Application Research On Infrastructure Future Revenue Securitization In China

Although the pilot of Infrastructure future revenue securitization has been launched, there are still many obstacles which prevent it from being applied in a large scale. The thesis mainly focuses on the study of these existing problems and tries to find out their solutions. The research will not only contribute a lot to the development of the infrastructure securitization in a deeper and broader scale, but also has operation significance.Chapter One and Chapter Two serve as the introduction. In this part, it firstly presents the overview of basic theories about infrastructure future revenue securitization which includes a summarization of the related researches in the field at home and abroad, some related conceptions and basic structure of the transaction as well as some related price theories. Secondly, it analyzes the dynamic power of developing infrastructure Future Revenue Securitization from three aspects of the favorable environment, theoretical feasibility and realistic necessity. Chapter Three and Chapter Four serve as the body part of the paper.Beginning with a detailed analysis of two typical cases in China, the thesis presents various problems in the process of infrastructure securitization multilaterally such as the difficulties in realization of sale, setting up and operation of special purpose vehicle and restriction of accounting and taxation systems as well as the lacking of means of improving credit. Finally, the paper provides solutions to these problems; meanwhile it puts forward suggestions on how to make use of the investment bank in the development of infrastructure Future Revenue Securitization.The main opinions are:Firstly, The future revenue is different from credit asset. There are also differences between infrastructure securitization and bank credit asset securitization.Secondly, infrastructure securitization provides a new way for Chinese infrastructure construction which is struggling against financing difficulties. There are many difficulties china has to face during developing infrastructure...