Research On The Securitization Of China's PPP Project Financing Assets

At present,our country's economic construction is still in a period of rapid development.There are also many contradictions and problems in all social sectors.Local governments generally hope to invest in major infrastructure projects to expand the space for regional economic development.In the future,under the guidance of the Central Government,the government should promote the cooperation model between government and society and innovate the public infrastructure investment and financing system.This is because,in stark contrast to the huge investment needs,the financing channels of governments at all levels continue to tighten.In this context,the government-social partnership model(Public-Private Partnership),hereinafter referred to as "PPP",came into being.At present,the PPP project construction as a new model provides great convenience and efficiency for the cooperation among government,enterprises and specialized agencies,both in terms of national economic construction and provision of public services.And it is a win-win situation and Greatly promoted the process of legalization of our economy and society.Since the PPP model is a model of project construction pushed by the state at present,its own nature determines the construction of a basic project of public service nature that is naturally adapted to a long period,a large investment and a stable demand.The long term and long-term PPP project has many problems.The most important factor in ensuring its smooth operation is the funding issue.At present,the state has not unified the PPP legislation,and the existing system can not provide adequate legal protection.Therefore,it is necessary to analyze the problems among them:for example,the contradiction between the social capital for-profit and the maintenance of public interest,the lack of law in the refinancing and project exit mechanism and the low level of effectiveness of relevant laws and regulations.PPP projects have obvious problems such as long payback period and insufficient capital liquidity.Therefore,there is a natural combination of PPP model with securitization products with maturity segmentation,credit stratification and various liquidity that can be listed and traded.From the perspective of capital operation,asset securitization can be used as an important financial instrument for refinancing and withdrawing after the first round of financing during the construction period of a PPP project.Asset securitization of PPP projects is conducive to arousing the enthusiasm of social capital to invest in PPP projects.As one of the ways of PPP financing,the future is expected to become a classic mode of investment and financing in the field of infrastructure and better promote the development of PPP projects.For all kinds of institutional investors,PPP asset securitization also helps to broaden the investment and financing channels and increase the enthusiasm.However,there are also many problems that need to be solved in the process of popularizing asset securitization in PPP projects.For example,the legal attributes of the right to proceeds,the legal attributes of the future debt,the legal issues of"bankruptcy isolation" and "real sale",the legal attributes of the PPP contract and disputes The way to solve it,the connection and contradiction between the PPP project company and the current company law,and so on.Based on the research of the practical problems,some legal suggestions are given.For example,the feasibility of the right of income as the basic asset in asset securitization should be clearly defined The legal nature of the debt in the future should be unified arrangements for the capital contribution of PPP projects in the future PPP legislation;the "true sale"legal standard should be unified to make up for the loopholes in the "bankruptcy isolation";the interest measurement method should be used,with reference to foreign experience and the current situation in our country,To evaluate the dispute settlement of PPP contract with a wide range of thinking,and explore the feasibility of expanding the scope of asset-backed securities by using the equity of PPP project as the basis asset securitization.