Research On Default Risk Of Infrastructure Charges ABS

In the stage of rapid development of infrastructure construction,new types of financing methods are constantly carrying out reform and innovation.Among them,the infrastructure fee-based asset securitization,a new type of financing method,which is constantly be recognized by market.However,the research on the risks of such ABS projects,even for all the research on the ABS risks are at a start-up stage.Under the background of prosper asset-backed securitization in the future,we should pay more attention to the issue of risk control.The example of Da Chengxi Yellow River Bridge default project was selected with practical significance,which makes up for the deficiencies in the current study and achieve greater awareness of the risks of default on infrastructure asset-based asset securitization projects,and to promote the ability of preventing and controlling risks.Based on the literature review of asset securitization and default risk,this dissertation summarizes the late development of asset securitization in China,and the fact that infrastructure ABS has not been thoroughly studied in terms of practice and risks.Then,the dissertation takes the ABS default project of Da Chengxi Yellow River Bridge as an example to do specific analysis.This project was a case of default,which occurred in May 2016,and can represent a lot of issues of default risk with typical and practical significance.After introducing the case,the section of case analysis in this dissertation conducts a qualitative analysis to analyze what influences default risk from the perspective of the project design,and measures the default risk using a quantitative method.After that,this article conducts changes in the circulation and rating of the ABS market after the occurrence of default to make data comparison.Finally,the last stage of the dissertation summarizes the causes of the default and how to prevent default risk effectively.Through the analysis of the case,the case is expected to arouse the awareness of the concern about the risks under the rapid expansion of ABS without being looked forward to see the frequent explosion of ABS default,or else the phenomenon is similar to the explosion of default of credit bonds.After the systematic analysis of default risk,this dissertation draws a conclusion that the design of Da Chengxi Yellow River Bridge ABS is likely unreasonable.The industry of "two high,one left" is not suitable to act as the basic assets.In addition to the unsuitable method of enhancing the case,the management of duration is also unreasonable.By the analysis of this case and in order to enhance the operability in reality,this dissertation finally puts forward some suggestions from the perspective of supervisors,financiers,investors and administrators on how to control risks effectively,so as to improve the safety of project operations and enhance the controllability of default risk.