| This thesis analyzes the impacts of the lagged development of urban infrastructures on the urbanization process in China, and points out that, with the developing of the capital market, it is necessary to study how to utilize ABS financing method to solve the development problem of profitable urban infrastructures, since ABS owns a great advantage.Firstly, the thesis comparatively analyses the status quo and the future of profitable projects' financing modes in terms of the meaning, financing characteristic and external practice of asset-backed securitization, and points out that the application of ABS on urban infrastructure finance in the capital market not only widens financing channels but also accords with the orientation of contemporary financing.Secondly, based on the study of the necessity and feasibility of launching ABS in the urban infrastructure financing in China, the thesis points out that the economic and legal environment that ABS required has primarily formed.Thirdly, the thesis theoretically describes how to implement ABS as to urban infrastructure. Specifically, the charge rights and interests of the high-quality assets of the infrastructure can be regarded as the basic assets of the securitization. The establishment of trust mechanism , which can isolate risk and reconstruct rights and interests, institutionally guarantee the implementation of securitization by trust. The trade structure of charge securitization, risk control, increasing credit grade, design of trust contract and issue price have been discussed particularly.Finally, financing environment and system guarantee needed by the application of securitization on urban infrastructures in the future in China is analyzed, and the corresponding improvement countermeasures have been put forward. Taking construction of the urban rail transportation project as an example, the thesis try to apply the infrastructure charge securitization on design of the financing scheme . |
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