A Case Study Of YZ Company Vehicle Toll Asset-backed Notes

At present,our country highway transportation infrastructure investment and slow recovery,is restricted by the development of highway transportation infrastructure construction in 2016,interbank traders association released the non-financial corporate asset-backed paper guide(revised),in order to achieve the true sale of assets in the guidance of bankruptcy isolation,the introduction of the special purpose vehicle in the premise of financial regulation is more and more strict,as a standard of asset securitization products,the production and distribution of asset-backed paper conform to the financial markets improve the stock of the proportion of direct financing to optimize the allocation of resources in the reform.To some extent,the rise and development of asset-backed bills provide an effective financing option for the construction of China's highway transportation infrastructure.Asset-backed bills not only provide a new option for the financing of the transportation industry,but also bring feasible solutions to the pain points such as the long term return,low return and slow recovery of social capital investmentBased on YZ company vehicle tolls asset-backed paper as the research object,combined with the business model of highway industry and financing needs,sponsors the main viewpoint of highway enterprise application asset-backed paper analyzed the financing method,reveals the YZ company vehicle tolls asset-backed instruments,this paper expounds the risk situation of YZ company tolls ABN,and according to the circumstance of YZ company vehicle tolls asset-backed paper analyses the effect and advantages,research suggestsFirst,the vehicle tolls asset-backed paper financing amount and capital USES small compared with the traditional financing channels are limited,tolls asset-backed paper money obtained can not only at the early stage of the for project development and construction to repay the debt,not only can be used to supplement working capital,and can well satisfy the YZ added to repay the debt of the company,as well as a project development and construction of the basic demands of capital and liquiditySecond,YZ company vehicle tolls asset-backed paper for our country the first type of remuneration ABN to trust financing patterns of products,mainly in the process of actual operation facing the difference make up the default risk the risk of default of the guarantee obligation market interest rate fluctuations account management risk and the risk rating,thus the value of asset-backed paper have a negative impactThird,the basis of YZ company vehicle tolls asset-backed paper assets in law didn't achieve real isolation,YZ company vehicle tolls asset-backed paper is longer than the time limit makes less liquidity,YZ company vehicle tolls asset-backed paper trading structure and process complex,financing in the main body is more,the risk points is more,the pressure corresponding to investors,but also increased the YZ company financing costsBased on the research conclusion,this paper,by referring to the advantages of YZ company's asset-backed bill case,puts forward specific policy Suggestions on the use of asset-backed bill model for financing in related industriesFirstly,the product design is based on the market demand,and the classification of financing amount and senior asset-backed bills should be set after considering the financing demand and repayment ability of highway enterprises,and credit enhancement measures should be adopted to reduce the bill transaction risk.The second is to select experienced financial intermediaries to ensure the smooth application of the new financing model of ABN for vehicle tolls,so as to reduce the possibility of operational risks.Third,accurately identify risks and set up credit enhancement measures,accurately identify the risk points in the issuance process and take specific credit enhancement measures,establish an early warning mechanism and improve the risk control level.Fourth,improve the operation level and the quality of management personnel,optimize their own operation capacity and other means to provide high-quality basic assets for the vehicle toll ABN to reduce the financing cost.Fifth,improve the information disclosure mechanism,in accordance with the relevant information disclosure requirements to investors for all-round continuous disclosure,reduce information asymmetry,reduce investment risk.