Urban Traffic Asset Securitization Research

At present, the level of economic development, increasing development of urban traffic construction and the construction of rail transit strength also increase subsequently, rail transit construction is a feature of the capital demand big, frequently billions of yuan, and later on in the project late often require additional investments, therefore, often need capital raising and make up. At the same time, the urban rail transit investment recovery period is especially sing, rate of return is relatively low, this characteristic makes capital raising a big problem, especially the folk capital cannot enter. As the need of railway construction, financing difficulties, brought great financial pressure to the local government, the cause of the government debt. Because at present our country the construction of track traffic sources of funding are government funded, no other financing channels, financing difficulty is big, therefore, cannot meet the needs of the current rail transit construction, at the same time as the bank of risk control efforts to increase in recent years, the local debt is high, and many other reasons, a single mode of financing difficult to meet the demand of such a huge amount of money, through the market financing is necessary. So. how to set up a new financing channels, both for rail transit provide sustainable and stable source of funds, and can meet the needs of the construction of urban rail transit, become a problem which needs to be settled.This article analyze the principle of asset securitization, and then study the feasibility of the kunming urban rail transit asset securitization, will carry out specific analysis on every link of the construction of rail transit, respectively for the construction of asset pool, the form of SPV, cash flow is calculated, the credit mechanism study and summary, proposed to fit the development of kunming and the construction scheme of asset securitization, puts forward newideas for the urban rail transit construction financing.This article through to the domestic and foreign relevant results are preliminary, combined with the basic principle of asset securitization and the construction of rail transit in our country actual, six chapter also introduces the research content:the first chapter, introduction, explain the selected topic background, research purpose and meaning, the review of the research status at home and abroad, as well as the general introduction of this restarch; The second chapter, the theory of asset securitization, from the aspects of definition, formation and development process, expounds the basic principle of asset securitization, The third chapter, kunming urban rail transit asset securitization model to explore, apply the principle of asset securitization to kunming rail transit asset securitization case, according to constructs the kunming city rail transit securitised assets pool, asset securitization of kunming city rail transit construction exploration and analysis; The fourth chapter, kunming urban rail transit asset securitization product design, the asset pool, the cash flow design, product design, asset security, kunming city rail transit asset securitization; The fifth chapter, urban rail transit asset securitization’s suggestion, through the study of the relevant legislative suggestions of city traffic asset securitization and policy suggestions, and give the future establishing feasible way of asset securitization and policy recommendations.