Research On The Financing Scheme Of The Asset Sfecuritization Of Zhengzhou Urban Rail Transit

Population expansion leads to rapid urban expansion and road congestion.As an effective way to reduce the traffic pressure and to improve people’s travel problems,subway is becoming an important part of urban construction.However,the characteristics of rail transit construction,such as high cost,long investment cycle,slow return,the contradiction between investment and capital output,make the financing become the biggest obstacle to the construction of rail transit and urban development.Therefore,how to solve the problem of the cash flow of rail transportation and provide financial support for the construction of rail transportation has become an urgent problem to be solved.This article uses the method of theoretical analysis,comparative analysis and case analysis to study the property securitization of rail transit from many angles.First,the definition,basic process and characteristics of asset securitization are combined with urban rail transit as a public product attribute of infrastructure from the theoretical point of view.And the feasibility and necessity of rail asset securitization financing are demonstratedon the basis of the internal and external conditions of Zhengzhou.Secondly,comparing the characteristics of asset securitization and other financing models,the paper explores the advantages of rail transit asset securitization financing.Finally,the case of Zhengzhou urban rail transit is analyzed.In the current and future passenger flow forecast of passenger flow data as the foundation,carries on the forecast to the future ticketing revenue forecasts suggest that the Zhengzhou subway,using the future cash inflow is feasible as the underlying assets,according to the Zhengzhou rail transit ticket income repayment ability to design a set of asset securitization financing scheme.The research results show that the surge of the floating population and the expansion of Zhengzhou make the rail transportation demand increase rapidly,and the rationality of rail transit asset securitization financing under the condition of huge construction fund pressure.Because the rapid development of rail traffic,the traditional financing channels has been difficult to meet the construction of rail traffic demand for funds,and asset securitization because of its inherent advantages for large infrastructure financing,becomes the best choice for Zhengzhou rail transit by broadening the financing channels in recent years.Asset securitization is a low-cost financing channel.In addition,asset securitization is an important way to expand financing channels.It has low financing threshold and flexible period,and can activate assets and reduce the turnover of funds when the bank credit shrink or the assets and liabilities of enterprises are too high.Secondly,there is policy support.China Securities Regulatory Commission is actively promoting the asset backed securities business,asset securitization as an important tool for financial reform can enhance the corporate image in the market,as investors diversified investment to create the conditions,disperse investment risks.Therefore,asset securitization can be an important choice for rail transportation financing.The innovation of this paper is based on the previous theory of the practical exploration,having designed a set of Henan rail transit asset securitization financing feasibility plan,it has practical significance.Besides,based on the long term prediction of Zhengzhou ticket revenue design financing scale,the actual situation in the establishment of SPV and credit enhancement programs has been fully analyzed.The financing cost is estimated,and the difference between it and bank loan financing is calculated and compared.