An Empirical Analysis Of Influencing Factors Of PPP Projevt Asset Securitization Pricing

As an innovative structured finance bond,the pricing of PPP asset securitization is directly related to its successful issuance,while its pricing is the result of interest game among different market subjects.In order to promote the orderly development of the standard of PPP asset securitization,it is necessary to analyze the factors influencing the interest rate pricing of PPP asset securitization products,alleviate the difficulties in the current PPP implementation,and promote the healthy development of the PPP model.At present,the asset securitization of PPP projects in China is still in the early stage of development,and the research on the pricing of the asset securitization of PPP projects is still in the preliminary stage,and a pricing theoretical system has not yet been formed.Therefore,based on the theoretical premise of no arbitrage pricing,this paper constructs a pricing model of PPP asset securitization products,and analyzes the factors affecting the pricing of PPP asset securitization products from four dimensions,including the issue characteristics,the quality of the underlying asset,the macro level,and credit enhancement measures.With the help of multiple regression model,empirical research was conducted,and the empirical results showed that different factors had an impact on the interest rate of asset securitization in PPP projects.Through theoretical and empirical research,this paper draws the following conclusions:(1)the default distance in the underlying asset quality has a significant negative impact on the interest rate of PPP asset securitization;(2)the degree of overcoverage,subsidiary ratio and explicit guarantee in the credit enhancement measures have a significant negative impact on the interest rate of PPP asset securitization;The influence of implicit guarantee on the interest rate of PPP asset securitization is not significant;(3)in the issue characteristics,the rating and the issue scale have a significant negative impact on the interest rate of PPP asset securitization,while the duration has a significant positive impact on the interest rate of PPP asset securitization.From this,the following policy Suggestions are obtained:(1)to make the pricing more fair by strengthening the information disclosure system;(2)improve pricing efficiency by establishing an incentive mechanism for intermediaries(3)prevent pricing distortion by establishing a constraint mechanism for government guarantee.It is hoped that the research results of this paper can provide some reference for further improving the pricing of PPP projects.