Research On Financing Strategy For Public-Private Partnerships-Asset-Backed Securitization

City heat-supply service is an important part of city public service,the perfection of the city centralized heat-supply system and the improvement of the quality of heat-supply service have a great influence on the city infrastructure construction and residents' life.The main business of heat-supply company is providing heat-supply service to the urban residents and business units that locate in the same district of the company in winter.At present,with the steady development of national economy and the constant improvement of people's live standard,the state policy for the heat-supply industry standardization and the requirement by the heat-supply customers are also increasing.Because of the two factors,heat-supply companies are confronted with unprecedented challenges.The main problems which threaten the survival and development of heat-supply companies are the inefficiency of management and the lack of cash flow.Whether to improve the efficiency of management and cash flow,to explore the most suitable financing strategy for heat-supply companies to solve the funding problems is of great significant.With the constant reform in Chinese heat-supply industry,the speed of heat-supply marketization is accelerating.With its own advantage in capital,technology,management and talents,the social capital takes an active part in competition to seize the power of discourse from SOEs.Coincided with the policy vigorously promoted PPP(Public-Private Partnership,PPP)in the field of infrastructure construction by the government,the social capital take an active participate in cooperation with local government through the approaches such as BOT,TOT,ROT,which has further promoted the heat-supply industry marketization reform.Government and social capital gain the double win through cooperative management,local government accelerate the recycling of infrastructure construction investment through importing social capital,and the recovery of the money will speed up the construction of public utilities;on one hand,social capital develops its business areas,and then obtain corresponding income by scientific management operation;on the other hand,heat-supply companies are forced to improve its efficiency and the service quality,so as to improve its corporate image in the process of marketization.In the perspective of state-owned heating-supply company,this paper sum up the definition and development of the PPP and ABS model,discuss the theory and application research.Further more,guided by the national macro-policy,based on the accounting theory,focus in the XT Heat-Supply,spot in financing strategy,to research the financing problems of heat-supply companies.Based on the analysis of the enterprises' financial situation and financing strategy to summarize their management level and financing predicament.Through the comparison for the financing strategy which suitable to heat-supply companies,formulate the financing model which is proper to heat-supply companies,precisely the PPP-ABS model.Finally combining with the XT Heating-Supply's management situation,financial status and demand of funds,to determine the partnership and transaction structure of PPP model which is suitable to XT Heating-Supply,then design the practice method which concerned by government and exit mechanism which concerned by social capital.