The Choice Of Infrastructure Assets Securitization Modes

Infrastructure domain, approximately consists of electric power, communication, railroad, harbor, road, airfield, the municipal administration communal facilities, water conservancy project facilities and so on. The infrastructure construction has the features of the older building cycle, greatly capital input amount, the longer recovery stage. Our country is in extensive infrastructure construction at the moment, depend purely the government to invest and the credit financing not to be enough to cope with the infrastructure construction capital demand far away, the existing way of financing is difficult to spread further. Hence, the financing problem has become the key obstruction of restricting our country infrastructure construction.The asset securitization is the significant banking innovations in close international financing markets of 30 years. From the asset securitization come out since in the U.S., it was developed very much swift and violently in the 20 years. As a effective way of financing, the asset securitization of infrastructure construction is arousing universally attention. Contrasting with the other ways of financing, the asset securitization has the advantages of the lower expenses cost, "True Sale" and "Bankruptcy Segregation", the higher credit level, risk decentralization, safeguarding the country rights and interests. Using the asset securitization, some kinds of the future profit of steady infrastructure is transformed into the right of financing now, that shall be the valid method to resolve our country infrastructure construction predicament. At the moment in our country, The development of infrastructure asset securitization merely is in theory research and experimentation.Now the asset securitization to resolve the infrastructure financing problem has been acquired the wide-ranging common understanding, but in the actual operation it is difficult to choose feasible modes to fit the domestic situation. This paper applys the rules of "accord with the asset securitization definition "and "the capital scale and item duration in the interest of meeting the main part profit maximize have to attain the specified criterion " to compare and analyse three kinds domestic flexible modes of asset securitization, then obtains the most splendid mode. It can supply the feasible scheme for the development of asset securitization in infrastructure construction, it also help to settle the problem of infrastructure financing and the problem of asset securitization which is hard to be operated in our country.