Research On The Financial Effect Of Asset Securitization On Original Ententment In The Benefit Of PPP Project

In recent years,with the rapid progress of China's urbanization process,the traditional infrastructure investment demand is still huge.In this context,China actively promote the PPP model.But with the PPP into the project by the increase at the same time as the overall project has been low landing rate,as of the end of 2016,the national storage project overall floor rate of only three percent.PPP projects in the early investment,long payback period,investment in PPP projects,social capital,lack of liquidity,exit mechanism is not perfect,the financing model is relatively simple,to a certain extent hindered the rapid development of PPP model.At the end of 2016,with the introduction of the development and reform investment [2016] 2698,China's first formal launch of the PPP project asset securitization,asset securitization financing model for the PPP project to provide a financing channel to reduce financing costs at the same time,Help the social capital of the early capital of the rapid return of capital,to a certain extent,show that the two have a high degree of fit.Now the PPP project asset securitization is in the pilot period,the relevant theoretical and practical study is still in the exploratory stage,to study the PPP project asset securitization on the financial effect of the proposed asset financing model to be used to finance the PPP project to provide a decision and Analysis of the tools,has a very important significance.This paper focuses on the financial effect of asset securitization of PPP project,and analyzes the four aspects of cost effect,profit effect,financial risk effect and financial index effect comprehensively and systematically.At the same time,based on the case data of the special plan of the franchise revenue of the PPP project,the event study method,the Z value model and the financial index comparative analysis method are used to quantitatively analyze the four aspects of the financial effect.Finally,in order to enhance the financial effect of China's PPP project asset securitization,the relevant suggestions are put forward.Through the literature analysis,theoretical analysis and empirical analysis,(1)theoretically,the first,in the larger scale of financing,the PPP project company to reduce the financing costs;second,the increase in PPP project financing income;third,to a certain extent,had a financial risk;Fourth,in the short term to improve the PPP project company's financial situation.(2)According to the case study of asset securitization of PPP project,the asset securitization saves the financing cost,but the underwriting expenses of the brokerage and the special plan will pay the financing cost of the enterprise to a certain extent every six months.Secondly,The second step is that the asset securitization of PPP project plays a positive role in improving the financial status of PPP project companies.However,due to the sustainability of asset securitization business,the asset securitization of PPP project has increased the shareholder's wealth.The negative effect of the latter part of the financial indicators will be revealed;Finally,PPP project asset securitization of the financial risk is less,PPP project company's asset quality to a certain extent.