Research On The Improvement Of The Value Evaluation Of Hengzao Highway's Asset Securitization Project

As one of the important areas which helps nation's steady growth and benefits people's living standard, it is of great significance to establish and improve the transportation development's investment and financing management system of "government-led, grading-responsibility, diverse-financing, high-efficiency". Under this background, the fair and reasonable highway assets assessment result is the precondition of investment and financing to run smoothly. Therefore, it is of great theoretical and practical significance to explore how to evaluate the basic assets of the highway, to ensure the correctness and reliability of the assessment results, and to effectively maintain the legitimate rights and interests of the parties for the transaction.After study the foreign and domestic literature systematically, the author summarizes the basic theories and methods of the value evaluation of the highway's securitization. Based on the specific purpose of the asset securitization and the characteristics of the highway and the traffic forecast, this article explores the value evaluation with the method of income present value. It points out that there exists four problems in the evaluation process:the unreasonable forecast of the traffic volume, the incomplete of the operating income, the non-amortization of intangible assets, and the selection of the discount rate. By analyzing the reasons of the problems, the article puts forward some suggestions for the improvement:fully considerate of the highway policy impact on vehicle tolls income, fully definition of the scope of the highway revenue, regarding the transfer value as intangible assets and accumulated amortization to reduce the enterprise income tax expenses, combining with capital market risk degree impact on investors and making full use of the data of the securities market to determine the discount rate of the highway value evaluation. Finally, it comes to the value evaluation inspiration of the highway's securitization project. This article aims at providing a specific and operational improvement measures to improve the rationality and reliability of the highway's securitization assessment and providing reference for evaluation of the same type of case in the future.