The Research On The Application Of ABS In Financing The Railway Construction

In order to solve the difficulty in railway traffic, Chinese State Department has adopted the《the middle and long term Railway Network Plan》.According to its development goals, we can forecast that the next 15 years Chinese railway construction capital demand total up for 2 trillion to 2.5 trillion RMB. However, in recent years the amount of investment in railway construction has been hovering from 50 to 60 billion RMB, the fund gap is huge. Railway Construction financing is especially urgent in recent years, Chinese railways are facing the contradictions between accelerating the development and a severe shortage of construction funds, the pressure on the financing of the railway construction is tremendous. The existing financing methods and channels are difficult to solve Chinese current railway construction fund difficulty. A huge amount of fund for railway construction forces us to find new financing channels. And asset-backed securitization, as a new financing method has developed rapidly in the world, its potential for development is enormous. This paper is based on the above background, tries to solve Chinese railway construction financing problem through this innovative tool that is asset-backed securitization.This paper first introduces the research background, the research status, the research purpose, the research significance and the content of the basic framework. It analyzes the railway construction investment and financing profiles of the world's major countries and the history, the current profiles of Chinese Railway Investment and Financing, points out that Chinese railway construction financing methods and channels are still relatively simple, market financing is on a low level, we have not made enough use of the capital market, the existing financing methods and channels are difficult to solve Chinese current railway construction fund difficulty, A huge amount of fund for railway construction forces us to find new financing channels. And bravely proposes to apply the ABS in the financing of railway construction. It provides the theoretical basis and the logical starting point for the following chapters. Then the paper analyses the feasibility of applying the ABS (Asset backed securities) in the financing of railway construction from several aspects, provide the basic model and the specific model of applying the ABS (Asset backed securities) in the financing of railway construction through rational selection and detailed planning. And then the paper describes the common obstacles and special obstacles of applying the ABS (Asset backed securities) in the financing of railway construction from the legal, accounting and tax system, puts forward specific and feasible measures and proposals. At last, it summarizes the main points of the paper, points out the issues that need further study.