The Research On Asset-backed Securitization In Hunan Expressway

Old saying: "if you want to rich, first build roads", the highway construction condition is the measure of a regional transportation network perfect degree im portant symbol, is also present a regional economic development level of important flag.In recent years, with the rapid rise of the socialist m arket economy, our country pay m ore attention to the improvement of the highway landscape, it also means that need more capital to support the construction of the highway.Hunan expressway have suf fered in the process of construction of the plight of the same lack of funds.To the second half of 2014, the hunan province’s highway is close to 5100 km, 34 provinces and cities in our country highway mileage total ranked am ong the best.Has b een, in hunan province highway construction funds are mainly derived from market financing, but because of the lo ng lack of changes and breakthroughs in financing, m ake highway construction financing problem s encountered in the present st age of developm ent bottleneck.Hunan province, therefore, must to existing m arket-oriented financing channels to change, innovation, can from actually solve the problem of lack of funds for the construction of expressway in hunan province.The so-called asset securitization, is the basic assets value assessment, as a future cash flow in the process of financial trading securities on the market.This paper studied on the ba sis of literature review disc usses hunan expressway asset securitization financing problems in theory and in practice.In hunan highway construction projects face funding sources analysis, rev eals the necessity of asset securitizatio n financing, asset securitization is conducive to the sustaina ble development of highway construction.Then, analyzes the feasibility of hunan expressway asset securitization, open the body of the m ature capital markets, good and debt credit rating, the stability of the project cash inflows t his several asset securitization conditions in hunan highway construction projects can meet, provide fertile ground for asset securitization.Securitization for highway construction projects at the same time, also faces a series of problems, such as: the "special plan" is not clear, the legal stat us of the authenticity of the underlying asset sales of incomplete, such as credit enhancem ent and tax related issues.Articles of hunan province highway construction project design analysis of the process of asset securitization, the operation mode, ABS financing mode a nd highway operation management during the maintenance costs and so on in-depth discus sion, from the highway assets and assets reorganization, credit, and credit rating, sell and underwriting three stages elaborated the specific process of asset securitization.Fin ally, the article put s forward the policy Suggestions to the development of hunan expressway asset securitization, securitization is changed in the design should fully consider th e industry characteristic of expressway in hunan province, in the process of securitization is to choose the strength of financial institutions as SPV, efforts to do a good j ob upgrades, perfect the relevant laws and regulations, strictly control the risk.From the perspective of sustainable developm ent, asset-backed securities can help adjust our country’s capital m arket and prom pt it to develop in a direction to be m ore perfect, perfect.So, if you want to completely solve the problems of lack of funds in the highway cons truction in our country, the best way is to draw lessons from asset securitization to th e domestic capital m arket the huge role in promoting the good experience, direct financ ing through dom estic capital market in China.This is to solve the problem of our c ountry highway construction in the process of financing way.