Research On Financing Model Of Infrastructure Asset Securitization In China

With China's industrialization and urbanization development, lack of infrastructure funds restricts China's economic development. Asset securitization is been considered as a major financial innovation. As a structured finance model, the application of asset-backed securitization has been enriched and developed in various countries from theory to practice. However, the asset securitization financing on infrastructure in China is still in the theoretical study and pilot phase, has not carried out substantive. Therefore, actively exploring and designing asset securitization financing models to solve the current financing difficulties will have important practical significance.In this paper, the main study is the infrastructure asset securitization financing, and research from the theoretical and practical aspects. Theory research mainly includes: basic theory of Asset securitization, necessity and feasibility of these thesis. In practice, the paper analyzed and summarized the specific cases at home and abroad for the first time, and constructed two sets of infrastructure asset securitization financing models: Trust-Model SPT and Corporation-Model SPC, furthermore discussed the applicability of two models.At present, Trust-SPT model is a realistic and rational choice, but also the most sensible choice on infrastructure asset securitization model in china. The promulgation of new "Company Law" gave a certain legal basis to establish corporate SPC model. Through a certain degree of government intervention, state-owned sole proprietorship of SPC model is expected to become China's current establishment of the SPV, and to be a faster and more cost savings way, and it will help to promote development of ABS on securitization. Finally, the paper put forward three proposals through the design of ABS mode and China's actual conditions: Improve the legal system and, if necessary, to establish a unified "assets Securities Act"; An appropriate degree of government intervention to protect the asset securitization; Actively develop the capital market, standardizing training intermediaries.