Research On Pricing Of Asset Securitization Products Of PPP Projects

Public-private Partnership,or PPP mode,is a new model of cooperation between government and social capital.To participate in the construction of public infrastructure by encouraging private enterprise,private capital and government to cooperate.At present,China is pushing forward the PPP project,which regards PPP as an important innovation means to transform government function,construct modern financial system,improve public management mechanism and government investment and financing.Common problem in the PPP project financing difficulties,and the lack of liquidity after the project investment,the background of the efforts to promote the development of the PPP project asset securitization,asset securitization into the PPP project to speed up the PPP project to the ground and the PPP pattern of growth of main engine.For the PPP asset securitization have a series of complex work,the asset securitization product pricing research is both critical and complex step in the process of securitization,product pricing not only provide an important basis for the issue,and products traded in the secondary market is one of the core driving force.It is a top priority in the research process of securitization.In this paper,the main aim is to understand the application of asset securitization in the process,and on the basis of the pricing theory,combined with the feature of the PPP projects in China,the study of the PPP project asset securitization product pricing.This article first expounds the theory of asset securitization and product pricing principle,and then compared the static cash flow discount method,static adjustment spreads,options to adjust carry a total of four common pricing method and monte carlo simulation pricing method,think static adjustment spreads pricing method is more suitable for the PPP project assets securitization pricing,and on the basis of the PPP project assets securitization pricing model is put forward to construct.This article also to finance the PPP demonstration project of nanjing xianlin sewage treatment project as an example,the structure of securities products design,and build the model using the method of static spreads pricing to price products and credit promotion design according to the results.Finally,the investors,financiers and regulators all put forward Suggestions.