Research On Risk And Control Of Asset Securitization In PPP Project

China is currently vigorously developing asset securitization of PPP projects.PPP projects combined with asset securitization have first reduced the financial burden of government departments in China.Secondly,they have improved the service quality and supply efficiency of social public goods.Finally,they have been enriched to some extent.Investment varieties in China's capital market.However,due to the existence of poor PPP projects such as poor profitability,unstable future cash flow,and long project duration,there is a certain gap between the requirements of China's traditional asset securitization business,from the initiation of the project to the successful landing,and finally to the project.The duration of the period,the risks and unknowns during the period,therefore,the research on the risk and its control of asset securitization of PPP projects has certain practical significance.This paper firstly introduces the background of asset securitization of PPP projects in China.At the same time,through the combing of relevant literatures at home and abroad,it summarizes the operation mode of PPP projects,the general process of asset securitization of PPP projects and the current academic sector's asset securitization for PPP projects.The focus of research risk research;according to different entities,the risk can be attributed to the basic assets,related institutions and other risks.In terms of research methods,this paper mainly uses qualitative research method,case analysis method,financial analysis method,and comparative analysis method.In the case introduction section,this article first elaborates on the underlying assets of the Hua xi Sichuan Investment PPP Asset Support Special Plan;secondly,it rises to the special plan itself,and interprets it from several aspects such as transaction structure,participation subject,and credit enhancement method.A clear understanding of how the entire program works.In the case analysis section,this paper analyzes the future cash flow forecasting risk,the government default risk,the project company's ability to continue to operate,and the risk of the original owner's ability to continue to operate according to the three categories,as well as the due diligence of other participating institutions.Capacity risk,liquidity risk,interest rate risk,etc.were sorted out.Through the analysis of the risks and control measures of the special plan,the following risk prevention suggestions are proposed: for controlling the risks related to the underlying assets,we can improve the quality of the underlying assets,optimize the transaction structure and adopt various efficient credit enhancement methods;For controlling the risks associated with the participating entities,you can choose the original stakeholders with good credit status,carefully select the rating agencies and measures to enhance the service capabilities of the participating institutions;the control of other risks is more dependent on improving relevant policies and regulations and enhancing information.Disclose and strengthen the construction of risk prevention and control system.