Application Of PPP Project Asset Securitization

In recent years,the development of PPP projects has attracted great attention from the national level,and the national development and reform commission and the China securities regulatory commission have issued a series of policy guidelines and notification documents.At the same time,the grass-roots government also takes the PPP project as the breakthrough,and strengthens the infrastructure construction and obtains certain results.This means that PPP projects have achieved leapfrog development in China and ushered in the golden age.In such a context,the participation of social capital is declining day by day.The main reasons are as follows: first,PPP projects have a relatively long operating cycle in China,and social capital cannot gain benefits in a short period of time;Second,the exit mechanism of PPP projects in China is not perfect,and the clearance of social capital can only be carried out after the expiration of the project,but generally cannot be withdrawn in other periods of project development.Third,the Chinese government has always emphasized the compliance of PPP projects.The project audit process is tedious and the standards are strict,so it is uncertain whether the project can be put into operation in the future.Looked from the development of the PPP model in our country current situation,the biggest problem is the low social capital to participate in,in order to make the situation change,the national development and reform commission,securities regulatory commission jointly issued no.2698 in 2016,in the document,cooperation of government and social capital in the process of underlying assets,rights and interests of people,such as made detailed provisions,also puts forward the corresponding requirements.Before this,asset securitization of PPP projects never appeared in government documents.The securitization of huaxia happiness jiutong public PPP project was listed on the Shanghai stock exchange in March 2017,which marked the breakthrough of asset securitization of PPP project from nothing to some extent and the development to some extent in China.In this study,the securitization of huaxia happiness jiutong public PPP project is taken as the research object,and a detailed and comprehensive analysis is carried out to enlightening relevant personnel.This paper consists of five chapters.The first chapter is the introduction.Chapter two firstly sorts out the development of PPP projects and asset securitization in China,further clarifies the characteristics of this model,and points out the existing problems.As there is no unified definition of PPP project and asset securitization in the current academic circle,the author sorts out and summarizes the government documents.On this basis,from the perspective of transaction structure,operation process and so on,a detailed analysis of PPP model is carried out.In the third chapter,the author focuses on the PPP project of huaxia happiness jiutong and probes into its operation.In the fourth chapter,a detailed analysis is made of the PPP asset securitization case of jiutong public utilities co.,LTD.In the process of analysis,on the one hand,it is compared with the domestic preliminary heating treatment project;on the other hand,it is compared with the mature case abroad to further clarify the shortcomings and advantages of the PPP project of jiutong public utilities co.,LTD.In the fifth chapter,it firstly expounds the principles that should be followed in the development of PPP project assets in China,and then puts forward some Suggestions on the development of jiutong public PPP asset securitization and PPP project assets securitization in China.Through the research of this paper,it is hoped to provide some reference for the development of asset securitization in the PPP project of charging income right in China.