Research On Spread Pricing Model Of PPP-ABS

PPP-ABS(asset backed securitization)is a financial instrument used by the PPP project to securitize assets,converting non-standardized basic assets into tradable standardized assets,and raising funds through the secondary market to institutions or individuals.This paper clarifies the feasibility of PPP-ABS from the perspective of policy environment,market environment and theoretical support by collating the background information of PPP project financing and asset securitization.For the products of the listed PPP-ABS in the current market,the details of the transaction structure,operation process,and transaction principles will be described in detail,focusing on the common asset securitization product structure of the asset support special plan.The most important product factor of PPP-ABS is price.The pricing principle and the influence of relevant factors on prices are the focus of this study.Because the financing of PPP projects is mostly debt financing,and asset securitization is a kind of debt financing,the fixed-income bond pricing model and spread pricing model are chosen to explore the principle of product pricing.In view of the low number of asset securitization data of existing PPP projects,in the asset securitization projects of companies that were listed and traded from 2013 to 2017,the asset types are the same as those of the PPP project assets.The spread of interest rate and yield of Treasury bills during the same period was the dependent variable,issue size,issuance period and risk rating were independent variables.Multiple linear regression analysis was conducted,and the following rules were found:First,spreads are significantly positively related to the issuance period.The longer the term,the greater for the spread,the increase in product interest rates and financing costs.Second,the spread is significantly negatively correlated with the risk rating.The higher the rating,the smaller the spread,and the lower the financing cost.Third,spreads and issuance size are positively related to the qualitative degree of the overall sample.The payment method of the project is paid by the government.The two are significantly negatively correlated.That is,the larger the scale of project financing,the smaller the spread,and the lower the cost of financing.The smaller.The payment method of the project is paid by consumers,which is consistent with the overall sample law.The larger the scale,the larger the spread and the higher the financing cost.