Research On Suitable Basic Assets Of Asset Securitization In Public-Private Partnership Project

Public-Private Partnership projects have obvious problems such as long investment recovery period and lack of capital liquidity,and they have a natural combination of asset securitization products that can be listed and traded with time division,credit stratification,and diversification of liquidity.Asset securitization can be used as a way to achieve Public-Private Partnership.Refinancing and withdrawal of important financial instruments after the first round of financing during the project construction period.In order to further deepen the reform of the financial system,we will activate social asset stocks and encourage more social capital to flow into the infrastructure and public service sectors to ease government financial pressure.On December 21,2016,the National Development and Reform Commission and the Securities Regulatory Commission jointly issued the “About In order to promote the work related to the asset securitization of government and social capital cooperation(Public-Private Partnership)projects in the traditional infrastructure sector,the first batch of Public-Private Partnership asset securitization projects were launched.However,at present,the basis for the application of asset securitization in Public-Private Partnership projects is mainly departmental regulations.The relevant laws and regulations on asset securitization are still incomplete.For example,the legal nature of the basic assets of asset securitization is not clear,and the separatemanagement of separated operations in China is large.In the background,there are also problems such as the unclear legal status of special purpose institutions,together with the special nature of asset securitization of Public-Private Partnership projects compared with the traditional enterprise asset securitization,and the fact that Public-Private Partnership projects themselves have commonweal features,which in turn makes them more operational.The legal risk in China has further increased.Therefore,starting from the first batch of examples of asset-backed Public-Private Partnership projects that have landed on the market,the theory of asset securitization of general enterprises has been studied.Based on the analysis of its transaction structure and legal relationships,the basic assets of asset-backed securities of Public-Private Partnership projects have been studied.Make some suggestions and considerations.This article is divided into four chapters.The first chapter begins with the basic overview of the basic assets,and discusses the connotation of basic assets,the basic elements of basic assets,and the problems faced by basic assets in the process of securitization of Public-Private Partnership assets.The analysis starts with studying the special asset planning plan of the CITIC Securities-Shouchuang Shares Public-Private Partnership project as one of the first asset securitization Public-Private Partnership projects,and analyzes the selection of its basic assets,and thus The basic assets selected in the practice of asset securitization in other Public-Private Partnership projects were sorted out.The second chapter analyzes the basic assets that the Public-Private Partnership project can be securitized.It can be used as the basic assets of the Public-Private Partnership asset securitization,including income rights,contractual claims and equity.However,this article focuses on Public-Private Partnership corporate assets securitization that use the income right as the basic asset.Therefore,this article specifically discusses the qualifying conditions of the income right as a basic asset and conducts an argumentation on several aspects such as transferability,relative certainty,legitimacy of basic assets,and independence.The discussion ofPublic-Private Partnership income right can not be separated from the discussion of franchise rights,so at the same time,the disqualification of franchise rights as a basic asset is also analyzed.The third chapter discusses the continuous conformity of basic assets in the process of asset securitization of Public-Private Partnership projects.First of all,the concept and criteria of continuous conformity of basic assets are clarified,mainly in two directions.One is the transfer of basic assets.The bankruptcy segregation is achieved through real sales,and the other is to ensure that the underlying assets can generate sustained and stable cash flow income in the course of the management and management of Public-Private Partnership projects,that is,to ensure that the underlying assets are relatively deterministic.Then,it analyzes the relevant factors that may affect the continued conformity of basic assets,and puts forward related suggestions.Chapter 4 discusses the consequences of Public-Private Partnership project asset securitization based assets unable to meet the requirements of sustainable eligibility requirements.Starting from two cases,one is that the appropriateness of the basic asset transfer of U.S.LTV is negated—the real sale is re-characterized.The other case is the case of breach of contract of asset-backed securities of the income-bearing income right of the Dacheng West Yellow River Bridge,and an analysis was made of the fact that the basic assets did not meet the continuous conformity.Then,the analysis of the basic assets that did not meet the continuous eligibility was carried out from three aspects: the use of credit enhancement measures,termination of liquidation,and legal liability.Due to the limited of research,this article mainly focused on asset securitization in the narrow sense of the Public-Private Partnership project.Public-Private Partnership projects are narrowly defined projects that have been granted construction and operating rights through government franchise authorization.Asset securitization mainly refers to the special plan for the issuance of asset support by Public-Private Partnership.The company's asset securitization of the project company as the originalequity person,according to the current practice,the discussion of the basic assets is mostly concentrated on the situation that the Public-Private Partnership project income right is used as the basic asset.