The Study Of D Company For The Securitization Mode Based On The Charges Usufruct Of Expressway

As a kind of structural financing tool, asset-backed securities have been an important financial innovation with its unique function and exquisite design for nearly 30 years. As a kind of financial innovation, asset-backed securities have been an important financial tool and has been widely using in each financing field since late 1970's. Securitization based on charges usufruct of expressway is concrete application of technology of securitization in highway construction. Because highway construction needs a great deal of funds to develop, so how to raise the funds to develop highways has been a difficult problem for all countries. Along with our country economic reform deepening and highway rapid development, it is impossible and independent for financial appropriation to undertake this heavy responsibility. Because of limitations of all sorts of factors, traditional financial methods, such as financial institution loan, also can't cover huge gap of construction funds. Therefore, future highway construction will be entrusted in capital market more and more.Expressway as an important symbol of the modernization of road transport, it plays a leading role in a variety of modes of transportation. It is an important symbol in a country's or region's development of the degree. Throughout the course of national Expressway construction in different countries, it is linked with economic development. Along with the rapid development of the Expressway industry, our expressway industry in less than 20 years has traversed 40 years of general country. At present, China's expressly has the second length in the world. But if according to the average population and land area, it is far lower than those of developed countries, even developing countries. At the same time, the lack of funds has been accompanied by expressway construction; it is a long-term capital constraint in the expressway construction. It has just promulgated "national highway network planning," in China, according it, it will be cost in 30 years in China to build a 85,000 km national highway network, 7 new road network in the capital by radiation, 9 South vertical lines and horizontal lines of 18 things, to be known as the "7918 Network". It will put our population over 200,000 in the expressway connecting all the cities, covering 1 billion people. According to the forecast, the national expressway network building in static calculations will cost about 2 trillion Yuan of funds, with an average of 100 billion Yuan. However, in the current highway finance system, in accordance with the existing financing system, the financing structure, financing, relying on the traditional government funding (such as transportation, government subsidies, etc.), domestic banks loans, loans from international financial institutions, in order to complete the financing mandate, the difficulties of the Great One. Therefore, how to raise funds to build expressways is a problem that needed to be addressed urgently.Asset-backed securities have important strategic meaning and realistic meaning for our country's economic development. Asset-backed securities at some west nations have already been a mature product, but it is still a fresh thing in our country. Through decades of continuous research and exploration, a series of authority file and basic law frame have already come into being, trial product has also been created and operates well. Experiment in securitization establishes basic law framework and risk prevention mechanism to launch securitization of our country, further providing referential mode and market for trading and issuing ABS. But compared with mature development of securitization in foreign countries, securitization of our country is just on the threshold, trial product has just been created, its development inevitably has a lot of problem to solve.Four parts are demonstrated in this article. Part one:The main contents of this part are the necessity and the analysis for the feasibility of the financing of securities depending on the charges of expressways, including the analysis for the feasibility and necessity of the financing of securities on the basis of the expressways' charges, the option between operation models. Part two: This part demonstrates current financing mode and structure of Company D, including analysis of current financial situation and structure, current choice of financial mode. This part analyzes emphatically financing problems of D Corporation, indicates ABS are good choice. Part three:This part mainly demonstrates how to analysis the plan of D company for the financing of securities, which consists of the features of the basic assets and the analysis of the cash currency, the selection of SPV the design of trading structure, the product design of securities, etc. The focus of this part is to analyze the trading structure of GuanShen Special Asset Management Plan (SAMP). By comparing the structure of this security with that of the same type in developed economies,the author concludes that these innovations result from the special financial and legal regulations in China. The author summarizes the advantages and drawbacks of the trail Asset Backed Securities researches that combine case analysis on GuanShen SAMP in China. Part four: this part discusses the financial evaluation about D company's design of the financing of securities on the basis of the expressways' charges, including financial analysis and risk analysis of this mode. This part emphatically analyzes the SAMP income, and discusses the risk and risk prevention.The paper mainly uses methods of comparative analysis and integrating theory with practice. The paper first introduces what are Asset Backed Securities, focused on the theory basis .In addition,the author introduces the existing Asset Backed Securities in China market, analyzes their necessity and their difference from those in other countries, analyzes trading structure of trial product, discuss its innovation and structure, points out practical significance and deficiency ,and provides several suggestions to improve their implementation.One of the objectives of the thesis is to widen the research dimension and research content on Asset Backed Securities. By following the trail of Asset Backed Securities in the market,the author would like to provide farther research foundation to boost application of trial products...