Study On The Financing Management Of Yunnan Expressway Asset Securitization

Expressway securitization is a kind of asset-backed securities which is based on the toll right of Expressway and is issued through the cash flow generated by it.It can play a supporting role in repayment.Due to the single source of funds for highway construction in China,the traditional mode obviously restricts the development of highway,so a large number of stock assets must be activated to fill the financing gap of highway construction.Therefore,it is of great significance to explore a new financing mode of highway construction.Yunnan is one belt,one road connecting the South Asian countries,and the other countries such as Vietnam,Laos and Burma.It is the strategic frontier for China to cooperate with South Asian countries and regions.In the construction of "one belt and one road",the unique location advantage of Yunnan determines its main function is to promote the construction of international transportation corridors with the countries around the border.Under the background of high investment cost and difficult financing in expressway construction in Yunnan Province,asset securitization financing tools can broaden financing channels,reduce the cost and risk of financing,which is conducive to the construction of expressway network and infrastructure in Yunnan Province.As asset securitization is still a relatively new way of road financing in China,there are many problems in accounting,tax,credit rating and other systems,in the selection of special purpose companies,and related laws and regulations,China should establish corresponding laws and regulations for asset securitization and improve them,take the initiative to increase credit and select high credit financial institutions As the object of asset securitization,those financial institutions with strength are preferred to be used as SPV,which is a special purpose company.Combined with the characteristics of the highway industry,high adaptive asset objectives are determined,and corresponding bond products are designed to gradually improve the asset securitization of highway in China.This paper analyzes the development situation of asset securitization market at home and abroad,the economic development trend of Yunnan Province and the current situation of difficult financing of expressways through literature research and summary.It expounds the transformation of the existing traditional financing business of expressway construction enterprises from the necessity level,focusing on the analysis of the asset securitization and its operation mode of expressways in Yunnan Province,and the construction of expressways in Yunnan Province Based on the in-depth analysis and research of asset securitization financing,this paper puts forward the design principle and main operation mode of the current enterprise asset securitization financing mode,designs the scheme of Yunnan Expressway Asset Securitization,finds out the existing problems and causes,and applies the asset securitization financing mode to Yunnan Expressway construction enterprises And make suggestions.