Risk Exploration Of Abs In Ppp Projects

From the end of 2016,our country officially launched the PPP project asset-backed securitization work and put up a bridge between capital market and PPP project.The development of PPP project asset-backed securitization not only makes connection between PPP project and capital market smoothly,but also alleviates the dilemma of the government's financial shortage;On the other hand,the introduction of social capital through the PPP project asset-backed securitization can improve the efficiency of resource allocation and service quality in public service field.The quality of service has resolved the construction and operation of our country's public infrastructure in a good and fast manner.However,the operation cycle of asset-backed securitization in PPP projects is long,involves many transaction entities,and the transaction structure is complex.Therefore will expose many risks in the project operation process.At the beginning of 2017,China's first batch of PPP asset-backed securitization projects landed.At present,the research on PPP asset-backed securitization mostly stays in model analysis and case presentation,and lacks of analysis and measurement of project risks.In order to ensure the smooth development of the project,research on its risks is particularly important.This article depend the first batch of PPP asset-backed securitization projects in China-" GuangShengDongJiang Environmental Protection Humenluyuan PPP Project Special Project on Asset Support " as a research case,focusing on the research project's existing risk issues.By introducing the participating subjects of the project,the current situation of transaction structure,basic assets and special plan,using fuzzy comprehensive evaluation method,comprehensively identify the systematic and nonsystem risk of the project,and conclude that the non-systematic risk is the main risk factor of the project overall risk,and put forward the pertinence measures to reduce the risk of the case.Finally,by discussing the problems existing in the PPP project,and puts forward the general policy suggestions for the development of PPP project assetbacked securitization in our country.