Research On The Design Of The Expressway-backed Securitization Of XD Company

With the rapid development of national economy and the acceleration of expressway construction project,China’s expressway is in the critical period of forming expressway network.The investment scale of expressway project is large and the construction period is long.In the special operation period,the investment is recovered by collecting vehicle tolls,which means the investment recovery period is very long,the capital turnover rate is low,and the project investment forms a large amount of precipitation assets cannot flow,which to a large extent restricts the reinvestment of investors.As an important financial instrument,asset securitization can securitize investment projects with poor liquidity and stable cash flow,such as highways,and design and package the expected future income into securities products,which can be sold in the capital market to achieve the purpose of quickly recovering investment and reducing the investment risk of investors.Based on the relevant theories of asset securitization,this paper analyzes and discusses the scheme design of asset securitization of expressway project of XD company,the only listed company that invests and operates expressway in hunan province.This paper first introduces the background and significance of the research,and roughly expounds the research status of this field at home and abroad,and introduces the main contents and methods of this research.The second part introduces the concept and theory of expressway project asset securitization.The third part expounds the necessity and feasibility of XD expressway project asset securitization.The fourth,the fifth part is the main contentof this article,from the design principle,choice of the underlying asset,the special plan deal structure dimension of XD company,credit,measures such as highway project assets securitization scheme is described,research conducted by the plan implementation process of the securitization risk,and proposed the plan implementation safeguard measures.The sixth part summarizes the basic conclusions of this paper,hoping to provide some reference for other expressway construction enterprises’ asset securitization financing.