| In our country assets securitization began in2005. Then with the outbreak of thesubprime mortgage crisis in2008in America, the assets securitization ceased abruptlyin our country. The assets securitization has restarted in2012, but seldom companiesinvolve in the implementation, more participants still wait. The government stresseson waterway constructions,but there are many financing difficulties because of thelarge funding needs. Assets securitization can solve the problem due to its uniquecharacteristics effectively. This paper researches on the risk of waterwaysecuritization financing model, enriching the theory of water transport facilities assetsecuritization financing mode, as well as a revelation to the investors.Construction of waterway facilities needs a great number of funds, and thewaterway facilities can produce steady cash flow. Combination with the low financingcosts, financing risks and wide range of assets securitization, assets securitizationfinancing model is feasible in the waterway construction. And this is a new financingidea for the construction of waterway facilities. In addition, this article identifies therisk of waterway facilities assets securitization from market risk, credit risk, assetssecuritization risk, political risk and project risk. Then a risk assessment system isconstructed, and fuzzy analytic hierarchy process is used to evaluate the risk. Theresults shows that the overall risk of waterway facilities assets securitization is in ageneral level, but both assets securitization risk and project risk are high. Investorsshould focus on these two risks.Therefore, investors should do the preliminary investigation，paying attention toaudit report, and qualification issued by the credit rating agencies and the ratingreport, and the form and content of legal documents. Meanwhile, institutionalinvestors can also supervise construction projects and the purchase of investmentinsurance investment in water transport facilities to avoid risks and reduce losses. |
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