Study On The Application Of The Highway Securitization In Our Country

After 10 years' rapid economic growth, China is now in the key period oflarge-scale highway construction and economic development, but as the GDPgrowth and urbanization level increases, the needs on the highways has increased.According to the country's construction program, our country's highway networkwill remain in the stage of rapid development before 2020, and it is expected that thescale of investment will be from 140 billion to 1500 billion yuan average every nineyears before 2010. The average annual investment will come to 100 billion yuanfrom 2010 to 2020. Faced with such a huge demand for funds, we need to seriouslystudy our highway financing and characters, analyze the existing problems in orderto further reform and improve the highway financing system.Highway construction always belongs to the government and the public, withChina's highway construction having developed rapidly, Highway constructionneeds a large amount of funds. So if only rely on the state's financial allocation, itwill be far from construction funds to meet the needs.Asset Securitization is the most important financial innovations in the world,and it is also the hot point studied by us recently. After many scholars and expertshave studied the housing mortgage loan securitization, credit asset securitization,some scholars suggest the infrastructure asset securitization view, and tries to assetsecuritization for infrastructure projects at the same time. This is a new method tosolve the construction of infrastructure financing difficulties. At the moment, usingasset securitization to solve the financing problems of highway projects have reachedextensive consensus, but in actual operation it is hard to choose suitable for thedomestic assets of the securitization model. In this essay, basing on several assetsecuritization models' comparison and choice, we try. to find out the applicablesecurities model of China's highway, and give the operation of the process and thecredit risk assessment existing in the securitization progress, in order to help to solvesome problems in the highway asset securitization process.