Research On PPP Asset Securitization Pricing And Risk Of Highway

Since 2013,the National Development and Reform Commission,jointly with the Ministry of Finance and the Ministry of Communications,has promoted the mode of Public-Private-Partnership(PPP).As the end of December 2017,the Ministry of Finance and the Social Capital Cooperation Center's PPP Asset Management Library has registered 7,137 projects with an investment of 10.8 trillion yuan.However,we must also realize that there are many unfavorable factors such as high cost,large investment scale and long payback period in public infrastructure construction,which have seriously restricted the development of PPP projects and affected the enthusiasm of social capital to participate in the construction of public infrastructures.Therefore,the selection of an appropriate PPP project and the attempt to conduct asset securitization become an effective means to break the difficulty of financing and withdrawal of PPP projects.This paper chooses the securitization subject of the relatively high quality in the public infrastructure construction:Securitization of PPP asset securitization of highway toll collection.Through the analysis of the actual case and the use of Monte Carlo simulation,the structural design and pricing of PPP asset securitization Research and risk prevention have been discussed in depth and have certain application value.:Combined with examples of asset securitization of highway,this paper analyzes the transaction structure,issuance plans and credit enhancement methods of highway asset securitization in PPP,so as to provide references for the future implementation of asset-backed securities in public infrastructure construction.With the aid of Monte Carlo simulation method,this paper discusses the pricing problems faced in highway assets securitization and provides some reference for the future pricing of asset securitization in PPP projects.Through the discussion of the examples,it summarizes the risks that may be encountered during the process of asset securitization and the corresponding precautionary measures in order to provide guidance for the identification and prevention of asset securitization risks of highway's PPP projects in the future.Finally,on the basis of the previous research,four suggestions on policies were proposed for the problems faced by the securitization of PPP:Accelerating the design of laws and regulations;Establishing and perfecting the PPP asset securitization information disclosure mechanism;Exploring the bankruptcy of PPP asset securitization of highway Segregation mechanism;Establish social capital credit files to distinguish and identify incentives for shareholder reduction in PPP projects.