Kunming City Rail Transit Asset Securitization Financing Research

One of the biggest problems in track building is financing. At present, China’s rail transit construction funds are basically relying on the government’s financial support and credit support from banks. In order to promote the process of urban subway construction, Broaden the financing channels to seek diversified, market-oriented urban rail transit investment and financing mode has a very important practical significance。 This article makes an analysis of Kunming Rail Transit asset securitization financing model to the urban rail transit financing and expands construction funds financing channels of urban rail transit.This paper was divided into five chapters introduce content of Kunming rail transit asset securitization financing model, combined with the basic principles of asset securitization. Chapter I:Introduction. It indicates topics the background, purpose and meaning and reviews of the status of international research. Chapter II:rail transit necessity and feasibility of securitization. This chapter describes the basic principles from definition, Process of financing, cash flow analysis, the condition of the securitized assets. By analyzing the characteristics of the rail transportation assets on the feasibility of urban rail transit asset securitization。Chapter III:the feasibility analysis of Kunming rail transit’s asset securitization. The writer uses the principle of asset securitization in the cases of Kunming Rail Transit asset securitization, builds pool of securitized assets of Kunming rail transit, Through the formation of SPV, asset credit enhancement, and Kunming rail transit fare box revenue and land development gains cash forecasting, design Kunming rapid rail transit asset securitization products to explore the feasibility of asset securitization. Chapter Ⅳ:Kunming urban rail transit asset securitization product distribution model and management issues. Securitized products specific mode of issuance and transaction process, and the risk of product release process one by one to do the analysis, and corresponding measures put forward new ideas for urban rail transit construction financing.Chapter V:the proposals of China’s rail transit asset securitization. Through the above research and case studies, the paper gives a viable means of China’s future rail transit asset securitization, as well as policy recommendations. According to this paper’s analysis, introduce asset securitization financing model to construct rail transit can improve economic efficiency and bring investment and financing of urban rail transport, construction and operation of the cities’rail transit into a virtuous circle.