| In recent years,social capital participation in the PPP project faces difficulties such as financing difficulties,high financing costs,and difficult exits.Asset securitization helps improve the liquidity of PPP assets and revitalizes assets.It is an important innovative financial instrument for refinancing and withdrawal of PPP projects.At the beginning of March 2017,China's first batch of four“PPP+ABS”projects were approved for successful issuance.Gu'an Industrial Park's new urbanization PPP project implemented by China Fortune Land Development Co.,Ltd heating billing and income right asset supporting special plan(which referred to as China Fortune Land Development ABS)is one of the first batch of four plans.This article selects "China Fortune Land Development ABS" as the research object.From the perspective of product design,it outlines the definition and development of the PPP model and asset securitization of PPP projects firstly.Then discusses the characteristics and models of asset securitization of PPP projects'income rights.Guided by macroeconomic policies,using the case analysis method,the seven respects of the basic asset pool of the case,product size and structure,participating institutions,transaction structure,credit enhancement and credit rating,risk,and product financing cost were conducted.The advantages of flexible product duration and diverse credit enhancement methods are concluded.At the same time,it has clarified that there are problems in the case in which revenues are related to each other,product liquidity is insufficient,and legal bankruptcy is not realized..Finally,according to the problems reflected in the case,this paper proposes that we should establish the legal status of the SPV,improve the market for the trading of securities products,expand the scope of basic assets,and diversify the sources of income.At the same time,using the light of the highlights of this case,I put forward my own opinions about China's future PPP project asset securitization. |
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