Research On The Design And Pricing Of Asset Backed Securitization Products Of Infrastructure

Infrastructure construction of advance degree has fundamental decisive role for the development of the economy.Along with the advancement of urbanization,the infrastructure in China is facing the huge market demand and need large capital investment.As a new financing tool,asset securitization can help to solve the financing problem of infrastructure.In this paper uses financial pricing theories and methods to study the product pricing model applicable to infrastructure asset securitization.This paper sort out and study the related theories of infrastructure asset securitization,and the advantages and disadvantages of China's infrastructure construction and existing financing methods are analyzed.Then I summarize the infrastructure in the form of asset securitization financing significance and advantages as well as the operation of infrastructure asset securitization process.Then I analyze the methods of credit enhancement that can be used in the process of asset securitization.After studying the commonly used asset-backed securities pricing models on the basis of the infrastructure transferor ABS pricing research,I set up a practical infrastructure transferor ABS product pricing model.Considering the real option attribute of infrastructure in construction and operation,this paper adds BS formula to calculate the real option value on the basis of the traditional discounted cash flow method.Considering the uncertainty of future cash flow,this paper introduces fuzzy number to analyze future cash flow.In terms of discount rate,I uses NS and SV models to fit the term structure of national debt interest rate.Through the above improvement,a pricing method more suitable for infrastructure asset securitization products is introduced.Finally,taking the special asset support program of vehicle toll revenue right of Heng Zao expressway as an example,a set of financing scheme of infrastructure toll collection right asset securitization is designed.