Research On The Asset Securitization Pricing And Applied In Development Of PPP Project Of Public Products

At present,China's real economy is facing greater downward pressure.Under the background of weak investment in property investment and real estate investment,public infrastructure construction is an important force for steady government growth.However,due to the low profitability and strong public utility,Government-led.Under the new normal situation,the government revenue slowed down,the expenditure pressure increased,the public goods sector funding gap is on the rise,the public market reform is imminent.As a PPP model for leveraging the utility industry chain and supporting the "wide finance" policy,public investment in public infrastructure is always at a high level,but public expenditure has reached the limit due to the huge debt crisis.In the traditional way of financing The PPP model has become the most important factor in stimulating the investment of public infrastructure and promoting the market-oriented reform in the public sector.On the other hand,stimulating the participation of social capital in the field of public goods has become the focus of the implementation of fiscal policy.PPP Mode will play a key role.Compared with the western countries,China's PPP model in the initial stage,showing a single model,a high degree of public ownership,social capital participation is low,which will hinder the development of public goods PPP leapfrog development.Asset securitization,which is one of the important financing methods in the field of public goods,has a natural fit with PPP in its financing,and the application of asset securitization to PPP projects will help improve the liquidity of the project and revive the project inventory assets Private sector investors to recover the funds to attract more social capital to participate in the PPP project construction,to stimulate market vitality,and to promote the supply side of the structural reform is of great significance.In this paper,the PPP project asset securitization based on infrastructure products is taken as a foothold.First,the use of theoretical analysis and empirical analysis shows that the application of asset securitization to public goods PPP project will help to make up the rising demand demand,To provide the original investment funds for the project to withdraw from the mechanism to stimulate the enthusiasm of the private sector to promote the construction of public utilities and social and economic development has a positive significance.Secondly,through the derivation of the pricing model and the game theory model,it is concluded that the rational pricing of the decision determines the distribution of the participants' risk,and it is also the key to the success of the PPP project asset securitization.Finally,through the brief description of "CITIC Securities-the first share of sewage treatment of PPP project fee and return assets to support the special plan" to sort out its operational processes,the development of PPP project asset securitization of the theoretical recommendations.