The Research On Asset Securitization Of PPP Project

Our government has introduced policies to develop PPP projects since 2014,but the difficulties of financing and the lack of exit mechanism have led to the low participation of private capital.As the asset securitization products of PPP project have the function of broadening the financing channel,reducing the financing cost,optimizing the financial situation and enriching the exit mode,the state officially launched the PPP project asset securitization on December 26,2016 to guide the healthy and good development of the PPP market in our country.Although the country has introduced policies in recent years to guide the development of asset securitization business of PPP projects,the launch time is short and the product of the successful release is less than 10,so the research on the successful issue of the case is very meaningful both theoretically and practically.In view of this,this paper chooses the asset backed securities of PPP project in China Fortune Guan Park as a case study,using comparative analysis method.First of all,the basic situation of the case is introduced in detail,and then the main elements of the case are analyzed,Including basic assets and cash flow forecast analysis,credit enhancement mode analysis,transaction structure analysis,bond pricing analysis and risk and prevention measures analysis.And then through the case and the other 3 first batch of successful case comparison,through common points and differences,we conclude: From the perspective of the transaction structure or the conventional single SPV trading structure,this also reminds us that we can innovate from the distribution structure,from the basic assets,the main current charge is the future,but this is actually the existing infrastructure and the right to the project has no real difference,And the successful issue of the PPP project company equity as the basic assets of the securitization products is a major breakthrough;from the perspective of credit enhancement measures,because the PPP project companies are mainly for the project and the new company,Independent as the issue of the main qualification,so the choice of internal and external multiple credit enhancement measures are welcomed,Require substantive fallback and letter of credit measures and require the issuer to supplement the difference.Finally,the paper puts forward three suggestions on the main problems existing in the asset securitization of PPP project: perfecting the relevant laws and regulations to determine the relevant disputes,enriching the project model,using the advantages of PPP project participants,designing different trading structures to distribute products,perfecting the trading mechanism,improving the,improving the product fluidity,to build a diversified market exit mechanism of investment subject.At the end of the article,I put forward some prospects for the development of the asset securitization of PPP projects in China: Based on the evaluation of the project itself,rather than the substantive main body financing behavior of the guaranty increase letter,so as to truly realize the PPP project out of the table;realize Pre-abs,That is,the asset securitization of the PPP project which has not been started or just put into construction.