Research On China's PPP Asset-backed Securities

The PPP model entered a stage of large-scale promotion in China in 2014.Many government agencies in the country have also been actively promoting the development of PPP projects.However,due to large investment quotas and low liquidity,social investors cannot recover huge amounts of investment in the short term.The enthusiasm for social capital participation has always been low.At the end of 2016,the China Securities Regulatory Commission and the National Development and Reform Commission officially launched PPP asset-backed securities,which to a certain extent eased the difficulties in financing PPP projects and the complexity of social capital exit procedures.In early 2017,China's first PPP asset-backed securities project was successfully issued on the Shanghai Stock Exchange,which opened the prelude to China's PPP asset-backed securities.In this paper,by sorting out the development status of China's PPP asset-backed securities,the major difficulties faced by PPP asset-backed securities in China are raised.The laws and regulations are not perfect,the trading mechanism is to be perfected,the two periods do not match,and the medium and long-term investors lack.Based on the theoretical analysis,this paper also selected a case of PPP asset-backed securities as the research object.It mainly explored the relevant process of its revenue return mechanism,risk prevention and credit enhancement,and summarized the advantages and disadvantages of the case implementation process.Then it analyzes the development of PPP asset-backed securities in countries such as the United Kingdom and the United States,and draws lessons from experience.At the end of the article,it gives countermeasures and suggestions for China's PPP asset-backed securities,such as strengthening top-level design,improving trading mechanism,and improving project cycle.The matching degree and the introduction of medium-and long-term investors hope to promote the better growth of China's PPP asset-backed securities,accelerate China's infrastructure construction process,and increase the speed of urbanization in China.