Application Of Asset Securitization In Transportation Infrastructure

The transport infrastructure is always a key for economic development and it has an important role to alleviate the economic crisis. Our government also attaches great importance to construct the transport infrastructure. Especially since2001our government began to develop the national highway network planning and long-term railway planning in order to guiding the next two or three decades for the railway and highway construction. But the transport infrastructure projects generally require huge amounts of money and at the same time the state financial support has a gradual downward trend. The huge financial cost of bank is likely to cause the loss of the operating companies of the transport infrastructure. So the construction of transport infrastructure is facing a serious lack of funds.In recent years our country has innovated some new ways to finance, such as using foreign capital, project finance and so on. These new financing alleviate the fund problem in some extent. But these new ways also have some limitations. Asset backed securitization as a new financing way can be used to the construction of transport infrastructure in order to alleviate the fund problem.The construction of transport infrastructure can use four modes of asset securitization to finance. These four modes are trust model, government-led model, offshore model and special asset management plan. So the main content of this paper is as fellows; in the first this paper describes the finance current situation of transport infrastructure; then analysis the feasibility of using the asset securitization; then choose the best model from the four models to finance, this model is special asset management plan; at last this paper provides some proposals to use this model in the practical application and this paper has also introduce a case of special asset management plan.