The Research On Asset-Backed Securitization Financial Model For Changde-Meicheng Expressway Project

The paper studies the construction funds of Changde-Meicheng expressway, by comparing the constitute characteristics of present expressway and to be built expressway's construction funds, and the resulting shortage. To seek the solution of short-term solution to expressway construction, required a lot of money as well as to ensure the smooth progress of the construction of expressways, spread the risks of investments, remain the same state-owned property rights expressway financing of the new model to speed up the construction of expressways in Hunan draw step.The study of Changde-Meicheng expressway in the mode of financing the course through on-site investigation of the existing expressway construction traffic, anticipate the expressway toll revenue size in the future. Take Western asset-backed securities as the prototype, the analysis of the assets of Western backed securities and characteristics is to determine the asset pool of Changde-Meicheng expressway, toll revenue period, the credit enhancement program, and so on. The special institutions functions in Western support for the original asset securitization in the process are given to ABS of Hunan Expressway Corporation and Trust and Investment Corporation, ABS of Hunan Expressway Corporation and Trust and Investment Corporation assume the issuance of securities, capital construction, toll revenue funds depository, as well as investment income paid work. Judging from the current Chinese policies, laws and regulations, through the use of expressway in ABS of Hunan Expressway Corporation and Trust and Investment Corporation financing of the social model to attract idle funds to enter the expressway construction market, the purpose is to realize of the expressway toll revenue risk-sharing, benefit-sharing.