Study Toll Road Asset Securitization

Asset securitization came into being in consequence of economics developing and financial products innovating. Asset securitized products original in the 70's of the 20th century in the US, and has developed for almost 40 years up to the present. The first asset securitized product is a kind of MBS, whose base asset was mortgaged loan portfolio, issued by GNMA in 1970. From then on, asset securitization went through the original and prosperous period from early 70's to middle 80's, the deeply developing period from middle 80's to early 90's, and the internationalizing period from early 90's up to now. Asset securitization has been an important financial product in the international capital market. It has great influence on many economic fields, such as improves liquidity and ensures safety of capital market. In recent years, our country has carried out theoretic researches on asset securitization and got some practical achievement.This paper introduces the fundamentals of asset securitization and studies toll road asset securitization, based on foreign and domestic development and application. Asset securitization greatly changes the financing of social infrastructure. As one of the important infrastructure, the main capital source of toll road is nation public finance and bank loan. Road construction needs large capital, so it is a big burden on public finance, and also reduces the liquidity of bank's asset and increases the risk. We find toll road measures up to the standard of asset to securitize by analyzing toll road. The problems above can be solved. As we have joined WTO and finance reforming and opening is accelerating, coinciding with international finance is agreeable. We should make good use of financial derivative and foreign and domestic capital market to supply more solid capital support to our economics construction. The economic attributes of toll road determine that it is feasible to develop toll road asset securitization in our country. Domestic legal, economic and capital market environments are provided with the condition to start toll road asset securitization, but the faultiness of policy and capital market environments is hampering its development. Guangfa Guanshen Highway is the first asset securitization backed on toll road. By analyzing this plan, we clarify the good foreground of toll road asset securitization.