The Impact Mechanism Research On Trust Asset Securitization Of China Railway Based On The Perspective Of Property Right

The railway industry is capital-intensive and its industrial development has a very obvious external economic effect.The rapid development of the railway has brought huge financial pressure,which is difficult to sustain relying on the own funds of the railway.The huge fund active in the capital market requires the obvious trend of combination with good investment channels,industrial capital and financial capital.Asset securitization has a unique advantage in the liquidize remnant assets,revitalizing assets,transaction costs and financing risk control.Represented by the US and German,the fields of large infrastructures like roads and bridges mainly use trust-type asset securitization financing model.In the railway project financing,the foreign countries mainly use BOT,TOT,PPP,ABS,financial leasing and other modern financing models.The use of multi-financial financing tools forms a benefit for the capital expansion in the construction of railway.In recent years,the requirement in the railway scale construction has been more intense in our country.The demand for funds is large and the problem of railway financing has been paid more attention solved by the market-oriented path.Under the unique property right structure of Chinese railway field,it has been the main subject of this thesis how to continue to financial and technological innovation,fully vitalize the already asset value of the railway and solve the complex systems engineering of railway financing.Based on the research of pertinent literatures about asset securitization financing problems mainly focusing on the aviation,port,real estate,and highway,etc.,the academic researches on the railway asset securitization financing problems are not enough adding the shrink investment in the railway construction in recent years of some western countries.The domestic asset securitization started late.At present,it is in the stage of exploration and development.The theoretical framework of investment and financing property rights problems in the field of railway is abundant,but the explanatory power of research literature defining the railway assets property based on the perspective of property right is not enough.Also,the research literature of introducing trust asset securitization in modern financing mode to vitalize stock assets were still insufficient.The exclusive use of China's railway assets,the complexity of the network operation and the limitations of the railway company's equity change all allow the definition of railway property rights to be further discussed.This thesis systematically analyzes the impact of the railway trust asset securitization on the basis of property rights theory.First of all,based on property rights theory,the adaptability of China's railway project financing in the field of asset securitization will be discussed.Make clear the property rights that can be sold through securitization.Then from social and economic point of view,analyze railway asset securitization on inventory asset utilization,financing cost reduction,and financing risk factor identification.Secondly,through the theoretical analysis of the operation mode of the trust-type railway asset securitization under different circumstances,this thesis discusses the way and effect of the railway asset securitization model with trust as specific purpose.Thirdly,in order to study the cost effect of trust assets securitization to the whole securitization system,this thesis introduces game theory to analyze the contractual performance mechanism and behavior of each stakeholder in securitized mode.Fourthly,according to the VaR risk model,the potential financial risk factors of railway trust asset securitization are discussed by subdividing the possible risks of railway financing.Fifthly,German high-speed railway construction is used as a research sample to further explain the role of railway trust asset securitization in utilizing railway stock assets,reducing financial cost and strengthening financial risk control through analysis of the financing mode of German railway securitization.Sixthly,combined with the characteristics of China's railway property rights,taking Jiqing high-speed rail PPP asset securitization as an example,this thesis puts forward that the complexity of railway property structure in China,and is suitable for adopting modern financing ways.Finally,based on the theoretical framework established above,this thesis analyzes the application and direction of China's future railway trust asset securitization.First of all,study suggests that China's railway trust asset securitization model has its corresponding environmental conditions with a broad space for development.Compared with western developed countries,as China's asset securitization started relatively late,the application of infrastructure comparatively lacking,asset securitization and other modern financing methods to ease railway financial pressure of large infrastructure construction are effective.In addition,from the successful experience of German railway asset securitization,it can be seen that the asset securitization in the railway field has a very broad space to expand.Adaptations to China's current economic and social system can better meet the development needs of China's railway industry.Second,compared with general bond financing,listing financing,renting financing and other similar models,the trust-type asset securitization model is appropriate to revitalize the railway stock assets,broaden the financing channels of urban railway facilities,expand the scale of railway project financing and enhance the competitiveness.Third,the combination of asset securitization credit enhancement system and risk isolation mechanism with the independence and tax-saving characteristics of trust financing mode can greatly reduce the cost of railway financing in China.The independence and tax-saving character of the trust mode can utilize their assets while realize the basic asset transaction costs' reduction.Fourth,it can effectively control the risks of railway construction financing,if the independence of the trust property is ensured,and asset securitization in the real sale,bankruptcy with isolation of the system are properly controlled.The effective combination of the trust system and the asset securitization financing system can increase the financing value and scale of the railway company.The independence of the trust system can help to realize effective isolation of the risks and enhance the quality of railway financing.Fifth,German railway property rights border is clear:government controls railway debt,helping high-speed railway companies to use market-oriented means to introduce strategic investors to solve the problem of lack of capital assets.China's railway is in a mixed stage,it is hard to define where railway property rights can be used.Taking Jiqing high-speed railway as an example,it is difficult for only one modern financing mode to achieve all the purposes of financing.The effective path for China's current situation lies in a compound PPT property securitization mode,letting high-speed railway and assets compensate for each other.By giving clear definition to railway inventory assets,the conclusion of this thesis is useful to activate inventory assets by effectively utilizing trust mode securitization financing tool,reduce railway financing cost,combine railway industry with finance,and encourage the participation of social capital in railway construction.