The Research Of Urban Rail Transit Assets Securitization

With the development of reform and opening up, the urban rail transit as an important part of the infrastructure is playing an increasingly important role in the urbanization process. Lots of cities have launched their own urban rail transit network planning. At the same time, with the continuous high-speed economics development, the financing of urban rail transit building frequently demand billions of Yuan, and with the process of project, additional investments occur frequently. The rail transit financing problem is becoming much more attention, because of the long period, difficulty.At present, the funds of urban transit building mainly come from bank loan and government investment. Therefore, Diversified financing channels is very important to promote the rapid development of rail transit. Starting from this idea, this article explores the feasibility and model in the field of asset securitization for urban rail transit financing, then discusses the related problems in urban rail transit asset securitization process by case analyzing, and finally comes out the conclusion and suggestions.This article indicates topic background, significance, research purpose, the problems need to be solved, the summary of current status of domestic and aboard asset securitization and the basic theory of asset securitization which includes the definition, basic process, characteristics, advantages and risks of asset securitization. Then, it is the necessity and feasibility of assets securitization in the field of urban rail transmits. This part declares the current situation of urban rail transmits financing, analyzes the necessity and feasibility of securitization based the analysis above mentioned. The core of this paper is case analysis which takes Nanchang Metro as an example to discuss the basic asset which could be securitized, forecast the ticket income and cash flow of Nanchang Metro, establish the asset pool. Meanwhile, in order to make out the appropriate securitization model, this part take the SPV setup way, credit enhancement and the other subject of this process into consideration. Based on the research and discusses above mentioned, this paper propose the available asset securitization model in the field of urban rail transit and the suggestion which might be useful for the development of urban rail transit in the future.Above all, urban rail transit meets the basic requirements. It is a feasible way that introducing the securitization into urban rail transit financing, implementing in those developed cities which has improved urban rail transit net. Making the financing way change from the traditional financing models into diversified ones, is really helpful for the development of domestic urban rail transit.