Research On Beijing-Tianjin-Tanggu Highway Asset-Backed Securitization Financing Operation

In our country, the development of highway become more and more quickly, especially under the guidance of China's economic development, the overall construction of the highway and its scale has a rapid progress, Highway scale is relatively large, relatively long payback period, because of these reasons, there are many problems on the choice of our country highway financing way, we need to solve step by step. Jingjintang highway financing needs, the author of this paper, in a unique way of financing--asset securitization, hope to be able to solve the Jingjintang highway encountered in the process of financing problems. Asset securitization is the premise of need to have predictable relatively stable cash flow income, because of the highway assets also have less liquid and stable cash flow income characteristics, therefore, we can liquidated the assets of the highway, highway asset securitization is a more ideal way of financing.This paper first discusses asset securitization, infrastructure, highway related basic theory, introduced the principle of asset securitization, including cash flow analysis, principle of assets reorganization, risk isolation and credit enhancement principle, analyzed the characteristics of the asset securitization, and infrastructure, analyzes the development of asset securitization process and the current situation of infrastructure finance. Highway traditional way of financing and its limitations are briefly compared the advantage of asset securitization financing and traditional financing ways, highway asset securitization can be, and introduces the cause of the highway asset securitization. Then introduce highway north China co., LTD.'s main highway--Jingjintang highway development present situation and financing needs, financing of asset securitization in Jingjintang highway applied feasibility analyses, and the Jingjintang highway financing problems puts forward some Suggestions to deal with, we should establish relevant laws and regulations system, establish a good intermediary service mechanism, improve the support of government regulation system and called for more investors to participate in. Finally, proposed the Jingjintang highway asset securitization financing risk management, risk management include risk identification, risk assessment and risk response. In the process of risk assessment, fuzzy comprehensive evaluation model, set up the index system, to determine the index weight, and evaluation process of the quantitative indicators of Jingjintang highway asset securitization financing risk index evaluation, finally to Jingjintang highway asset securitization financing in facing the risk control measures are put forward.