Case Study On The Innovative Application Of Asset Securitization In PPP Projects

With the acceleration of the pace of infrastructure construction,the funding gap of local governments has become wider,the diversified development of financing methods,the active guidance of the state,and the PPP model have been widely used.A large number of existing PPP projects have been formed,and there are still many problems in subsequent operations,such as the inability of social capital to withdraw in the short term,a long period of capital recovery leading to lack of funds for new projects,and pressure on PPP project companies to pay debts.Therefore,the existing PPP projects need to be activated.Many PPP projects have good cash flow benefits and policy support,which has laid the foundation for project revitalization and obtaining more construction funds.The introduction of asset securitization provides a new way for private capital to participate in infrastructure construction,and investors participate in it by subscribing to a share of special asset support plans.The introduction and vigorous development of this method provide a basis for the further promotion of PPP projects.By combining with asset securitization,it can solve the shortage of construction and operating capital of project companies in the PPP financing mode or social capital cannot withdraw in the short term.The problem.In the traditional structure that combines PPP projects and asset securitization,the shortage of funds in the formation of basic assets,the insufficient standardization of asset securitization product design leads to poor product liquidity,the large scale of PPP projects,and the issuance of asset securitization products put pressure on the financing market.Issues such as re-approval of asset securitization of homogeneous underlying assets have become new challenges to be faced.Therefore,continuous structural innovation is required to resolve them.On the basis of PPP + ABS,constantly build and improve new models,so that the product structure can be adjusted and innovative.This article uses Sichuan Chuantouhangxin Equity Investment FundManagement Co.,Ltd.,successfully issue the nation's first shelf release PPP-ABS,to analyze the problems existing in the actual operation of Asset-backed Securitization of PPP projects through case studies,and to explore the solutions provided in the case in depth,and to explore innovation points that can be used for reference and promotion.Analyze the problem and try to propose a solution.