Research On The Identification And Evaluation Of PPP Project Asset Securitization Risks

PPP is considerd as an important new model to promote the process of infrastructure construction and urbanization in China.By guiding social capital to invest,construct and operate in the field of public utilities,it improves the operational efficiency in the field of public utilities and alleviates the increasing financial and debt pressure faced by government departments.In recent years,PPP model has gradually faced problems of financing and hard withdrawal of social capital.ABS,as a new way of asset financing,is conducive to solving these problems,so it is necessary to implement asset securitization in PPP projects.However,the preceding lessons of PPP project and asset securitization business risk exposure cases should also attract the attention of relevant parties.Because PPP project has the characteristics of many participants,complex structure and unstable cash flow,the risk of asset securitization of PPP project is complex,diverse and crosscutting.Therefore,it is of great theoretical and practical significance to study the risk management of PPP-ABS project.Through the analysis and combination of different risk identification methods,this paper identifies the risks of PPP-ABS project,classifies the risk elements in the whole process of PPP-ABS project,and divides the risk factors of different levels.Then,the importance of these risk factors is measured by using the fuzzy comprehensive evaluation method based on the analytic hierarchy process.A model that can systematically identify and evaluate risks.By applying the model of risk identification and risk evaluation established in this paper to the case of PPP project asset securitization in Yanjiang parking lot of Ziyang County,and scoring the severity of risk by means of expert questionnaire,the main risks faced by the PPP asset securitization project are identified as project operation risk,basic asset quality risk and macro environmental risk,and through calculation.The fuzzy comprehensive evaluation value of the overall risk of the project is 0.6030,and the overall risk level is a general level.The results of the risk evaluation show that the risk that has the greatest impact on the overall risk is the risk of asset confusion,the risk of the quality of project operation and the risk of the stability of government policy.According to the results of risk assessment,risk aversion measures and suggestions are put forward,so that project managers can intuitively understand the key risks that need to be paid attention to,and also can systematically understand the degree of interaction between risks,and finally take reasonable and effective measures according to the relative importance of risks.