| In recent years, asset-backed securitization (hereinafter referred to ABS) financing is the most rapidly developing financial tools and innovative financing techniques on the international capital market. It adopted the "isolation of bankruptcy", "credit enhancement" and other technical means to greatly protect the interests of investors. It also provided more diverse financial instruments and investment choices for financiers and investors by the rational division of the cash flow and the meticulous design of securities. Its appearance can optimize allocation of the market funds. Being a cheaper, more efficient way of financing, it has a broad application in numbers of areas abroad. With the future development of China's economy and foreign trade, the fierce competition of international port, China's port need to further accelerate the construction and its pace of development, which requires a large amount of port construction funding. The existing financing system of China's port is still far from abundant and efficient, and could not meet the ever-accelerating rate of port construction and the needs of building capital. Thus the introduction of the ABS financing becomes a very necessary.The content of the paper include series of introductions for the ABS concept, feature, operation mode, etc. The purpose is to solve the construction financing problem of china's port by thoroughly studying the core and essence of ABS and put forward a set of operation pattern of construction financing based on ABS for china's port. Advanced as a means of financing, ABS has its own advantages, such as broaden financing channels of port, enrich funding sources, and make optimization and diversification of existing financing structure. The paper introduced the current situation of construction financing of china's port, explained the existing financing means and the well development of China's capital market in recent years. All of these made the ABS of China's port projects a practical implementation.With full consideration of the speciality of port industry and the stage characteristics of China's economic development, this paper focused on two keys of operation- choice of the securities assets and feasible patterns of SPV, and designed an operation pattern of ABS with the characteristics of China's port industry. It not only put forward different kinds of port construction project assets which could be securitized and three more feasible SPV improved model for ABS of china's port, but also made a detailed compare between them, analyzed their superiorities and deficiencies and each applicable case.In practical operation, ABS is a financial innovative project with a complicated structure, with many parties involved, with rigid transactions, highly marketized and highly risky. As a result, together with the remarkable structural benefits it offers, it brings us various risks. We should make the best of the macroeconomic and microeconomic benefits brought by securitization on one hand and carefully plan the prevention of securitization risks on the other. At the same time, we should implement well-arranged supervision over it to enable it to better serve our economic development. This paper made precise risk identification, assessment and avoidance on underlying risks of ABS project, including ABS structure risks, risks of construction quality and environmental risks. It also established a relatively complete risk management framework for ABS project of china's port construction.At present, ABS of China's port construction project has not yet entered the practical field. Its development is still confronted with many obstructions, such as system, law and economic environment obstacles. Targeting these potential practical problems, this paper also proposed more pointed implementation suggestions on the operation of ABS of China's port construction projects. |
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