| Unlike direct government purchase or authorized outsourcing,the PPP model focuses on the deep cooperation between social capital and the government.Both at home and abroad,the PPP model has effectively alleviated the government’s financial pressure,and even in some ways,it can increase the quality and operating efficiency of the project.However,due to the large investment and time-consuming characteristics of PPP projects,many social capitals are prohibitive.Many PPP projects fail or are stopped because of insufficient social capital financing capacity and limited exit mechanisms.In the end,government funds must not be allowed to take over the original projects,which is contrary to the original intention of establishing a PPP model.In China,in 2017,the country successively issued a number of policies to support the PPP asset securitization business.However,due to the late start and the lack of policies in related fields,it is unclear whether PPP asset securitization can achieve the expected results.Through the case analysis and evaluation of the Jinglan Muhe PPP project,I hope to systematically explain the asset securitization process,final results,and problems of the PPP project to give some constructive opinions.Specifically,first of all,the relevant documents of customs clearance discuss how the PPP model and asset securitization are naturally combined to achieve the goals of improving the cash position of the enterprise and optimizing the financing structure.Secondly,the detailed explanation of the PPP asset securitization process provides theoretical support for subsequent analysis.Then,analyze and evaluate the case of Jinglan Muhe PPP project asset securitization.The study found that: First,the asset securitization of the Jinglan Muhe PPP project under the existing accounting treatment standards cannot achieve the effect of debt statement,but exists in the table as a payable bond,which will undoubtedly increase the number of enterprises.The asset-liability ratio is a negative signal to investors;secondly,compared with ther financing methods,the financing cost,financing scale,and term of PPP asset securitization are more flexible,and it is easy to achieve the goal of optimizing the financing structure of enterprises;finally,There are many risks and problems in the process of asset securitization of PPP projects.Although existing protective measures can effectively control some risks,there are still some problems that need to be resolved.The main problem is the inability to achieve bankruptcy.In the last chapter of the article,combined with case analysis,specific suggestions are given for urgent problems. |
