The Economy Analysis Of Asset-backed Securitization Contracts In Infrasture Construction

Asset-backed securitization financing is one of the most important financing innovation since 1970' and instruments in the recent years. It has applied to many fields in our country. Compare with the development of pratice , Research on Asset Securitization of Infrastructure is very poor. Thereby it is essential to strengthen the theoretical and applied research of infrastructure asset securitization .It is of great importance to utilize the fruits of research to setle the practical problems in China. This paper mainly includes two parts with seven chapters as follows:The first part (chapter 2, 3) focuses on the key issues of asset securitization and the financing modes of infrastructure.Chapter 2 systematically studies the character and deal structure of asset- backed securities, analyzes the operation mechanism asset recombine mechanism; risk-income reality mechanism and credit enhance mechanism . And then it particular introduces the participators.By compare with evolvement of all kinds of financing modes of the infrastructure , the Chapter 3 shows the particular advantages of ABS and then it demonstrates that it is necessary to carry out ABS of the infrastructure. There is a marketing trend in the financing modes. ABS is the future way.Based on the introduction to the concept of asset-backed securitization financing, The second part (chapter 4,5, 6) is focus on three administrative levels of the contract in the infrastructure. Fist is that it is rally essential to carry out ABS in the infrastructure. Second is how to carry out the ABS and how to affirm the foundation-asset. Third is what is the implements and how to ensure the success of the contract. The three administrative levels are correlated.Chapter 4 is focus on the answer of the fist level of the contract. It thinks that ABS can reduce information costs, agency costs, regulatory costs and transaction costs, as well as firms can benefit from asset securitization too. But ABS always must face some kinds of risks, just as interest rate risk, exchange rate risk, law risk ,political risk , credit risk , fluid risk , this kind of common risks and build risk , operational risk, the kind of special risks. Whether people take ABS or not lies on the compare of the risks and benefits analysis.Chapter5 is focus on the answer of the second level of the contract. Beginning with the basic principles of the securitization, the thesis presents three financing modes, that is, securitization of development loan of infrastructure, securitization of property rights of infrastructure and securitization of off shore mode. The paper thinks that the last two modes is the feasible way in nowadays.Chapter 6 is focus on the analysis of the third level of the contract. It analyzes all the factors to carry out the contract .The thesis emphasizes particularly on the research of the design and the price of the securities, and discusses the risks and risk control of infrastructure securitization.On the basis of these discussions, the third part (chapter 7) make a conclusion to the whole thesis. Finally, according to the situation of our country, the thesis presents the operational financing mode of infrastructure securitization from the three modes and puts forward some suggestion.