The Application Of Asset Securitization In China's Infrastructure Construction

Asset-Backed Securitization is one of the most essential financial tools for financial innovation in the international financial field for the recent 30 years, and its special function offers it huge advantage in the international financial market and makes it being considered as the main direction for development in the international capital market. The securitisation of the assets is one of the most important financial innovation of the international finance field and financial instrument of the past 30 years. Abroad, the securitisation of the assets has already had a comparatively systematic theoretical system. But in our country, the securitisation financing way of the assets is still at theoretical research , up till now , we have only carried on some cases of assets securitisation to practise. The securitisation of assets of our country can go on in these three respects of infrastructure , home mortgage , bank non-performing assets with right to charge .This text main research the application of the asset-backed securitization in our country's infrastructure construction field. Our infrastructure construction needs huge fund. With the development of economy of our country, the demand for the infrastructure increases year by year, This text has analysed the feasibility and obstacle of the assets securitisation of infrastructure in our country, and has studied the operation mode of carrying on the securitisation of the infrastructure in our country through the real case.This text is divided into four parts:Chapter one introduced the general theory of the securitisation of the assets and situation of infrastructure construction financing at present of our country.Chapter two studied the feasibility that our country implement the securitisation from six respects in the field of infrastructure.Chapter three studied the obstacle that the securitisation of our infrastructure faces at present . these obstacles include: The capital market of our country is not developed enough; Shortage of the accounting criterion and tax laws and regulations of the securitisation trade of the assets; The regulation , law related to securitisation of the assets are imperfect; The industry that grades securities one is unstandard; The theory realizes and has not unified yet; Lack the government's strong support.Chapter four is the key point of this thesis, has studied the operation mode of the assets securitisation of the infrastructure through the concrete real case, and analysed the risk and control of assets securitisation financing of the infrastructure.