Research On The Financing Model Of Asset-backed Securitization Of Operating Fee Income Rights Of T Public Transport Company

During the 12 th five-year plan period,the CPC central committee and the state council attached great importance to the development of urban public transport.Urban public transport plays an important role in residents’ life.However,due to the public welfare and welfare features of the public transport industry,China’s urban bus companies are basically in the red and rely on government subsidies to maintain normal operation.However,the enterprise needs to invest in the payment of employees’ salaries,the update of public transport equipment and the daily maintenance of vehicles.Under the general trend of tighter regulation of traditional financing policies and market-oriented transformation of the bus industry,bus companies urgently need to find new financing approaches.This paper introduces the basic structure,operation mode and characteristics of asset securitization,starting from the theoretical basis of asset securitization and enterprise management fee and usufruct asset securitization.Then,based on the analysis of T bus company’s operation and financial status,the conclusion is drawn that it meets the conditions of carrying out asset securitization of the right to charge and gain,and the detailed scheme design and expected effect analysis are carried out.After the analysis,it can be seen that through the rational design of the transaction structure,on the one hand,it can effectively solve the financing difficulties of the T bus company,better replenish the liquidity funds,and better perform its functions of serving the society;On the other hand,unlike the space limitations of traditional bank financing,the issuance of asset securitization products in the open market will greatly enhance the popularity of T Bus Company and its parent company,enhance its comprehensive strength,and provide follow-up to the issuance of other products and the promotion of market recognition in the region.Set a solid foundation.In addition,from the point of view of the actual effects of the assets securitization products,it also provides reference for the same type of enterprises to broaden financing channels.It should also be noted that the successful implementation of the assets securitization of T bus company’s operating income rights is not only clear in the ownership of the basic assets,but also has a close relationship with the regional monopoly of public transport management rights.In other words,it is still necessary to maintain a certain degree of uniqueness of such basic assets inthe product practice of income rights securitization,which is inseparable from policy support and local government support.