Research On Asset-backed Securitization Of Urban Utility Tunnel PPP Project

Beginning in 2014,our country's economy has entered the "new normal" period.Urban underground utility tunnel is the new infrastructure construction project investment in the situation of China's economic growth slowdown.Not only can utility tunnel stimulate investment,but also utility tunnel can promote the comprehensive service level of urban and adjust the investment structure.With the promotion of the PPP mode,the PPP mode is heavily used in construction of utility tunnel.But the disadvantages that contain high cost of project financing,low yields,long payback period of investment project make the implementation of utility tunnel PPP project forward difficult and the attractiveness low for social capital.Based on the analysis of economic environment,policy,and document research,that stutying the application of asset-backed securitization financing in utility tunnel PPP project,contributes to help to solve the difficulties in the development of the utility tunnel PPP project and promotes the benign development of utility tunnel PPP projects in China.Firstly,the thesis studies the principle of asset-backed securitization financing.Through theoretical research and contrast,the thesis analyzes the concept of asset securitization,the difference of traditional financing and asset-backed securitization and its characteristics.Through the literature research,the thesis combs the basic conditions of asset-backed securitization and its core steps of operation.The basic conditions are that the requirements must be satisfied for the underlying asse and originator.The core steps are that determining the underlying asset,isolating risk of underlying asse,risk analysis and credit enhancement,design of product scheme.Study of the principle lays the foundation for follow-up study.Then,the thesis studies the implement of asset-backed securitization in utility tunnel PPP project.The feasibility and the design of operation mode of asset-backed securitization of utility tunnel PPP project are major researched.Combining the characteristics of utility tunnel PPP project,the thesis analyzes its conformance for the condition of asset-backed securitization,its fitness with asset securitization,and the policy supports of asset-backed securitization of utility tunnel PPP project and the attitude of project stakeholders.Then the thesis designs the operation mode of asset-backed securitization of utility tunnel PPP project from the underlying asset,risk isolation,risk analysis and credit promotion measures,product scheme design.The operation mode of asset-backed securitization of utility tunnel PPP project is put forward.After that,efficiency analysis model for the operation mode of asset-backed securitization of utility tunnel PPP project is established.Efficiency analysis model is focused on the change of the internal rate of return and the change of the payback period of investment in project compant when asset-backed securitization is use in utility tunnel PPP project.Based on the analysis of the cash flow of the underlying asset and the cost analysis of asset-backed securitization,the thesis introduces improved static spread method to analyze the pricing the asset-backed securitization of utility tunnel PPP project and the cash flow of asset securitization pools,establishes the cash flow mode of utility tunnel PPP project company in full cycle in the situation of asset-backed securitization,so that to evaluate the efficiency of asset securitization.Finally,the thesis makes a application analysis of asset-backed securitization of the utility tunnel PPP project in C city,puts forward the measures and suggestion to realize asset-backed securitization and its benifit.The benefit of asset-backed securitization of the utility tunnel PPP project in C city is calculated in the situation of normal operation of the project.Though the analysis of asset-backed securitization of the utility tunnel PPP project in C city,the key factors to realize asset-backed securitization and its benefit is come to light,and the measures and suggestion in the application of asset-backed securitization is put forward.