Research On Highway Asset Securitization Financing

Asset securitization of the highway is a project belongs to the transferor in support of the specification of the securitization of infrastructure. Under the background of economic globalization, the highway industry developing rapidly, in order to solve the problem of shortage of funds, our country some large infrastructure start to look for alternative financing way of construction. Because our country highway construction financing source is relatively single, the traditional model clearly can limit the further development of the national highway. So the turnover of stock assets to fill the highway construction fund gap, the thinking and exploring of new financing pattern has very important significance. Asset securitization in countries such as Europe and the United States initially sprout and grow up in the late20th century, has been each country is the widespread use of new financing mode. Asset securitization as a new type of financial tool, in the form of a fresh blood for our country’s highway construction financing has injected more fresh vigor and motivation.Highway asset securitization as a unique financing pattern of financing techniques, since the U.S. in the70s, is developing very rapidly, is now being used by a wide range of countries in the world. Asset securitization will use for our country to the highway financing in our country, have prevent loss of state-owned assets, improve the return on assets, broaden the financing channels, reduce the financing cost, reduce risk, improve the liquidity of capital, private capital advantages, but due to the highway financing advantage of asset securitization in our country still belongs to a new things, there is the accounting system, tax system, credit rating system, selection of SPV, imperfect laws and regulations, our country should establish and improve the asset securitization in practice relevant laws and regulations, completes the securitization of credit enhancement, select high credibility and strength of financial institutions as SPV, choose appropriate asset class, and according to the characteristics of highway industry bond product design, etc., in order to gradually improve the highway asset securitization in China. This article also puts forward the highway in our country adopts the mode of appropriate asset securitization, and combined with high speed in shandong Qingdao jiaozhou bay bridge, simply describes the shandong high-speed Qingdao jiaozhou bay bridge in the process of using the asset securitization financing the establishment of SPV and specific operating procedures, highway in shandong province was put forward in the process of financing needs to change in the financing model,establish and improve the diversification of financing mechanism and system, in order to achieve better solve the highway under construction operations face a shortage of funds in the process of confusion.