Research On Infrastructure Securitization

In the developed capital market, Asset-backed securitization has become one of the main financing techniques and been widely applied to all respects since the end of 1970s.The scheme of the thesis is infrastructure securitization, which is the product of infrastructure and the securitization techniques.Because of the economical and technological trait of infrastructure, how to raise the money it needs is the difficult problem for all countries. China is no exception. In the course of the marketing, along with the thorough reform of economical system and the enormous change of national economical running state, the government has not the ability to take on the burden, and the traditional financing mode is limited to raise the money because of the adverse factors.The thesis discusses a new financing mode, which is the combination of capital market with infrastructure. 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 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 thesis analyzes the realistic significance and feasible project of infrastructure securitization. Finally, according to the situation of our country, the thesis presents the operational financing mode of infrastructure securitization from the three modes .