Research On City Infrastructure Asset Securitization Financing And Risk Management In China

In last few years, our country economy continues stably to develop, the city infrastructure investment more and more restricts the entire national economical growth. It has become a very important problem that how effectively concentrates the fund to guarantee the essential infrastructure investment in our country. Because of the economic characteristic of the infrastructure, technological characteristic and the limitations of all sorts of factors, traditional financing way, such as government investment and grant the loan, plays very limited role. To ensure the urgency of sustainable economic development, we must find new feasible way to solve the problem of absence of capital in infrastructure construction.Asset securitization is the most important financial innovation since 1970's in the international financial circles, its theory is being developed and perfected constantly too. Infrastructure asset securitization can change less liquid assets into cash, collect massive funds for city infrastructure construction, effectively alleviate insufficient of our country infrastructure construction fund, speed up infrastructure construction step, impel the city infrastructure to rolling development.The text firstly has briefly introduced general concept, history and operation process of asset securitization, discussed the efficiency of asset securitization with emphasis.Then, the text has began with the difficulty of city infrastructure financing, introduced present infrastructure construction situation in china, discussed feasibility and necessity that asset securitization financing way is utilized in infrastructure construction in china, and then pointed out asset securitization is the effective way to solve short of infrastructure construction fund.Finally, the text has made substantive discussion to the risk management of infrastructure financing with asset securitization. Using project risk management theory, the text carries on the detail analysis to the financing risk, Proposes utilize the fuzzy appraisal model to carry on the appraisal to overall risk of the city infrastructure asset securitization financing, and uses the fuzzy appraisal model to do the risk analysis on a water-power station financing with asset securitization, confirming the appraisal model with the concrete example. At last, the text discusses the way of Dodging asset securitization financing risk, which is different from traditional financing risk.