, so that the enterprise can raise funds. The certificate issuing computer 100, when software is installed, may function as a certificate development unit 101, an interest rate determination unit 102, a dividend definition unit 103, a certificate advertising unit 104, an order receiving unit 105, a first certificate issuing unit 106, a second certificate issuing unit 107 ,

[0082] The certificate development unit 101 exchanges detailed data on the complex project and individual projects with a certificate issuing computer 100 at a financial institution / certificate operations company and a project coordinator computer system 120 and develops first and second certificates 10, 20 for issuance. Based on the details of the integrated project and individual projects, the certificate development unit 101 determines the amount of funds to attract, that is, the total amount of the issue. The total amount of the issue can be obtained by reverse calculation of the projects, that is, by adding the funds necessary for the implementation of projects. In addition, the certificate development unit 101 determines the enterprise 12, 22, the nominal value of 13, 23, the repayment period 14, 24, the guaranteed rate of 15, 25, the guarantor 16, 26 and the interest rate 17, 27 (annual interest) to develop the first and second certificates 10, 20. For example, for the first certificates 10, the certificate development unit 101 determines the repayment period 14 and sets dividends 18. For the second certificates 20, the certificate development unit 101 does not sets a repayment period of 24, but sets dividends. You can also develop the first and second certificates 10, 20, which do not pay dividends or have an interest rate of 0%. In addition, the first 10 certificates do not need to have a maturity date. You can also develop the first and second certificates 10, 20, which do not pay dividends or have an interest rate of 0%. In addition, the first 10 certificates do not need to have a maturity date. You can also develop the first and second certificates 10, 20, which do not pay dividends or have an interest rate of 0%. In addition, the first 10 certificates do not need to have a maturity date.

[0083] Interest rates 17, 27 (annual interest) on the first and second certificates 10, 20 can be determined by such factors as the company's ratings and the sponsor of the project (likelihood of fulfilling the obligation), the maturity (longer period reduces the likelihood of fulfilling the obligation), the current level the interest rate, the necessary cash calculated back from the project, and the content of the project. Essentially, the interest rate determination unit 102 determines the interest rates of 17, 27 (annual interest) on the first and second certificates 10, 20 based on the rating data of the company and the guarantor, which can be obtained from the rating agency, the period between the issue and the maturity date, the current level interest rate and data from a survey of investor opinions. Interest rate can be fixed or floating.

[0084] After the first and second certificates 10, 20 are issued, dividends 18, 28 are paid to investors. The dividend definition block 103 determines the amount of dividends to be paid to investors who own the first and second certificates 10, 20, based on data such as financial report sent from the computer system 160 of the enterprise. For example, the dividend definition block 103 determines the dividend amount for each of the first and second certificates 10, 20 based on the active balance data in the financial report and pays this amount to each investor, that is, updates the investor’s bank data.

[0085] The certificate promotion unit 104 provides information on the first and second certificates 10, 20 on the market. In particular, various certificates, including the first and second certificates 10, 20, can be presented on the web pages of a financial institution or certificate trading company that sells certificates. For example, the first and second certificates 10, 20 can be represented as text, images, or video data. To gain access to the web page where certificates are sold, the investor enters a user ID and password to access the web page using the computer 150 of the investor. For example, the certificate promotion unit 104 is connected to the computers of 150 investors via the network 119, for example, the Internet. Certificate advertisement block 104 and investor computers 150 can be connected using a secure protocol, for example, Secure Sockets Layer (SSL), which integrates security technologies that include public key encryption, private key encryption, a digital certificate, and a hash function to prevent data interception or falsification and member substitution. In addition, the certificate promotion unit 104 can monitor the number of visitors to each of the web pages of the respective certificates, for example, by tracking which web pages of the corresponding certificates are visited by investors after logging in, and managing the viewing start time logs and the viewing end time. Listing certificates in descending order of visitors provides an opportunity to understand the popularity of certificates. That is, certificates with a large number of visitors can be considered more popular certificates. Investors,

[0086] In addition to presenting the first and second certificates 10, 20 on the web pages of financial institutions and firms conducting certificate operations, the certificate advertising unit 104 may represent certificates, including the first and second certificates 10, 20, for example, in the TV shop programs . That is, the certificate promotion unit 104 may present details of the assignments of funds attracted by the first and second certificates 10, 20 on web pages and in the TV shop programs so that investors can clearly understand how the funds raised by the purchased certificates will be used. This allows investors to fully understand the content of projects before purchasing the first and second certificates 10, 20, and after buying the certificates to observe, whether borrowed funds are used appropriately. This encourages investors to actively participate in projects. The certificate advertising unit 104 provides investors with detailed content of the first and second certificate projects 10, 20, so that investors and the enterprise (project coordinator) can share the same information (symmetrical information).

[0087] The order acceptance unit 105 receives purchase order data from the investor computers 150 for the first and second certificates 10, 20, which are represented by the certificate promotion unit 104. The first and second certificates 10, 20 can be sold and bought in new markets, such as stock exchanges and bond markets. In this case, the order receiving unit 105 receives the sales order data from the computers of 150 investors. When receiving the order data for purchasing the first certificates 10, presented by the certificate promotion unit 104, from the investor’s computer 150, the first certificate issuing unit 106 issues the first certificate 10 to the investor who sent the purchase order data. When receiving the order data for the purchase of second certificates 20, presented by the certificate promotion unit 104,

[0088] The conversion unit 108 executes the process for converting the first certificate 10 to the second certificate 20. As described above, the first certificate 10 may be a convertible certificate, so that if the implementation right data is accepted, when the maturity date is reached or during a predetermined period to maturity, the first certificate 10 is converted into the second certificate 20 after redemption. When the investor who owns the first certificate 10 exercises the right to convert for converting the first certificate 10 to the second certificate 20, the first certificate 10 is redeemed and leaves behind the second certificate 20. When these first certificates 10 are issued, and the conversion unit 108 accepts the conversion right implementation data from investor computer 150,

[0089] Depending on the conditions of the first certificate 10, the right to convert may be exercised at any time prior to the maturity date, if this is permitted, or may be exercised when the maturity date is reached, if the conversion right is allowed to be exercised only at the maturity date. If the period for the exercise of the right of conversion is set in advance, then the right of conversion is carried out within a predetermined period. Upon receipt of the conversion right implementation data from the investor’s computer 150, the conversion unit 108 receives the data and checks the period of the right of conversion of the first certificate 10 associated with the right of conversion. If data is received in the period of exercising the right of conversion, then the conversion unit 108 executes the process for converting the first certificate 10 to the second certificate 20 at the time of conversion. When receiving the conversion right implementation data from the investor’s computer 150 outside the conversion right implementation period, the conversion unit 108 sends the investor’s data 150 to the investor’s computer 150.

[0090] In addition to converting the first certificate 10 to the second certificate 20, the conversion unit 108 may change the guaranteed rate 15 (guaranteed limit) of the first certificate 10, for example, when the maturity date is reached or at a predetermined time to maturity. In addition, the conversion unit 108 may replace the entire bond part shown in FIG. 3 for the first certificate 10, the investment part, in other words - set a guaranteed rate of 0%. In addition, the conversion unit 108 may change the interest rates of the first and second certificates 10, 20. Interest rates may change at predetermined time intervals.

[0091] Referring to FIG. 24, the investor database 109 includes a large-capacity hard disk. The investor data base 109 manages the investor ID assigned to each investor, the ID of the certificates associated with each investor ID, and the maturity period, the exercise of conversion rights, the account number and balance data of the certificate associated with each certificate ID.

[0092] For example, the investor "A100" currently holds the first certificate A, the second certificate B-1, and the second certificate C-1. The maturity of the first certificate A is August 31, 2013. The account number is "12345" and the balance is 1,000,000 yen. The second certificate B-1 has an interest rate of 2% and a guaranteed rate of 70%, which were changed from 3% and 80%, respectively, when the predetermined period passed from issuing the first certificate B. Alternatively, the interest rate can be increased from 3%, and guaranteed rate can also be increased. The first C certificate, which is a convertible certificate, is converted into a second C-1 certificate by implementing the right of conversion. Guaranteed rate was changed from 80% to 70%, when the first C certificate was converted to the second C-1 certificate. The interest rate can also be changed at the time of conversion. The interest rate can be reduced when the project is profitable. When an investor purchases a new first or second certificate 10, 20, the purchased certificate is registered in the investor database 109, and the certificate is deleted from the database upon sale.

[0093] The investor "B200" currently owns the first E certificate and the first F-1 certificate. The first F-1 certificate was first issued as the first F certificate, which had an interest rate of 3%, and the interest rate was raised to 3.5% on July 1, 2010, when the discount rate was applied to multi-year holders. The guaranteed rate for the first F-1 certificate was accordingly reduced to 65%. For example, the first F-1 certificate is set so that the interest rate increases by 0.5% every five years. The interest rate, therefore, will be equal to 4% from July 1, 2015 until the maturity date of June 30, 2020. In addition, the guaranteed rate will be reduced in steps and will be equal to 60% from July 1, 2015 to the maturity date of June 30, 2020.

[0094] The investor "C300" currently owns the second certificate G. The interest rate and the guaranteed rate for the second certificate G are 0%. The absence of interest from the second certificate G is compensated by an increased dividend, so that the profit is distributed to the investor. The second G certificate may be a certificate that is converted from the first certificate. The second G certificate, which is not guaranteed and only pays dividends, is very similar to certificates for shares, but differs from certificates for shares in that the second certificate G does not give an investor "C300" an opportunity equivalent to that of a shareholder. The first H certificate was divided into the first H-1 certificate and the second H-2 certificate by implementing the right of conversion. For example, when the guaranteed rate for the first H certificate (with a nominal value of 1 million yen) is 60%, the first H-1 certificate has a nominal value of 0.6 million yen, a guaranteed rate of 100% and charges an interest rate of 1%. (The first H certificate may or may not pay dividends. The interest rate is usually low when the guaranteed rate is 100%). The second H-2 certificate has a nominal value of 0.4 million yen, a guaranteed rate of 0% and pays dividends. (The second H-2 certificate may or may not pay interest). The entities of the first certificate H were divided so that the guaranteed part forms the first certificate H-1, and the non-guaranteed part forms the second certificate H-2. guaranteed rate of 100% and accrues interest rate of 1%. (The first H certificate may or may not pay dividends. The interest rate is usually low when the guaranteed rate is 100%). The second H-2 certificate has a nominal value of 0.4 million yen, a guaranteed rate of 0% and pays dividends. (The second H-2 certificate may or may not pay interest). The entities of the first certificate H were divided so that the guaranteed part forms the first certificate H-1, and the non-guaranteed part forms the second certificate H-2. guaranteed rate of 100% and accrues interest rate of 1%. (The first H certificate may or may not pay dividends. The interest rate is usually low when the guaranteed rate is 100%). The second H-2 certificate has a nominal value of 0.4 million yen, a guaranteed rate of 0% and pays dividends. (The second H-2 certificate may or may not pay interest). The entities of the first certificate H were divided so that the guaranteed part forms the first certificate H-1, and the non-guaranteed part forms the second certificate H-2. guaranteed rate of 0% and pays dividends. (The second H-2 certificate may or may not pay interest). The entities of the first certificate H were divided so that the guaranteed part forms the first certificate H-1, and the non-guaranteed part forms the second certificate H-2. guaranteed rate of 0% and pays dividends. (The second H-2 certificate may or may not pay interest). The entities of the first certificate H were divided so that the guaranteed part forms the first certificate H-1, and the non-guaranteed part forms the second certificate H-2.

[0095] The investor "D400" currently holds the first certificate I. The first certificate I, when issued, has an interest rate of 5% and a guaranteed rate of 50%. When the right of conversion was exercised, the first certificate I was converted into I-1 certificate per share. Certificate I-1 per share is a common certificate per share, which gives the investor "D400" the opportunity as a shareholder. The first certificate I can be converted into certificate I-2 per share. Certificate I-2 per share gives the investor D400 the opportunity as a shareholder, similar to the usual certificate per share. In addition, the certificate I-2 per share is a guaranteed certificate per share, and the amount corresponding to a predetermined share (for example, 70%) of the nominal value of the certificate per share or market price at the time of conversion from the first certificate 10, guaranteed by at least one third person participating in the release of the first and second certificates 10, 20. If the issuing object does not fulfill the obligation and / or becomes unable to pay interest, then at least one third party who participates in issuing the first certificate I returns to investor D400, who owns certificate I-2 per share, a predetermined share (for example, 70%) of the nominal value videtelstva per share or the market price at the time of conversion.

[0096] The investor database 109 updates the balance data when a certificate is bought or sold, or interest or dividend is paid.

<4-3. Certificate Issue Process>

Referring to FIG. 25, a certificate issuing computer 100, configured as described above, issues new first and second certificates 10, 20. In particular, at step S1, the certificate development unit 101 determines the amount of money to attract, which is the total amount of the issue, based on the detailed information about the complex project and individual projects.

[0097] At step S2, the certificate development unit 101, based on the content of the project, determines whether to issue the first certificates 10 or second certificates 20. If you need to issue the first certificates 10, the certificate development unit 101 selects between convertible first certificates 10 that can be converted into second ones certificates 20, and the usual first certificates 10, which are not converted.

[0098] After determining the type of certificates to be issued, the certificate development unit 101 develops the first and second certificates 10, 20 at step S3 by defining enterprise 12, 22, nominal value 13.23, maturity 14, 24, repayment, guaranteed rate 15, 25, guarantor 16 , 26 and interest rates of 17, 27 (annual interest). For example, for the first certificates 10, the certificate development unit 101 determines the maturity date 14 and assigns dividends to the first certificates 20 18. For the second certificates 20, the certificate development unit 101 does not specify the maturity date 24, but assigns dividends to the second certificates 20 28. In addition, 102 determining the interest rate determines the interest rates 17, 27 (annual interest) on the first and second certificates 10, 20 based on the data of the enterprise and the guarantor,

[0099] In step S4, the certificate promotion unit 104 provides information on the first and second certificates 10, 20 on the market. In particular, web pages are used to represent the entities of each type of first certificates 10, as shown in FIG. 7, 9, 11, 12, and 13, and entities of each type of second certificates 20, as shown in FIG. 14, 16, 18, and 20. Such web pages include a purchase button for each type of certificate, which allows an investor to purchase a desired certificate by clicking on the appropriate purchase button using the investor’s computer 150. Such web pages allow access from the investor’s computer 150 when the correctness of the user ID and password entered by the investor’s computer 150 is confirmed.

[0100] <4-4. Processing certificate purchase order>

Referring to FIG. 26, processing of the purchase order of the first and second certificates 10, 20 will now be described. At step S11, the certificate promotion unit 104 in the certificate issuing computer 100 presents certificates on the market including the first and second certificates 10, 20 on web pages. In step S12, when receiving the user ID and password from the investor’s computer 150, the certificate promotion unit 104 performs the login process by matching the received user ID and password with the user IDs and passwords registered in the database. When the correctness is confirmed, the investor computer 150 is allowed access so that the investor can browse the web using the investor computer 150 in step S13. This allows the investor to browse various web pages representing the first and second certificates 10, 20,

[0101] At step S14, the order receiving unit 105 receives the purchase order data along with the investor ID and the certificate ID for the purchase. Then, at step S15, the order acceptance unit 105 refers to the investor database 109 to check the balance on the investor's account. At step S16, if the certificate is still available for release, and the account balance is greater than the order amount, then the certificate is issued for the investor who placed the order. At step S17, the investor database 109 is updated, so that the certificate ID of the purchased certificate is associated with the investor ID, as shown in FIG. 24. In addition, the investor data base 109 updates the banking data associated with the investor ID from the investor who purchased the certificate in order to deduct the amount used to purchase the certificate.

[0102] <4-5. Processing certificate sales order>

Referring to FIG. 27, the processing of the sales order of the first and second certificates 10, 20 will now be described. In step S21, the investor who owns the certificate goes to the web page of the financial institution / company conducting the certificate operations by entering the investor ID and password to gain access to the web page that shows a list of certificates owned by the investor. At step S22, the order acceptance unit 105 receives the sales order data along with the investor ID and the certificate ID of the certificate being sold. Then, at step S23, the investor data base 109 deletes the certificate ID from the sold certificate from the investor data, in other words, cancels the association. The investor data base 109 updates the bank data to add the amount received from the sale of the certificate.

[0103] <4-6. Interest / Dividend Process>

Referring to FIG. 28, the payment of interest and dividends from the first and second certificates 10, 20 will now be described. When the time to pay dividends and interest is appropriate, for example the condition of the agreement, the dividend definition block 103 at step S31 determines the amount of dividends to pay to investors who own the first and second certificates 10, 20, based on data such as a financial report sent from the computer system 160 of the enterprise. For example, the dividend definition block 103 allocates from 10 to 30% of dividend income and determines the dividend amount for each of the first and second certificates 10, 20. At step S32, the dividend definition block 103 determines whether the payout time has been reached to investors. In step S33, when the pay-off time is reached, The investor data base 109 executes the process for paying interest and dividends on the first and second certificates 10, 20 and updates each investor’s banking data. The interest payment date may differ from the dividend payment time.

[0104] <4-7. Conversion process>

Referring to FIG. 29, the process for converting the first certificate 10 into the second certificate 20 will now be described. When the investor who owns the convertible first certificate 10 exercises the right to convert, the investor sends the conversion right data to the issuing computer 100 from the investor’s computer 150, which give instructions for conversion of the first certificate 10 into the second certificate 20. At step S41, the conversion unit 108 receives the data of exercising the right of conversion along with the investor ID and the certificate ID from pewter 150 investor. At step S42, the conversion unit 108 refers to the investor database 109 to determine whether the data is received in the exercise period of the conversion right of the first certificate 10, which is identified by the certificate ID associated with the received investor ID.

[0105] When the interest rate changes, as with the first certificates F and F-1 shown in FIG. 24, the conversion unit 108 changes the interest rate when the predetermined time has passed. The interest rate and guaranteed rate may change on the date of redemption of the first certificate 10, or when the first certificate 10 is issued additionally. When the guaranteed rate changes, when the first certificate 10 is converted into the second certificate 20, the conversion unit 108 changes the guaranteed rate similarly to the first certificates C and C- 1, shown in FIG. 24. In addition, the change process can be executed to divide the first H certificate into the first H-1 certificate (guaranteed part) and the second H-2 certificate (non-guaranteed part), as shown in FIG. 24

[0106] <4-8. Evaluation unit>

As shown in FIG. 23, a certificate issuing computer 100 may additionally include an evaluation unit 121, which evaluates whether the first certificates 10 should be issued, or whether the second certificates should be issued 20. For example, the California high-speed railway is a long-term or permanent structure and requires reconstruction of the train line / track maintenance or repair of trains or station buildings in one or several decades, as described above. The number of users of a public transportation system, such as the California High-Speed ​​Railway, is relatively simple to estimate, and such a structure is likely to generate a steady income. Regarding the first 10 certificates issued during the construction of the California High-Speed ​​Railway, for example, when the predetermined time has passed from release to maturity, the evaluation unit 121 needs to determine the type of certificates for the next release. Accordingly, the evaluation unit 121 issues a notification to the computer system 120 of the project coordinator for an invitation to enter the evaluation units. For example, for the first certificates of 10 years that have a maturity of ten years, the evaluation unit 121 issues a notification to the computer system 120 of the project coordinator for an invitation to enter the evaluation units when five years have passed since release. When the computer system 120 of the project coordinator enters the unit of assessment, the unit 121, based on input, determines whether to issue the first certificates 10 or second certificates 20. The units of evaluation may include an assessment of whether the structure is a long-term or permanent structure, the actual number of users

[0107] If the evaluation unit 121, based on input, estimates that the project will continue to generate steady profits, then the evaluation unit 121 chooses to issue the second certificates 20. For example, if the majority of the evaluation units exceed specified threshold values, then the second certificates are selected 20. If the project has less likely to bring a steady income (if the railway is unprofitable, but needs servicing to provide public services), the first certificates are selected 10. The result of the choice is sent to the certificate development unit 101. The certificate development unit 101 develops the details of the first certificates 10 or second certificates 20 selected by the evaluation unit 121. When the maturity date of the first certificates 10 is reached, new first certificates 10 or second certificates 20 will be issued. Accordingly,

[0108] <4-9. Tele-shop>

As shown in FIG. 30, the certificate promotion unit 104 may advertise the first certificates 10 and the second certificates 20 in the TV store program 116. In accordance with the program list, a digital television receiver 111 displays a television store program 116, which is created at broadcast station 110, and advertises the first and second certificates 10, 20. Digital television receiver 111 includes a broadcast reception part 112 that receives and decodes broadcasts, the screen 113, which shows programs, an operating part 114, which includes a remote control for selecting programs, a communication I / F 115 that connects to the network 119, and a CPU 117, which serves as a controller for controlling the overall operation.

[0109] The broadcast reception part 112 in a digital television receiver 111 may include a demodulation part of orthogonal frequency division multiplexing (OFDM), which extracts digital signals and sorts transport stream packets (hereinafter referred to as "TS packets"), which are signals in packs, by application. Video / audio packets are sent to the MPEG2 decoding part, where video / audio signals are decoded. Packets for broadcasting data are sent to the CPU 117, where each data is decoded. The CPU 117 displays the video signals on the screen and shows the data when processing data broadcast over the video signals. For example, in the TV store program 116, the program data is reproduced, consisting of video and audio signals, and icons 118 are displayed, for example a button for purchasing certificates, which relate to program data. In essence, the TV shop program 116 allows investors to easily understand the details of the first and second certificates 10, 20 and projects financed by the first and second certificates 10, 20. This allows investors to understand the first and second certificates 10, 20 and the content of the projects in almost the same degrees as the issuer. Investors can use detailed information for a comprehensive review before purchasing the first and second certificates 10, 20 (symmetry of information between the issuer and investors). This allows investors to understand the first and second certificates 10, 20 and the content of the projects almost to the same extent as the issuer. Investors can use detailed information for a comprehensive review before purchasing the first and second certificates 10, 20 (symmetry of information between the issuer and investors). This allows investors to understand the first and second certificates 10, 20 and the content of the projects almost to the same extent as the issuer. Investors can use detailed information for a comprehensive review before purchasing the first and second certificates 10, 20 (symmetry of information between the issuer and investors).

[0110] The investor who finds the desired certificate in the TV store program 116 activates the operation button in the operating section 114 and clicks on the button icon 118 shown on screen 113 or presses the remote control operation button to purchase the desired certificate. The communication I / F 115 sends the purchase order data along with the investor ID and certificate ID from the certificate to be purchased to the certificate issuing computer 100 via the network 119. Digital television receiver 111 can be connected to the certificate issuing computer 100 using some protocol, such as SSL. When receiving purchase order data together with the investor ID and certificate ID from the certificate to be purchased, the order acceptance block 105 refers to the investor database 109 to check the investor’s account balance. If the account balance is greater than the order amount,

[0111] Compared to web pages, the TV store program 116 offers more expressive tools for presenting the first and second certificates 10, 20, and accordingly, advertises the first and second certificates 10, 20 more efficiently. In addition, the TV store program 116 can provide a report on the current state, for example, on the progress of a project funded by issuing first and second certificates 10 and 20. This can achieve symmetry of information between the issuer and investors.

[0112] Investors can use the digital television receiver 111 as a terminal for sending the purchase or purchase order of the first and second certificate 10, 20 to the certificate issuing computer 100 and the conversion right data that give orders for converting the first certificate 10 to the second certificate 20.

[0113] <5. Other examples of using the first and second certificates>

<5-1. Certificates for renovation and certificates for tourism>

The 2004 Indian Ocean earthquake had a strength of 9.1 and caused severe damage to the countries of Southeast Asia near the epicenter, including Indonesia, India, Sri Lanka, Thailand, Myanmar, Malaysia and the Maldives. An earthquake off the Pacific coast of Tohoku in Japan on Friday March 11, 2011, followed by a tsunami and tremors after a major earthquake caused an extensive natural disaster. In the United States, hurricanes brought floods in areas such as New Orleans, and the strongest tornadoes badly damaged areas such as Oklahoma.

[0114] As described above, the purpose of issuing the first and second certificates 10, 20 can be set freely by issuers and project coordinators. Thus, it is possible to issue first and second certificates 10, 20, which are classified by purpose for disaster management, as shown in FIG. 31. For example, you can issue first and second certificates 10, 20 for the reconstruction of local infrastructure, and you can issue other first and second certificates 10, 20 for tourism and use them for building tourist facilities. The first and second certificates 10, 20 can be issued from each country. Alternatively, the World Bank Group, such as the International Bank for Reconstruction and Development, the European Bank for Reconstruction and Development, the Nordic Investment Bank, the Inter-American Development Bank or the like. may issue first and second certificates 10, 20 for reconstruction and tourism, covering several countries. In this case, the guarantors may be the World Bank Group or countries in which reconstruction or tourism projects are underway. In addition, public-private associations and many countries can be guarantors. The issuing country may be a third country, different from the affected country and country or local authority in the disaster area. For example, the first and second certificates 10, 20 for reconstruction and tourism in the countries of Southeast Asia can be issued by a third country, for example the United States. Guarantors can be public-private associations and many countries. The issuing country may be a third country, different from the affected country and country or local authority in the disaster area. For example, the first and second certificates 10, 20 for reconstruction and tourism in the countries of Southeast Asia can be issued by a third country, for example the United States. Guarantors can be public-private associations and many countries. The issuing country may be a third country, different from the affected country and country or local authority in the disaster area. For example, the first and second certificates 10, 20 for reconstruction and tourism in the countries of Southeast Asia can be issued by a third country, for example the United States.

[0115] The first project needed after a disaster is the reconstruction of local infrastructure (phase one). Then, when the construction of the infrastructure reaches the final phase, a tourism project will be initiated, for example, the development of new tourism resources for building up the affected area (second stage). At the first stage, the first certificates are issued 10 for the reconstruction project. For example, when the first certificates 10 are issued for the extensive purpose of reconstruction, the first certificates 10 have a longer maturity of 10 or 20 years. When the first 10 certificates are issued to restore key infrastructure, such as electricity, gas and water, the first 10 certificates have a shorter repayment period of 1, 2, or 5 years, since construction works take a relatively short time.

[0116] When the predetermined time has elapsed since the beginning of the reconstruction project, a project for the development of tourism resources is initiated at the second stage. Since the tourism project is supposed to be profitable, the second certificates 20 are issued. The first certificates issued 10 can be developed convertible into second certificates 20 for the tourism project, when such second certificates 20 are issued. At the same time, you can consistently release new second certificates 20 for the new tourist project. At the same time, you can also release the first certificates again 10.

[0117] When issuing first and second certificates 10, 20, only one or several types of first certificates 10 can be issued, only one or several types of second certificates 20 can be issued, or the first certificates 10 and second certificates 20 can be issued together.

[0118] When the project proceeds from the first stage to the second stage, the evaluation unit 121 in the certificate issuing computer 100 may evaluate whether to issue the first certificates 10 or the second certificates 20 in the second stage. For example, tourist facilities include short-term facilities, which after some time are likely to lose attractiveness for tourists, and long-term facilities that can attract tourists for a long time. When the maturity of the first certificates 10 is appropriate, in order to make the transition to the second stage, the second certificates 20, which have no maturity date, are issued for the long-term construction, which is supposed to make a long profit, and the first certificates 10 are issued for the short-term construction, which, likely to lose its appeal after some time and, thus, is unlikely to make a long profit. Ideas for the types of tourist facilities that need to be built in the second stage can be asked through TV shop programs and websites using the certificate promotion block 104.

[0119] When evaluation units are introduced that include the purpose and use of the structure, evaluation unit 121 evaluates, based on the evaluation units, whether to issue the first certificates 10 or the second certificates 20 in a second step. For example, in accordance with the introduction of evaluation units, the evaluation unit 121 selects the first certificates 10 when the structure is evaluated as a short-term structure, and selects the second certificates 20 when the structure is evaluated as a long-term structure. When the predetermined time has passed from issuing the first certificates 10 at the first stage to reaching the maturity date, the certificate issuing computer 100 needs to determine the type of certificates issued at the second stage, and accordingly, it notifies the project coordinator computer system 120. For example, when with the release of the first certificates 10, which are issued at the first stage and have a maturity of ten years, five years have passed, that is, when the maturity date is right, the certificate issuing computer 100 issues a notification to the computer system 120 of the project coordinator for an invitation to choose the type of certificates issued at the second stage. When the computer system 120 of the project coordinator enters the assessment units issuing the certificates, the computer 100 determines whether to issue the first certificates 10 or the second certificates 20 based on input. In addition to whether the structure is a long-term structure or a short-term structure, factors such as as the projected number of users and the projected profit. The certificate issuing computer 100 notifies the project coordinator computer system 120 for an invitation to select the type of certificates to be issued at the second stage. When the computer system 120 of the project coordinator enters the assessment units issuing the certificates, the computer 100 determines whether to issue the first certificates 10 or the second certificates 20 based on input. In addition to whether the structure is a long-term structure or a short-term structure, factors such as as the projected number of users and the projected profit. The certificate issuing computer 100 notifies the project coordinator computer system 120 for an invitation to select the type of certificates to be issued at the second stage. When the computer system 120 of the project coordinator enters the assessment units issuing the certificates, the computer 100 determines whether to issue the first certificates 10 or the second certificates 20 based on input. In addition to whether the structure is a long-term structure or a short-term structure, factors such as as the projected number of users and the projected profit.

[0120] The evaluation unit 121 outputs the result to the certificate development unit 101, and the certificate development unit 101 develops the details of the first certificates 10 or second certificates 20 determined by the evaluation unit 121. When the maturity of the first certificates 10 in the first stage is reached, the first certificates 10 or the second certificates 20 for the second stage are issued. This allows the certificate issuing computer 100 to automatically and objectively determine whether to issue the first certificates 10 or the second certificates 20 when the project moves from the first stage to the second stage. At the second stage, the first certificates 10 and the second certificates 20 can be issued.

[0121] <5-2. Certificates for city recovery>

Referring to FIG. 32, a city that turns out to be financially untenable (for example, the city of Yubari in Japan (went bankrupt in 2007)) is generally restricted in issuing local government bonds. In order to transfer the deficit of balance, such a city is allowed only as an exception, with the permission of the Minister of Internal Affairs and Communications, to issue bonds of local authorities whose maturity date falls within the period of the financial recovery plan (special recovery transfer bonds). Detroit in the United States also went bankrupt in 2013.

[0122] Financial restoration of local government requires cash. Cities that require financial recovery often have a declining birth rate and a growing proportion of older people, which causes a decline in population. Forms of government for the restoration of such cities include urban policies, such as the compact city, the new urbanism, and urban-type settlements. These city policies are aimed at limiting the expansion of the city to the suburbs, placing urban functions, such as administration, health, education and transport, into the central region, awakening the city center and increasing convenience for city residents. In accordance with this idea, large commercial enterprises and public utilities (for example, social facilities and hospitals) should be moved to the city center, more importance should be given to pedestrians and bicycles as a means of transportation compared to cars, and accordingly, the roads and the rest of the structure should be improved. In addition, small public transportation systems, such as trams, and building societies (cooperative housing) should be envisaged. For example, light rail (LRT) can be used as a public transportation system.

[0123] For such purposes, a local authority seeking financial recovery may issue first and second certificates 10 and 20, which are classified by purpose, for example, first certificates 10F - 10H in FIG. 11, the first certificates 10I-10K in FIG. 12 and the first certificates 10L-10N in FIG. 13. That is, it is possible to issue various types of first and second certificates 10, 20 with appropriate assignments, for example, the construction of a health facility, a social facility, an educational institution, a research center, a public transportation system, and a housing cooperative. This allows the local government, which is in need of financial recovery, to effectively attract private money, build an attractive city and seek financial recovery. In this case, the issuer may be a local authority or a public-private association, and the guarantor may be a federal authority or a public-private association. When issuing first and second certificates 10, 20, only one or several types of first certificates 10 can be issued, only one or several types of second certificates 20 can be issued, or the first certificates 10 and second certificates 20 can be issued together.

[0124] For repairing a structure that was rebuilt or reconstructed using the first certificates 10 to reach a compact city, the funds for repairs are drawn using the first and second certificates 10, 20. When the predetermined time had passed since the first certificates 10 were issued on the first stage, the evaluation unit 121 in the certificate issuing computer 100 for each reconstructed structure evaluates whether to issue the first certificates 10, the second certificates 20 or the first certificates 10 and the second ifikaty 20 together to raise funds needed to repair the second stage. The first certificates 10 issued in the first stage can also be converted into second certificates 20.

[0125] <5-3. Certificates for regional development>

Referring to FIG. 33, areas along the Mediterranean coast possess a mild climate, and coastal areas in Southern Europe are developed as resorts. In contrast, North Africa on the opposite side has many undeveloped areas despite its mild climate. The above first and second certificates 10, 20 can be used for the development of North African regions. When issuing first and second certificates 10, 20, only one or several types of first certificates 10 can be issued, only one or several types of second certificates 20 can be issued, or the first certificates 10 and second certificates 20 can be issued together. Since such a project extends to several countries, the issuing country may be a developing country in North Africa, a third country with a large economy, the World Bank Group, European Bank for Reconstruction and Development, the Nordic Investment Bank, the African Development Bank, the Inter-American Development Bank or a public-private association. In addition, the guarantor may be the country where the facility is to be built, the World Bank Group, the European Bank for Reconstruction and Development, the Nordic Investment Bank, the Inter-American Development Bank, or a public-private pool.

[0126] For example, high-speed railways can be built along the Mediterranean coast in Southern Europe and North Africa, or high-speed ships can be provided that include a propeller prop or hydroelectric propulsion and run between cities along the Mediterranean coast. This can simplify movement between these areas and economic integration. For such projects, you can issue first and second certificates 10, 20 to provide high-speed railways or high-speed vessels. In addition, cities can be developed along high-speed railways and cities where high-speed ships stop to facilitate the relocation of people in Southern Europe and North Africa to new cities. first and second certificates 10, 20 may raise funds for such urban planning. Accordingly, it is possible to achieve economic reconstruction and integration of economic zones in North Africa, as well as in Southern Europe. Urban planning and construction of transport infrastructure, which covers a wide area, are not limited to the Mediterranean coast in Southern Europe and North Africa. For example, such projects are applicable to development in Siberia on the Eurasian continent and development in Western Asia, East Africa and Eastern Europe, including areas along the Persian Gulf, the Red Sea and the Black Sea. not limited to the Mediterranean coast in southern Europe and North Africa. For example, such projects are applicable to development in Siberia on the Eurasian continent and development in Western Asia, East Africa and Eastern Europe, including areas along the Persian Gulf, the Red Sea and the Black Sea. not limited to the Mediterranean coast in southern Europe and North Africa. For example, such projects are applicable to development in Siberia on the Eurasian continent and development in Western Asia, East Africa and Eastern Europe, including areas along the Persian Gulf, the Red Sea and the Black Sea.

[0127] Structures for high-speed rail and high-speed ships built as part of regional development may require repairs in one or several decades. The funds required for such repairs can be attracted through the first and second certificates 10, 20. After the predetermined time has passed since the first certificates 10 were issued in the first stage, the evaluation unit 121 in the certificate issuing computer 100 assesses whether to issue the first certificates 10 or second certificates 20 for raising funds for repairs in the second stage. The first certificates 10 issued in the first stage can also be converted into second certificates 20.

[0128] The first and second certificates 10, 20 can also be used for subsequent regional development. For example, extensive wetlands in the Florida Peninsula in the United States suffer from environmental degradation due to wastewater flowing into wetlands caused by urban and agricultural development in nearby areas. To restore the conditions, a large-scale project that purifies water using the created wetland area is being carried out or is at the planning stage together with a large-scale development plan for wetlands. The implementation of large-scale development along with the protection of the natural environment further promotes the tourism project in that area. Such a large-scale development may include the construction of a high-speed railway, construction of new cities and breakdown of national parks. The first and second certificates 10, 20 can be used to raise funds for the restoration and large-scale development of wetlands on the Florida Peninsula.

[0129] When issuing first and second certificates 10, 20, only one or several types of first certificates 10 can be issued, only one or several types of second certificates 20 can be issued, or the first certificates 10 and second certificates 20 can be issued together. For the project described above, issuers can be the State of Florida and the United States, and guarantors can be the State of Florida, the United States, the World Bank Group, the Inter-American Development Bank, or a public-private pool. In addition, issuers and guarantors may include states around the Florida Peninsula and the Gulf of Mexico, such as the State of Georgia, the State of Louisiana and the State of Mississippi. Funds for repairs required after one or several decades from the repair or construction of an existing structure,

[0130] <5-4. Energy related certificates>

There have been energy production projects that use renewable energy that is continuously or periodically supplied by natural elements such as sunlight, wind energy, wave energy, tide energy, water flow, current, geothermal heat and biomass. In North Africa, in addition to solar batteries, large stations of solar energy concentration (CSP) have been built. Japan introduced large-scale systems for wind power. Such renewable energy is increasingly being introduced around the world for such reasons as rising mineral prices, depletion of resources and global warming.

[0131] In addition to a sustainable energy supply, construction of water supply systems using seawater desalination technology is being undertaken in areas that lack water, for example in North Africa. Water systems can purify seawater to fresh water or pump and filter seawater through a filter membrane, such as a reverse osmosis membrane (RO), to remove the salt concentrate from the seawater and get fresh water through filtration. In any of the ways, the water supply system requires a sustainable energy supply.

[0132] As shown in FIG. 34, the first and second certificates 10, 20, as described above, can be issued for such energy production and desalination. When issuing first and second certificates 10, 20, only one or several types of first certificates 10 can be issued, only one or several types of second certificates 20 can be issued, or the first certificates 10 and second certificates 20 can be issued together. If the project is in one country, then the issuing country may be this country or a public-private association in the country. Alternatively, the producing country may be a third country with a large economy, as described above. If a power generation project spans several countries, then the producing countries may be the countries where the project is going, the third country with a large economy, the World Bank Group, European Bank for Reconstruction and Development, Nordic Investment Bank, Inter-American Development Bank, or public-private association. In addition, guarantors can be the countries where the project is going, a third country with a large economy, a financial institution such as the World Bank Group, the African Development Bank, the European Bank for Reconstruction and Development, the Nordic Investment Bank or the Inter-American Development Bank, or a public-private pool.

[0133] Energy-related certificates can be issued along with the certificates for regional development described above. That is, the first and second certificates 10, 20, which are energy-related certificates for the construction of a power plant and desalination plant, can be issued along with the first and second certificates 10, 20, which are certificates of regional development for the construction of transport infrastructure. This envisages the development of areas in North Africa, for example, in terms of energy and transport infrastructure.

[0134] As shown in FIG. 35, it is possible to issue the first and second certificates 10, 20 for the construction of an industrial enterprise for processing resources, such as oil and natural gas, and the construction of pipelines for transportation. In addition, the first and second certificates 10, 20 can be issued for the construction of a desalination plant and pipelines for transportation. In addition, the first and second certificates 10, 20 can be issued for the construction of a catchment station located at the water source, and pipelines from the catchment station to the cities.

[0135] Energy-related facilities may require repair in one or several decades. Funds for such repairs can be attracted through the first and second certificates 10, 20. After the predetermined time has passed since the first certificates 10 were issued in the first stage, the evaluation unit 121 in the certificate issuing computer 100 assesses whether to issue the first 10 certificates or the second certificates 20 for raising funds for repairs in the second stage. The first certificates 10 issued in the first stage can also be converted into second certificates 20.

[0136] <5-5. Certificates for landscaping desert areas>

Landscaping of desert areas on the African continent and in Central Asia, where desertification is increasing, has been undertaken. Landscaping desert areas can include the construction of irrigation facilities and planting plants. As shown in FIG. 36, it is possible to issue the first and second certificates 10, 20 for such landscaping of desert areas. When issuing first and second certificates 10, 20, only one or several types of first certificates 10 can be issued, only one or several types of second certificates 20 can be issued, or the first certificates 10 and second certificates 20 can be issued together. If the project is in one country, then the issuing country may be this country. Alternatively, the producing country may be a third country with a large economy, as described above. If the landscaping project covers several countries, then the issuing countries may be the countries where the project is going, a third country with a large economy, the World Bank Group, the European Bank for Reconstruction and Development, the Nordic Investment Bank, the Inter-American Development Bank, or a public-private pool. In addition, guarantors can be the countries where the project is going, a third country with a large economy, a financial institution, such as the World Bank Group, the European Bank for Reconstruction and Development, the Nordic Investment Bank, the African Development Bank or the Inter-American Development Bank, or a public-private association. If facilities, such as irrigation facilities, need to be repaired after a predetermined time has passed since construction, then the first and second certificates 10, 20 can be reissued to raise funds. After that, As the predetermined time has passed since the first certificates 10 were issued in the first stage, the evaluation unit 121 in the certificate issuing computer 100 determines whether the first certificates 10 or second certificates 20 are issued to raise funds for repairs in the second stage. The first certificates 10 issued in the first stage can also be converted into second certificates 20.

[0137] <5-6. Certificates for infrastructure management>

Referring to FIG. 37, in major cities around the world, including Tokyo, key infrastructure, such as water, sewage, gas, and air conditioning systems, including steam pipes, may become obsolete and need maintenance or upgrades. Transport infrastructure, such as ramps and bridges, may also become obsolete and need maintenance or upgrades.

[0138] To solve such problems, you can develop a new material that recognizes any damage on its own, such as a crack in a pipeline for water, sewage, or gas, and repairs the damage on its own. The use of such material for repair may limit the deterioration of the pipeline and increase safety and service life. In addition, information technology, such as a non-destructive wireless sensor network, and data management can be used to repair the infrastructure. That is, the sensors can be attached to the infrastructure, such as bridges and water pipes, for continuous monitoring of the condition and performing diagnostics of structural deterioration (monitoring the integrity of structures). In addition, robotics, including heavy equipment with remote control, can be used to inspect and maintain infrastructure. These technologies can automatically find damage at an early stage before an accident occurs, and provide maintenance, such as repair work. This provides benefits that include reduced accidents, longer infrastructure life, elimination of maintenance staff shortages, and reduced costs. The key infrastructure and transport infrastructure that extends through major cities has a significant overall length, requiring considerable time and cost for repairs. elimination of staff shortages and reduced costs. The key infrastructure and transport infrastructure that extends through major cities has a significant overall length, requiring considerable time and cost for repairs. elimination of staff shortages and reduced costs. The key infrastructure and transport infrastructure that extends through major cities has a significant overall length, requiring considerable time and cost for repairs.

[0139] The first and second certificates 10, 20 can be used to raise funds to maintain or upgrade infrastructure, develop next-generation infrastructure, and develop and implement new technologies for inspecting and maintaining infrastructure. Second dividend certificates of 20 are preferably issued for inspecting and maintaining toll roads, such as toll roads, and toll bridges, since their movement sizes are easy to predict and future profits are possible. In this case, the entire length or section of the road or bridge can be charged, and the money collected can be used to pay interest and dividends. In addition, during the construction of a roadside facility, such as a service area, where people can rest, eat or refuel, check or adjust their car, It is preferable to issue second certificates 20 with dividends. However, cash can be attracted through first certificates of 10 maturity dates, or by first and second certificates 10 and 20.

[0140] For example, funds for maintaining or upgrading infrastructure, developing next-generation infrastructure and developing and introducing new technologies for inspecting and maintaining infrastructure can be attracted through the first certificates 10. Then, when repairing the infrastructure using the developed technologies, you can issue second certificates 20, since infrastructure is likely to make a profit in the future. The first certificates 10 can be converted to the second certificates 20, when the predetermined time has passed since the release.

[0141] In contrast, for the maintenance of transport infrastructure, such as free roads and bridges that are more social in nature, it is preferable to issue first certificates 10 that have a maturity date and do not pay dividends. With regard to the maintenance of key infrastructure, such as water and gas, which are profitable, since utility payments are collected from users, you can issue second certificates 20 that pay dividends.

[0142] <5-7. Certificates of the Olympic Games>

The adoption of the Olympic and Paralympic Games requires a huge amount of cash. Thus, a compact plan for games in the central area of ​​the city is assumed. In addition, facilities that are newly built for games can be used constantly and effectively to expand the functions of the city at the organizing city. As shown in FIG. 38, when a city is selected for the Olympic Games, a budget is drawn up that can maximize the benefit of the Olympic Games for the host city and country. For example, the budget is drawn up taking into account the use of facilities related to the Olympic Games after the Olympic Games. Then, the first certificates 10 and the second certificates 20 are issued in accordance with the budget (the first stage).

[0143] For example, when the main venue of the Olympic Games is re-built, which is the stadium where the athletics and football competitions are held, the stadium can be constantly used as a venue for national or international cultural, sports or educational activities after the Olympic Games. The Olympic Village provides permanent residence for participating athletes, etc. during the Olympic Games, and the permanent residence can be reconstructed into condominiums or apartments for rent after the games. If the Olympic Village includes places of permanent residence for athletes participating in the Paralympic Games, then such places of permanent residence can be sold as housing for elderly or disabled persons.

[0144] If the facilities need to be used continuously or long after the Olympic Games, and accordingly, there is the likelihood of long-term profit, then second certificates 20 are issued without maturity. However, you can issue the first certificates 10, or you can release the first and second certificates 10, 20 together.

[0145] In some cases, not all newly constructed or existing Olympic facilities need to be serviced, and some may serve as temporary structures that need to be demolished and removed after the Olympic and Paralympic Games. Such short-term facilities do not make a profit after the Olympic Games, in other words, they do not bring profit for a long time. In this case, you can preferably issue the first certificates 10 with a maturity date.

[0146] The first certificates 10 issued in the first stage can be convertible certificates so that the investor can exercise the right to convert at maturity or before him to convert the first certificate 10 into the second certificate 20. This allows the investor to receive dividends for a long time. The investor may also sell the converted second certificate 20.

[0147] With the reconstruction of facilities used constantly or long after the Olympic Games, you can additionally issue the first and second certificates 10, 20 to raise funds for the reconstruction (second stage). When the predetermined time has passed since the selection for the Olympic Games, or when the Olympic Games are over, evaluation unit 121 in the certificate issuing computer 100 assesses whether to issue first certificates 10 or second certificates 20. For example, evaluation unit 121 may select second certificates 20 for permanent reconstruction or long-term construction and select the first certificates 10 for the construction of a new short-term construction. Alternatively, you can issue first and second certificates 10 and 20.

[0148] <5-8. Possible application of the first and second certificates>

Budget investment and the loan program is an investment and loan activity, which provides long-term financing with low interest rates or large-scale, long-term projects that are politically necessary, but difficult to perform with private investment. The program does not rely on tax revenue and can raise money by issuing loan-investment bonds, which are government bonds. The first and second certificates 10, 20 can be used to finance budget investments and the credit program. In addition, the first and second certificates 10, 20 can be used instead of public bonds, such as government bonds, sovereign bonds and state, prefecture or city bonds.

[0149] In addition, the first and second certificates 10, 20 can be used to raise funds for the construction of a new dam. In addition, the first and second certificates 10, 20 can be used to support or buy a company, as well as to establish a business. In this case, with the support or purchase of a company, you can issue the first 20 certificates to raise funds. Then, when a company that is supported or bought starts to work well, you can issue second certificates 20 to raise funds for projects. The first certificates 10 can be converted to second certificates 20 when the maturity date is reached.

[0150] In addition to raising funds for structural functions, such as building infrastructure, the first and second certificates 10, 20 can be used to raise funds for non-structural functions, such as R & D. For example, the first certificates 10 with a maturity can be used to raise funds for the initial stage of R & D, and the second certificates 20 without a maturity can be issued at the final stage when commercialization or actual use becomes feasible. In addition, the first certificates 10 can be converted into second certificates 20 with the release of the second certificates 20.

DESCRIPTION OF REFERENCE POSITIONS

[0151] 10: first certificate, 20: second certificate, 100: certificate issuing computer, 110: broadcast station, 120: project coordinator computer system, 130: contractor’s computer system, 140: authorities computer system, 150: investor’s computer, 160: enterprise computer system