A Study On Risk Management Of Asset-based Securitization Of "Gu'an PPP Projects"

As an important catcher to alleviate the government's financial burden,the PPP model has been strongly promoted by the government.However,due to the large capital demand and long payback period of PPP projects,many PPP projects are facing financing difficulties.Asset securitization,considered as an important means to solve the PPP financing dilemma at present,is of great significance to promote the development of the PPP model.Due to the support of national policies,financial institutions have opened the door to asset securitization of PPP projects and at the same time created opportunities for some PPP projects to seek funds under the banner of asset securitization.If it does not manage the risks it faces,it may cause the hollowing out and foaming of PPP projects,thus hurting investors.Therefore,it is practical to study the risk management of asset securitization in PPP projects.This paper not only expounds the relevant principles of PPP asset securitization,but also introduces the potential risks in each link according to the process of asset securitization,and puts forward corresponding risk management measures.Then,combined with the characteristics of PPP projects,it points out that the risks of PPP securitization projects are different from those of general asset securitization products,and puts forward corresponding risk management measures.This paper analyses the risks of Gu'an PPP asset securitization project,and concludes that there are three main types of risks in this project: the risks associated with the underlying assets,the risks associated with the special plan sand other risks.And the risk management measures were studied,and several optimization measures were proposed.Through the analysis of Gu'an PPP project risk and risk management,the article draws the following conclusions: 1.The Gu'an PPP asset securitization project needs further optimization in quality management,credit enhancement and product pricing,and promotes the real sale of assets.To achieve true bankruptcy and isolation,to improve credit enhancement methods and improve product credit quality,it is necessary to adopt a scientific model-based pricing method.2.For all the risk-recognition items of PPP assets,the risk identification must be based on its essence.The departure,that is,the cash flow of the underlying assets must depend on the operating entity,so the ability of the original equity to manage and manage is the key to the success of the project.3.The risk management of PPP asset securitization projects of all fee income categories pays attention to the quality of PPP projects,adopts internal and external integration methods,strengthens project operation management,strengthens the performance of management institutions,and gradually realizes asset support and sounds relevant.Laws and regulations to improve the trading mechanism of the secondary market.The innovation of this paper is to select the asset securitization of PPP project in the early stage of development as the research object,and the research results of risk analysis and risk management are few.This paper combines the actual case to classify the risk of asset securitization of PPP project,and puts forward the proposal of risk management,which has reference significance.The inadequacies of this paper: it is impossible to obtain the original shareholder's Jiutong public internal risk management documents.The risk management measures in this case are summarized from various publicly disclosed documents and may not be comprehensive.