Research On Asset Securitization Pricing Model Of Urban Public Transport Enterprises

At present,with the acceleration of the urbanization process in China and the increase in the residents’ travel rate,the construction of urban public transportation is constantly increasing.However,in the process of vigorously promoting the construction of public transportation,the difficulty of financing for public transportation enterprises in China has always been the face of in-depth development of enterprises major issues.Bus companies have a large amount of capital investment in the early stage,a low return rate and a long recovery cycle,which makes it difficult to raise funds.In the past,indirect financing methods,such as bank loans,are more difficult for non-large enterprises to obtain funds,and the cost is relatively high Ultimately,the pressure on funds is all on the government.Nowadays,with the gradual tightening of state financial allocations and special funds for road traffic construction,the government can provide less and less funds.It is the only way for urban bus companies to raise funds through market-oriented methods.Among a series of financing methods,asset securitization can overcome the characteristics of low return on capital and slow return of funds for bus companies,revitalize the project’s stock assets,bring new financing development opportunities to bus companies,and solve the difficulty of financingAt this stage,China’s public transportation companies have not used asset securitization for financing for a long time,Research in various aspects is still in the exploratory stage,as is the research on pricing models.It can be seen from market surveys and scholars’ studies that public transport companies still use the static spread method to price in the process of asset securitization pricing.As a signal to regulate supply and demand in the market,prices determine investor acceptance and subsequent liquidity of securities.Only if the price set can reflect the value of the asset,can it be called a scientific and reasonable pricing model.With the development of society,the single interest rate path of the static spread method is no longer suitable for the Chinese market that is steadily pursuing interest rate liberalization.This paper combines the characteristics of China’s market and the enterprise,attempts to improve the static spread model that bus transport companies have been using to find a pricing model that is more suitable for China bus transport companies.After comparing five pricing models,according to the characteristics of the industry and the company,the interest rate binary tree pricing model was finally used to price the asset securitization of the Bengbu bus company and achieved satisfactory pricing results.This model can provide a reference for pricing models for other public transport companies,especially other small and medium-sized urban public transport companies whose public transport is mainly urban public transport.At the same time,it also provides an analysis and reference for investors to decide whether to purchase such securities products in the securities marketThis article combines the basic principles of asset securitization pricing and actual cases of asset securitization of the Bengbu Bus Group,and introduces the research content in six chapters:Chapter 1,Introduction,explains the research background,research significance,and main contributions of this article;Chapter 2,literature review and related theories,summarizes the research results of scholars at home and abroad from the four dimensions of the motivation,risk,pricing and application of asset securitization,and introduces asset securities in terms of definition,type,credit enhancement,etc.Based on this,the basic principles,pricing models,and term structure theory of interest rates for asset securitization are elaborated.The third chapter analyzes the overview of urban bus companies’financing methods and asset securitization,starting from the introduction of the development status of the bus industry,leads to an analysis of the financing needs and financing methods of bus companies,and demonstrates the characteristics of urban bus companies’ asset securitization issuance and mode;Chapter 4,the overall introduction of the case of Bengbu Bus Group’s asset securitization,including the analysis of the fare and passenger traffic of Bengbu Bus Company,financial analysis,the participants of this special plan and specific explanations of credit enhancement methods;Chapter 5,The specific pricing of the securitization products of the bus group,the selection of the optimal scheme for the pricing model that the bus transport company should adopt,and the optimal scheme demonstrated by theory,the interest rate binary tree model,is applied to the actual case of the Bengbu bus group.At the same time,it compares and analyzes the prices simulated by the static spread method and the Monte Carlo simulation method.In this process,the cash flow forecasting method of the bus company is optimized;Chapter 6 summarizes according to the theoretical research and case analysis of the previous article,puts forward the corresponding suggestions,and explains the shortcomings of the article,and puts forward the prospect.