The Construction Enterprise Carries On Financing Exploration To BT Bond With ABS

In order to solve the construction fund long-term insufficiency and speed up the infrastructure construction step, all levels of governments crave in using the BT (Built-Transfer) construction pattern to impel the local infrastructure construction. Some of the large-scale construction enterprises participate in project investment construction through the BT, and it not only avoids the blind competition with the small construction enterprises but can display the comprehensive superiority of the large enterprises 'technology and funds, realizing enterprise's fast development. Using the BT pattern, the most remarkable characteristic is that the government shifts the pressure of financing to the construction enterprise, and the BT project occupies the construction enterprise massive floating capital. The construction enterprise participates in the BT project construction, which needs the formidable fund strength as the backing, causing the building enterprise originally by the credit financing way already could not adapt to the fund massive demands, so need to open a new financing channel.This article attempts through the construction enterprise as the initiator to carry on financing exploration to the infrastructure BT creditor's rights implementation ABS, transform the long-term income property to the immediate income by the time through the ABS, and enable the enterprise to be possible to re-steam the fund rapidly, improve cash class, reduce the project ratio of debt to net worth and increase the construction enterprise's income.The article is divided into three parts.The first part has carried on elaboration systematically to the related ABS concept, substance, the Asset-Backed securities, ABS significance, risks and so on. The second part encompasses the ABS theory core principle.-the cash flows analysis, three big basic principles: the assets reorganization; the risk isolation; and the credit level increases , and with the construction enterprise as initiator's status , the BT creditor's rights nature, in the foundation property choice, the bankrupt isolation , the SPV pattern, the credit level increased form, as well as initiator's accounting, the ABS tax burden and initiator's ABS dynamic model carry on the detailed analysis . So it has cleared about the feasibility of the implementation ABS of the BT credit rights by the trust.The third part uses the trust to carry on the ABS case design to the newly developed area BT creditor's rights of XX city south. To the flow design, the cash flowing design, the property pond, the risk isolation, the credit level increase and so on, it carries on the simulation application, and put forward the corresponding proposal to the BT creditor's rights ABS.The article finally draws the conclusion: the construction enterprise as initiator's status uses the trust to implement ABS is feasible.