| With the great acceleration of Chinese urbanization, China will embracea new round of city infrastructure investment over the next decade. The cityinfrastructure is built and operated by stated-owned companies. Therefore,the financing channel of city infrastructure is quite dependent on governmentbudget and bank lending. Recently, the local financing platforms are boomingdue to the lack of construction fund. The local governments are trying to usethe platforms to finance local city infrastructure by issuing bonds and stocks.But a large of social capital does not used properly which is the main result ofshorting financing channels.The asset backed securitization is the new financial tool, initiallyinvented in US, in the20s century. This new tool can increase the liquidity ofinactive asset based on the pending cash flow the asset will generate in thefuture. This creative method has been developed and improved over30years.It has been wildly used around the world. The ABS in China was first startedat the late20s. Then it was tested two rounds,2005and2012, respectively.Now it has formed a standard pattern. Several successful ABS cases arealready launched. Therefore, there are cases to study and research.This thesis is focus on ABS financing of city infrastructure. It was analyzed in several angels. Firstly, the theory of ABS is a must. The thesiscompared two different pattern of ABS in China and US. Then I summarizethe Chinese ABS mode. In the third chapter, the thesis displayed all thefinancing tools of city infrastructure and contrasted each method. It turnedout ABS may be the best solution. In the fourth chapter, the thesis listed allthe successful cases of ABS financing cases that were used on cityinfrastructure and summarize the general pattern of ABS design accordingly.In the fifth chapter, I designed an ABS project for a practical cases-theZhenjiang Water company. In the end, the thesis concluded that ABS is theuseful tool to solve the city infrastructure financing problem. |
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