| With the continuous development of our country,the acceleration of urbanization and the increasing investment in public infrastructure,a great pressure has been put on the government’s financial expenditure.Under the background,the public-private-partnership model has aroused a boom in the field of infrastructure and public utilities in China,and has become an important tool to supplement infrastructure funds and relieve the pressure of local government debt.However,PPP projects have the characteristics of large investment scale,long operation cycle,lack of exit mechanism and facing many risks,which leads to the low enthusiasm of social capital to participate in PPP projects.However,on December 26,2016,the Development and Reform Commission and Securities Regulatory Commission jointly issued the Notice on Promoting the Work of Asset Securitization of Government and Social Capital Cooperation(PPP)Projects in the Field of Traditional Infrastructure,which for the first time promoted the deep integration of PPP Projects and Asset Securitization nationwide and opened a new chapter in innovating the financing methods of PPP Projects.At present,the number of PPP projects’ asset securitization in China’s actual operation is still less,the time of the process is very short.Therefore,the research on asset securitization of PPP projects is of great significance for broadening the financing channels of PPP projects,stimulating infrastructure construction and improving local government debt.Although PPP’s asset securitization is feasible and necessary,at present,the theoretical circle of our country has only a short time to study the PPP projects’ asset securitization,so the results are not rich enough,and the guidance and support for all aspects of PPP projects’ asset securitization are not enough.Based on this fact,this paper studied one of the first batch of PPP projects asset securitization products,“CITIC Securities-Beijing Capital Co.,Ltd’s Sewage Treatment PPP Project Charge Income Right Asset Support Special Plan”.Through this paper,hope to have a deeper understanding of the process and corresponding characteristics of PPP projects,and can provide some reference for future practice.This paper is divided into five parts: the first part is the introduction,which introduces the background,significance,study methods,structures and the shortcomings of the paper.The second part is the literature review,which collates the current domestic and foreign research conclusions of PPP projects’ asset securitization.The third part is the current situation of PPP projects’ asset securitization in China.It analyses the current situation of PPP projects and current situation of PPP asset securitization market,summarizes the feasibility and necessity of PPP projects’ asset securitization,and briefly puts forward the differences between PPP asset securitization products and general asset securitization products.The forth part is the core of this paper.Firstly,it introduces the case,then analyses the basic asset and cash flow,related subjects,transaction structure,credit enhancement measures and risks.Then,it compares the product in the case with others in domestic market,and makes a simple comparison with the patterns in foreign markets.Last,it puts forward some problems in the case.The fifth part in the enlightenment and suggestion.It summarizes the enlightenments of the above case,and raises several relevant suggestion.This paper has some innovations: First,the PPP projects’ asset securitization has only been two years,and the researches are not enough.Second,the “CITIC Securities-Beijing Capital Co.,Ltd’s Sewage Treatment PPP Project Charge Income Right Asset Support Special Plan” is a typical case,for the basic asset is sewage treatment and it securitized the income right.Third,this paper tries to analyses the case from several comparative points.However,in view of my limited academic level and the lack of relevant theoretical literature,there may be some incomplete considerations. |
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