Research On The Asset Backed Securitization Pricing Of Highway Project Based On The Real Option

Rapid development of Asset Backed Securitization in all fields requires more from ABS pricing to adapt changing environment. The key problem of ABS pricing is to confirm a price that accepted by investers and initial owners according to the future cash flow of securitized asset. But traditional pricing tools of highway asset backed securitization can't consider the uncertainty of the future cash flow of the asset and the mobility during the deel. With more and more uncertainty of environment, the limitations of traditional tools are more and more obvious. This paper focuses on securitizational asset, and firstly in China appled real options theory to highway asset backed securitization price, the purpose is to research a better pricing tool that reflects real value of securitizational asset when the future cash flow is uncertain.This paper research the characteristic of highway asset and the structure of asset backed securitization deel, then studys the application of real options theory to counter the limitations of traditional tools, and this paper leads into a new viewpoint to settle the problem of highway asset backed securitization pricing. This paper analyses the mutual relationship of kinds of real options that may exist. Through the design of the co-probability function of the double real option model, we make a double real options testing model to settle the problem that how to judge relationship of two real options. In this base we build a real option pricing framework which can improve the traditional pricing tools and help to judge the real value of highway securitizational asset.We deem zhengluo highway as a case study. We determine the value of the first expanding real option and the second expanding real option based on binomial pricing model, and we can reach the total option value through analyse. Then we contrast the results of new tool with traditional pricing tools, and the result is that the value calculated by new tool is bigger considering the uncertainty of future cash flow. Fourthly, warm and identify has positive and the greatest influence on knowledge creation, the object and reward influences all the dimensions of knowledge creation positively except for combination. We can reach that real option is a more efficient method of asset evaluation when there is much uncertainty and choice in the highway asset backed securitization deel.