Study On The Financing Model Of The Beijing Capital Co.Ltd.Stock Treatment Project "PPP+Asset Securitization"

Since 2017,with the strict control of the Ministry of Finance on the implicit debt of local governments,the construction boom of PPP projects has gradually cooled down.The withdrawal of government funds has caused some PPP projects based on infrastructure construction to fall into a shortage of funds and an unsustainable dilemma.The PPP project has a long cycle,the rate of return is not high,and the problem of financing difficulties is concentrated.The new financing model of asset securitization of PPP projects can effectively expand financing channels,revitalize existing assets and reduce financing costs.By attracting a large amount of social capital to participate in PPP projects,the financing difficulties of PPP projects are solved.Since 2016,China has successively introduced corresponding policies to guide and support asset securitization of PPP projects.Asset securitization of PPP projects is expected to become an important mode for financing PPP projects in the future.This article takes the asset securitization of the PPP project of the first joint-stock company as a case.The purpose is to explore the feasibility of the financing model of “PPP+asset securitization”,find out the possible risks of the model,and summarize the countermeasures for various risks.This paper mainly introduces the specific situation and financing process of asset securitization of PPP project of Shouchuang’s sewage treatment through the method of case analysis.Then,from the aspects of industry,company finance,securities pricing,etc.,this paper analyzes the financing effect and potential risks of the asset securitization of PPP project of Shouchuang Co.,Ltd.,and concludes that asset securitization of PPP projects can effectively expand financing channels.Revitalizing stock assets and reducing financing costs,attracting a large amount of social capital to participate in PPP projects,and solving the financing difficulties of PPP projects.Finally,this paper proposes to construct a sound accounting treatment standard,laws and regulations,information disclosure mechanism,enrich the basic assets of PPP projects,strengthen the management and control of cash flow risks,and improve the PPP project in view of the problems exposed in the PPP asset securitization of Capital.Countermeasures such as trading mechanisms and effective and flexible credit enhancement measures...