Research On ABS Of PPP Project In The Field Of Municipal Infrastructure

The Third Plenary Session of the 18 th Central Committee of the CPC proposed to allow social capital to participate in the investment and operation of urban infrastructure through franchising,so PPP(Public-Private Partnership)has become an important top-level design.ABS(Asset-Backed Securitization)is the way to improve the liquidity of PPP project assets and speed up funding cycle.This dissertation first clarifies the concept and economic characteristics of municipal engineering PPP projects,and analyses the financing situation of infrastructure construction in 2018 from the perspectives of supply and demand of funds and expectation of policies.After concluding that even if there is a certain funding gap in 2018,the impact on municipal engineering PPP projects will be minimal,then it analyzes the mainstream financing methods of municipal engineering PPP projects,compares the advantages and disadvantages of each financing methods,and then points out that ABS has unique advantages in the whole life cycle of finance.On this basis,this dissertation introduces the principle and mechanism of ABS in China and the issue situation of ABS products related to PPP projects.Then,this dissertation puts forward the analysis framework of ABS products of municipal engineering PPP project,and analyzes the actual cases by using such analysis framework,demonstrating the application of ABS in PPP project financing.Finally,this dissertation summarizes the relevant conclusions and makes suggestions to the participants of ABS activities and follow-up researchers respectively.