Xiang Ring Highway Toll Right Asset Securitization Financing Program

The highway construction industry is an important infrastructure industry of our country's economy, which needs strong capital support. The traditional mode of financing way has been unable to meet the requirements of rapid growth of highway construction. The asset securitization is one kind of innovation financing tool which is widely used in overseas, has broad prospects for development in China, especially for highway enterprises to solve the heavy debt burden and broaden the financing channels.This article studies the characteristics of China's highway enterprises as well as real legal environment, demonstrates the necessity and feasibility of carrying out asset securitization to the highway enterprises in our country. The article uses ideas and principles of asset securitization and the pattern which is called Specific Asset Management Plan, to design operational asset securitization financing programs for Xianghuan Company, a highway company of Hunan province. In the process of designing, the article discusses implemental details of a successful case of asset securitization and compares implemental effects before and after securitization financing by financial analysis, risk analysis, practice analysis. Therefore, this article has general reference for highway industries and enterprises.The main significance of this study is to provide new idea for the government and expressway enterprises of Hunan Province to broaden financing channels and to find a practical and advantageous financing way. Also, it provides a feasible operation program of asset securitization for expressway enterprises in Hunan and puts forward policy recommendations for the further development of China's asset securitization.