The Research On Asset Securitization Financing Of Urban Infrastructure In China

Urbanization is the development trend of the world economy and its lever is a main sign of a country's economic Situation. The development of a city economy depends on the urban infrastructure. Because the urban infrastructure is the"social overhead capital", and it is the basic condition of the development and survival of the cities.With the development of our country economics, the capital demand of urban infrastructure has gradually increased. But the actual financing mode has not met this demand of financing. It has became a very important problem that how to improve the ways of financing for the urban infrastructure and enhance the infrastructural project construction. So this thesis which is base on the theory of asset securitization infrastructure researches on asset securitization financing of urban infrastructure in China.Firstly, this thesis analyses the financing actuality of the urban infrastructure and point out that the actual financing modes have two shortcomings. On the one hand, the finite government finances dose not has enough money to invest the urban infrastructure. On the other hand, the fund by actual financing modes does no longer augment.Secondly, this thesis introduces the theory of asset securitization by the numbers, and emphasizes the core of theoretic which is steadily cash in the future. Besides, the thesis also amply expounds that"Asset Reorganization","Risk Separation"and"Credit Enhancement"are the three principles of asset securitization and describe the general process of asset securitization.Thirdly, based on the study of the necessity and feasibility of putting asset securitization in practice in the urban infrastructure financing in China, the thesis points out that the economic and legal environment that asset securitization required has primarily formed. Furthermore, it point out that asset securitization of urban infrastructure is very advanced by comparing with current financing modes, such as credit, BOT and so on.Finally, the thesis proposes the appropriate pattern according to the status quo of urban infrastructure, including how to design business frame and SPV(Special Purpose Vehicle)and make use of"Credit Enhancement".