Research On Asset Securitization Design Based On PPP Model

Since 2013,a number of government departments have been promoting the PPP project landing,but because of social capital can not be recovered in the short term investment,resulting in social capital participation is not high.December 12,2016,the National Development and Reform Commission,the China Securities Regulatory Commission officially launched the PPP project asset securitization,solve PPP project financing and exit channels are not smooth.In this paper,PPP asset securitization pricing and credit enhancement design as the main line,with "two reviews" as the starting point,improve the current PPP evaluation system.Using the theory of finance,statistics and other fields,the Monte Carlo simulation pricing model is used to quantitatively calculate the PPP asset securitization product price.On the basis of pricing,the author use different ways of asset securitization credit enhancement design,to provide a variety of ways to improve credit rating and solve the current financing difficulties for a variety of types of PPP projects.The main results of this study include:First,Monte Carlo simulation is suitable for PPP asset securitization pricing.PPP project cash flow has a strong dependence due to the path,Monte Carlo simulation pricing method can calculate a large number of random path simulation,more realistic and accurate simulation of income in the next two or three decades.Monte Carlo simulation can provide a great reference value and application value for a large number of PPP asset securitization.Second,credit enhancement design is the key to the PPP asset securitization.Although the PPP project has a government background,its income situation facing a variety of risks in the two or three decades.So a suitable credit enhancement design for PPP asset securitization products can ensure the interests of all sides.Third,the first PPP asset securitization has a strong impact,which came out on February 3,2017.The first PPP asset securitization has filed the blank of the PPP asset securitization market,and brought great imagination for investors,capital markets and local governments.On the basis of the previous research,in order to ensure the development of PPP asset securitization and the healthy development of capital markets,put forward three recommendations:Speed up the PPP legislation,PPP Information disclosure,and make full use of PPP asset trading center and other platforms.