Application Study On ABS Of Transport Infrastructure In China

As the important material base of economic development in China, transport infrastructureplays a vital role in the economic development and social progress. Transport infrastructure hassuch features as strong positive externality，great amount of construction capital, long financingcycle, etc. One of the important patterns for transport infrastructure construction is led by thegovernment, and joint construction enterprise to establish a BOT project. This model leads to thefact that the high asset-liability ratio and large accounts receivable restricts the liquidity ofenterprise assets, and influences subsequent investment projects for company. Theoreticalresearch and practical exploration shows that asset securitization is an effective way to solve theproblem.Based on this, this article selects " ABS of STE Co., Ltd. BOT Project " as a research case.When clearing the background, the main process and the results of this case, this articleanalyzies the motivation of the case, the core part design, control of the financing cost, riskprevention, and summary the characteristic of the case model, in order to explore the case how tocarry out the specific arrangement of asset securitization. For a purpose to promote the model,this article do the general research about ABS of transport infrastructure in China for three aspect:the scope of application, operation advantages and the main risks. Finally, according to problemsthe case model may face, the article put forward that our country must improve the legal system,build multi-level market system, improve the system of rating, and the government should play arole of to guide the development of asset securitization.