Research On Asset Securitization Value Evaluation Of PPP Projects Based On Real Estate Investment Trust Fund Model

At present our country in the aspect of the PPP project assets securitization experience and perfect laws and regulations,lack of development in the PPP still exist many risks in the process of asset securitization,therefore this article through to the following aspects,this paper studies improve the PPP,the framework of asset securitization model to explore the Real Estate Investment Trusts(REITs)is applied to the feasibility and necessity of the PPP projects,aims to promote the steady development of infrastructure construction in our country.The main contents are as follows:First,the comparative study of the development status and organizational structure of international infrastructure REITs provides experience for the development of China’s PPP+REITs model.The development status of REITs in the United States,Australia,Singapore and other countries is summarized,and the organizational structure of each country is summarized and sorted out,so as to provide experience and reference for the development of China’s infrastructure REITs.Second,based on the current situation of China’s national conditions,it analyzes and designs the fund raising objects,organizational structure,operation mode and exit mechanism of the PPP REITs mode,and explores the development path of the infrastructure REITs with Chinese characteristics on the basis of referring to the operation mechanism of the international infrastructure REITs.Third,through case analysis,Va R theory,which is often used in securities risk management,is introduced into PPP+REITS mode of risk assessment and decision-making.Choose the net present value(NPV)as risk evaluation parameters,the traditional PPP projects and the PPP-REITs operating period of cash inflows and cash outflows as the research variables,by monte carlo simulation risk under the impact of changes in cash flow,cash flow of the simulation results import Va R + NPV model,the risk value measurement comparison of two modes,the PPP application value and significance of asset securitization.Fourth,by elaborating the concept and connotation of resilience,the interrelated destructive evaluation model is combined with the project dynamic and static resilience evaluation model to construct the economic resilience evaluation index system.Respectively from the Angle of static and dynamic toughness measurement study,combined with the numerical analysis,the economy of the PPP project toughness compared with the PPP+REITs project economic resilience,prove the model compared with the traditional PPP model has better project economic resilience and ability to resist risks,embodies its superiority over traditional PPP model,make the research conclusion more convincing and reliability.