Research On The Innovation Model Of Asset Securitization In PPP Project

PPP mode conducts public facility service construction through the cooperation of the goverment and enterprises,sharing risk and interests,so as to achieve the goal of win-win.However,the long duration of the PPP project,the large amount of capital needed and the long time to recover the cost have made the implementation of PPP projects in China low.Asset securitization as an innovative financing way,which is combined with the PPP project,is able to finance the capital market by issuing marketable securities in the PPP project,which can mitigate the problems of low participation of civil capital in the current PPP project,thereby facilitating the development of the PPP proj ect in China.Based on one of the first to carry out the PPP project assets securitization case in our country of Hua Xia Xing Fu ABS,through combination of qualitative and quantitative analysis and dupont analysis on cases and existing problems were analyzed,and the experience of revelation and pertinent suggestions are put forward.Firstly,by consulting the literature and collecting the data in the development report,this paper introduces the theory of PPP project and asset securitization and its current development status in China.Then,on the one hand,by incorporating the current market conditions analyzing the background of the PPP and the success of the product classification,credit enhancement,and the whole process,it will be a reference to the subsequent PPP project securitization;On the other hand,by analyzing its causes,cost effectiveness and risk mitigation measures in the process of securitisations of asset securitisation to PPP projects,and issues such as the difficuties of the standardization of basic assets,the mismatch of product and project period and risk of bankruptcy isolation that exist in the course of the securitization of PPP project assets reflected by this case.And finally,according to the characteristics of the case,it analyzes its enlightenment on PPP projects asset securitization in our country in the future,and aims at the problems reflected by the case put forward to strengthen the quality supervision of underlying asset and standardizing,asset securitization in stages and through the overall business asset securitization to realize bankruptcy isolation countermeasures.I hope the research content for our country in the collaborative development of Beijing Tianjin and Hebei,infrastructure construction and The Belt and Road xiongan District in the process of construction or utility services provided to get rid of the financing dilemma and the implementation of PPP project asset securitization to provide reference,and then through the development of the PPP project assets card Coupons help regional economic development,actively promote the process of urban and rural integration,and further contribute to the realization of comprehensive deepening reform.