Research On The Asset Backed Securitization Of Highway Passenger Transport Enterprise

Asset securitization have been high-profile since the 1960 s,it can input the asset that lack of liquidity but the futural cash flow is fixed into the asset pool,and convert it to be the securities that can circulate in the financial market through structure reorganization.In recent decades it is one of the most important financial innovation in the market.Asset securitization in our country began since 2005,but suspend for four years because of the 2008 subprime crisis,and restarted in 2012.At the same time,The financing difficulty of transportation industry has always been a major problem.The transportation industry has the characteristics of large investment,stable income and so on.In the past,the transportation enterprises always applied to the banks for loans when they faced the problem of financing.But in this way,the cost to get the loan from bank usually heveay,and sometimes difficult to get the loan.Highway passenger transport has a stable and predictable revenue source,which can meet the conditions of asset securitization,So in this paper we attempts to explore the application of asset securitization in the highway passenger transport enterprises,and solve some of the more critical issues in the process of Asset Securitization,including the design of the asset securitization,the underlying asset cash flow forecast and asset-backed securities pricing,put forward the scheme design of asset securitization,cash flow forecasting model and pricing method for highway passenger transport enterprisesIn this paper firstly we introduces the latest research about the progress of asset securitization,and summarizes the existing literature.The second part of the paper,we analyse the financing situation of Highway passenger transport enterprises and found the existing problem o f the financing pattern.Then discuss the feasibility and necessity of asset securitization,and pointed out the key problems to be solved in the asset securitization of highway passenger transport enterprises.In the third part,we design the scheme of highway passenger transportation asset securitization.Discuss the feasibility and necessity of the asset securitization.And analysis the construction of the asset pool,the selection of the underlying assset,the selection of SPV and the method to inceace the credit rating in the inside and outside.At the same time point out the underlying risk of the asset secuitization.The fourth part is to predict the cash flow of the underlying asset,compared with the Grey model,Regression model and BP neural network model.And finding that grey model and BP neural network combination model is applicable to highway passenger transport enterprise.And then test the model with A company to predict the futrual cash flow.In the last part,we try to pricing the highway passenger transport asset securitization.We compeared the static cash flow yield method,static spread method and option adjusted spread method.And through empirical analysis found the static spread model is more applicable to pricing the asset securitization of highway passenger transportation enterprise.