| In recent years,the China Securities Regulatory Commission and the National Development and Reform Commission have launched a large number of PPP project policies and notices,and local governments have also built a large number of local public infrastructure via the PPP model.China's PPP project has entered the golden period of development.However,under the background of the rise of PPP mode,China's social capital participation has gradually declined.The reasons are mainly reflected in the following three aspects.First of all,the construction and operation of our country's PPP project takes a long time,and it is very difficult to recover capital after the social capital enters.Secondly,the exit mechanism of the PPP project in China is defective,and social capital can only be cleared after the funds are invested by maturity.It is difficult to exit in the planning period.Third,the compliance of PPP projects in China has been widely concerned by the government.A large number of PPP projects are are under rigorous review.In the face of the low participation of social capital in the development of PPP mode in China,the China Securities Regulatory Commission and the National Development and Reform Commission issued the 2698 document at the end of 2016.In the document,we have made some basic requirements for the basic assets and the original rights and interests of the Chinese government and the social capital cooperation asset securitization.This is the first time that asset securitization of PPP projects has been proposed in the government documents of our country.Subsequently,In March 2017,CITIC Securities assisted the first stock of the company's PPP project securitization and successfully listed in the Shanghai Stock Exchange,indicating that China's PPP project asset securitization has gradually developed.Based on this,this paper hopes to carry out some practical and theoretical significance for the development of China's PPP project in the field of public facilities through a profound analysis of the first implementation of the PPP project asset securitization case,the first set up of the stock water treatment PPP project securitization.The thesis is divided into five parts.The first part is the introduction.The second part of the paper sorted out the development status of China's PPP project and its asset securitization,and analyzes the characteristics and problems of PPP mode in China.Then,based on the lack of detailed and accurate definition of the PPP project and its asset securitization in the current academic community,the requirements of the documents of the government for the securitization of the PPP project are summarized.Next,this paper deeply analyzes the structure and operation flow of asset securitization in PPP project.In the next third parts,this paper gives a brief introduction to the first project of China's PPP project asset securitization,which is the first set up of the PPP project.The fourth part is the detailed analysis of the case of the first stock sewage treatment.In the analysis process,it contrasts and analyzes the previous wastewater treatment projects in China.On the other hand,it compares it with the popular full business asset securitization model abroad,and analyzes the shortcomings and advantages of the case carefully.In the last chapter,the fifth and last chapter will put forward the proposal for the first stock and the asset securitization of our country's PPP project on the basis of adhering to the principle of asset securitization of China's PPP project.It is hoped that through the study of this paper,we will provide certain references for the development of asset securitization for China's sewage treatment and public infrastructure PPP projects. |
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