Study On Asset Securitization Of Sewage Treatment PPP Project In T City

At present,China has entered a critical period of economic transformation.When solving the contradiction between economic development and ecological protection,the development of environmental protection and governance industry will be an inevitable trend.PPP mode realizes the transformation of government functions and rational allocation of resources by promoting the cooperation between financial institutions or individual investors and government departments,and helps solve the investment and financing difficulties faced by the development of environmental protection industries.It is an innovative form of financing for environmental protection industries.Environmental protection PPP projects are financed through asset securitization.The process of issuing securities with the assets that generate predictable cash flow during the operation period of the project as the support is a breakthrough in the traditional financing method.Relying on the cash flow generated by the enterprise’s high-quality assets rather than its own trust,it is used to meet the enterprise’s demand for funds,help the enterprise revitalize the stock of basic assets and provide financing efficiency,and broaden financing channels.This paper sorts out the successful operation of PPP project financing modes at home and abroad,summarizes the data and literature related to asset securitization at home and abroad,and selects the sewage treatment PPP project in T City as the research object to design the asset securitization financing scheme.Firstly,this thesis analyzes the feasibility and necessity of asset securitization financing for sewage treatment projects;Secondly,for the PPP project of sewage treatment in T City,create asset securitization basic asset pool;Then predict the future operation cash inflow of the project;Thirdly,select the appropriate Spv for the asset support plan;Finally,credit enhancement is carried out for the asset support plan.After the scheme design is completed,this thesis calculates the financing cost of the asset securitization product to verify that the implementation of asset securitization can revitalize the stock assets,obtain cash flow in advance and reduce the comprehensive financing cost of the project.In addition,this thesis puts forward specific safeguard measures for asset securitization financing from three perspectives:organizational guarantee,institutional guarantee and technical guarantee.By applying the asset securitization financing mode to the PPP project of sewage treatment,this thesis designs the asset securitization scheme suitable for this kind of operation project,realizes the early return of cash flow during the operation period and effectively reduces the comprehensive financing cost of PPP project;Perfect channels for social capital to exit after participating in PPP project investment and obtaining investment income.The implementation of this scheme can provide a useful reference for asset securitization financing of PPP projects of the same industry type in China.