| With the strong growth of Chinese economy and fast increase in the import and export of cargo transportation during the last few years, throughput of Chinese ports especially coastal ports have kept a rapid growing speed; some large specialized terminals such as container terminals, coal terminals and oil terminals are generally operated with overload; the contradiction of operating capacity and factual throughput is apparent, the situation of port operation is very tense. Moreover, in many ports, there presents structural contradictions in the infrastructure construction, and the functional structure of ports couldn't satisfy the needs of economic development. The intense situation between port demand and supply there arises, to a large extent, is due to fund deficiency.The paper mainly deals with the status quo of the domestic port demand and supply, funds resources, investment and financing systems, funds policy, and financing methods of Chinese ports. Through the study, the author puts forward anew port financing method——port financing method based on offshore assetbacked securitization, the latter part of the paper actually is a complete set of proof of this method. The purpose of the paper is to provide Chinese ports of today with a better port financing method compared with foreign investment, bank loan and so on, that universally had the problems of insufficient fund.Chapter one mainly analyzes the present demand and supply of Chinese ports. It puts forward the current problems and points out the necessity of the paper. It also shows the basic train of thoughts and methods of the research in this paper. Besides, to help lead to the following chapters, this chapter gives an overall picture of the theory of enterprise investment & financing as well as asset -backed securitization.Chapter two gives a thorough analysis of the construction, throughput capacity and throughput quantity of Chinese ports (coastal ports and freshwater ports). It includes relevant studies on port throughput quantity and main national economical indexes. It argues that there is an insufficient supply of Chinese ports, and by analyzing the negative impact of this, suggests some solutions. Also, it puts forwards some ideas for the long-term solutions based on the supply anddemand situation of Chinese ports.Chapter three analyzes the sources of funds for Chinese ports, and compares the systems and modes of investment and financing between domestic and foreign ports. It summarizes the previous as well as the current national policies concerning investment and financing, and concludes 10 types of financing methods for port enterprises. It also gives a comprehensive quantitative assessment of these modes of financing by employing the method of AHP-F. Finally, it gives a prediction of the demand for funds for the construction of domestic ports.Chapter four introduces the basic concepts and the history of development for asset-backed securitization, as well as the global market for asset-backed securitization. It analyzes the basic principles and inherent characteristics of port financing by of asset-backed securitization. It classifies asset-backed securitization and introduces the concept of "off-shore asset-backed securitization". A "feasibility judgment formula" is presented for port financing based on off-shore asset-backed securitization. "Game theory" is employed for the further study of the characteristics of port financing based on off-shore asset-backed securitization and a conclusion is made that off-shore asset-backed securitization is a solution to general problems concerning financing through asset-backed securitization.Chapter five puts forward a complete set of operation pattern of port financing method based on offshore asset backed securitization, includes a study on the financing situation, participators, organization structure, operational process, financing risks and pricing problem of the pattern, and brings forward suggestions for the domestic ports about how to carry out the offshore asset backed securitization. |
PDF Full Text Request