Case Analysis Of Asset Securitization Of Urban Rail Transit Projects

With the acceleration of urbanization in China,the urban area gradually expanded,the rapid increase in motor vehicles,traffic congestion has become a common problem in many cities.The development of urban rail transit can effectively solve the problem of urban traffic.However,with the expansion of the scale of rail transit construction,the contradiction of financing mode is becoming more and more prominent.In the process of building urban rail transit by traditional financing,High cost,poor financial efficiency,long return period and the formation of assets realized poor ability,we can see the expansion of financing channels,financing structure of the problem to be resolved.In the past two years,the national policy has supported asset securitization to revitalize the stock of assets,and some large-scale infrastructure projects have also tried,which provides a new opportunity for the innovation of rail transportation enterprises.Based on this,this paper puts forward some suggestions on the perfection of asset securitization of urban rail transit project through the case analysis of asset securitization exploration of Z city rail transit project,which is helpful for China’s urban rail transit enterprises to revitalize the rail transit assets and support the benign development of rail transit Has important practical significance.This paper analyzes the necessity and feasibility of asset securitization of urban rail transit project after combing the related literature,basic theory and institutional background.Secondly,taking the asset securitization of Z city rail transit project as a case,it analyzes its use of assets The exploration of securitization financing and the implementation of asset securitization plan,found the problems in the course of its actual operation,and put forward the perfect proposal.According to the case analysis of asset securitization program of Z city rail transit project,it is found that the urban rail transit project satisfies the basic conditions of asset securitization,but there are the following problems in the actual operation process: the enterprise is in the early stage of construction,,Which leads to the small scale of issuance.The exclusivity of asset securitization and repayment channels has a negative impact on other financing instruments.The choice of credit securitization of asset securitization will affect the financing cost and increase the financing burden of enterprises.Therefore,in order to promote the application of securitization assets of urban rail transit project,this paper puts forward some suggestions from the following aspects:(1)The government should relax the policy of asset securitization;(2)The regulatory body should perfect the securitization product market;(3)enterprises should choose a reasonable asset securitization model;(4)the legislature should improve the relevant laws and regulations.