Case Study On PPP Projects Asset Securitization Of Beijing Capital CO

The PPP model has important implications for improving the quality of public services,supporting infrastructure construction,and alleviating pressure on local governments' fiscal expenditures.It has also received strong support from national policies.But the problems of the PPP model itself,such as hard to finance and difficult to exit,have hindered its development.These problems can be solved by using the asset securitization.At the end of 2016,the country began to vigorously promote the exploration and development of asset securitization of PPP projects,hoping to give full play to the role of asset securitization of PPP project in promoting the PPP model.In March 2017,the first batch of four PPP asset securitization projects were brought to the ground.Researching the project that have landed and finding out the defects and highlights of it will help guide the further development of asset securitization of PPP projects.Based on the introduction of relevant theories of PPP model,asset securitization and asset securitization of PPP projects,this article takes the PPP Projects Asset Securitization of Beijing Capital Group as a case study.The research found that the Beijing Capital CO Special Plan better solved the problem of the difficulty in financing and the difficulty of exit from the PPP projects which is corresponding to its basic assets.And there are bright spots such as redemption and repurchase provisions,introduction of liquidity support,low financing costs,and relatively dispersed basic assets in the Beijing Capital CO Special Plan.However,there are also defects that need to be improved,such as long-term asset-backed securities,incomplete bankruptcy separation,inexactitude selection process of social capital parties,low liquidity of asset-backed securities and lower legislative level.In view of the shortcomings for the Beijing Capital CO Special Plan,and drawing on the highlights of the Special Plan,this paper will focus on the securities company and the government from the perspectives of product design and system promotion,and making suggestion on how to further develop the asset securitization of PPP projects,hoping to contribute to the advancement of the development of the asset securitization business of PPP projects.