Study On Asset Securitization Scheme Of PPP Project For Comprehensive Treatment Of Y River

PPP model can regulate local government financing behavior,pry social capital to participate in infrastructure and public service,and improve the landing efficiency of infrastructure and public service projects while alleviating the financial pressure of local government.The investment of local government financing platform companies in infrastructure and public services once contributed to ensure stable economic growth,but with the central government's investigation of the hidden debt of local governments,the risks behind the platform companies,a unique investment and financing system,which has been formed in China's reform and development,are beginning to emerge.Under the background that the financing behavior of local governments is strictly regulated and the financing channels of platform companies are limited,this paper proposes to use the securitization of PPP project assets to realize the market transformation of the platform company,broaden the financing channels of the platform company,and improve the capital efficiency in the field of infrastructure and public service.This paper introduces the idea of asset securitization into the PPP project of the local government financing platform facing the transformation and financing dilemma,which plays an enlightening role in breaking through the bottleneck of platform company development at this stage.This paper takes the Y River Comprehensive Management PPP Project of A City Investment Company as an example to study the asset securitization scheme of PPP project.On the basis of combing the research of PPP project and the relevant literature of asset securitization at home and abroad,we start with the financing dilemma of local government financing platform in our country.This paper demonstrates the necessity and feasibility of the local government financing platform to realize the market-oriented transformation through the securitization of PPP project assets,and makes a specific transformation analysis of A City Investment Company.This paper focuses on the design of the asset securitization of the PPP project for the comprehensive treatment of Y River,including the selection of basic assets and the specific design of the asset support plan for the PPP project for the comprehensive treatment of Y River,including term,coupon interest rate,credit rating and pricing analysis by option adjustment spreads method.Finally,the risk analysis and cost estimation of the financing scheme are carried out to ensure the integrity of the scheme.Local government platform company to use PPP asset securitization as a financing method for local governments,can alleviate the financial pressure of local governments,crack the hidden debt problems of local governments,is conducive to the stability of the macroeconomic environment.For the social capital,especially the local government financing platform after the transformation,the way of PPP project asset securitization broadens the financing channels of company projects.It is beneficial to invigorate the stock assets,improve the financing efficiency and enhance the economic vitality,so that under the new environment,the transformation of the local government financing platform can still contribute great energy to urban construction.