Optimization Design Of Credit Enhancement For Asset Securitization Of PPP Project

In the 1960 s,the United States pioneered the PPP project model,which is a typical private participation in urban development and construction projects.afterwards,this cooperation model gradually spread to the whole world.When the city develops to a certain extent,it needs to integrate the service functions of planning,construction,financing,maintenance and operation of public infrastructure(in a life cycle manner)so as to improve the efficiency of public services.From the perspective of capital operation,asset securitization can be used as an important financial tool for refinancing and withdrawing after the first round of financing for PPP project construction.at present,it has become a classic mode of investment and financing in the field of infrastructure construction.In the process of asset securitization,credit enhancement is one of the top priorities.Asset securitization in foreign countries is relatively mature and the subject matter is rich in variety.when it is combined with PPP projects,there are many ways to increase trust,giving consideration to utility and cost,which to a great extent stimulates the enthusiasm of social capital to participate in the construction and creates favorable conditions for more PPP projects to fall to the ground.At present,there are few attempts at asset securitization of PPP projects in our country.the way of increasing trust in products issued is relatively single,the effect of increasing trust is not obvious,and the combination method is even less pitiful.Considering the current development status of PPP projects,the reform of the way to increase the trust is imminent.this article focuses on the credit enhancement level of asset securitization of PPP projects,using the method of combining theory with case,comparing and improving,referring to the case of Baodong expressway toll project,combining with China’s investment environment and rules and regulations,studies and improves the way to increase the trust,and analyzes the shortcomings and gives suggestions from the case.Under the existing legal environment and policy support,the problem of PPP project financing is solved to the greatest extent,which provides a more practical and effective way to increase trust for asset securitization of PPP projects in our country and provides reasonable reference for further promotion.