Research On The Asset-Backed Securitization Financing Of Expressway In China

With the development of economy of our country, the demand for expressway construction increases year by year. The traditional financing ways, such as government investment, the bank loan and so on, play the limited role in expressway construction. And its financing function is very limited too. So we should find a new feasible financing way to solve problem of lack of the capital in its construction. It has become a very important problem that how to find the financing way in expressway construction and enhance expressway investment.Expressway construction has the features of long building cycle, greatly capital input amount, long recover period. To finance only through the market has difficulties. This paper put forward to a new financing way through Asset-Backed Securitization in recent years. It is meaningful to solve the problem of absence of capital in expressway. The foundation of asset securitization financing is assets that steady cash which can expect to flowed into, this is a kind of better way that can change less liquid asset into cash, collect massive funds for expressway construction, effectively alleviate insufficient of expressway construction fund, impel expressway to rolling development. So it is an ideal way to finance in expressway construction.The paper starts with the overview of basic theories about asset securitization. Analyzing based on the characteristic of expressway construction and the way of ABS financing, according the actuality of our expressway, proving the feasibility to carry out ABS pattern of expressway construction in China. And also analyzing the cash flow of expressway construction revenue, and introducing the process of the expressway ABS. It attempts to design the detailed products of expressway asset securitization. We put forward some kinds of financing model of ABS in expressway construction in our country, and elaborate it clearly. Basing on several asset securitization model's comparison and choice, we try to find out the applicable securities model of China' expressway. Finally, we alert of the possibly obstacles about the asset securitization and give some feasible methods to solve them.