Analysis Of PPP Project Asset Support Securities Pricing

The Public-Private Partnership(PPP)model has become an important mode of construction and operation in China's large-scale infrastructure and livelihood construction in recent years.The PPP model can effectively attract private investors to invest in large-scale engineering projects and promote the participation of social capital in government-led public construction operations.Although the PPP model provides a new investment channel for social capital,usually the large-scale projects involved are time-consuming and costly,and the return to investors is relatively slow,which limits the possibility of investing in more projects,and it also makes The promotion of PPP projects faces no small obstacles.As an important financing method,asset securitization provides a very effective method for capital exit for PPP project investors.This paper looks at the issue prices of the Guangdong-based Hengfa-Guangdong Dongjiang Humen Luyuan Asset-Backed Securities in the first batch of PPP project asset securitization in China.It analyzes the asset-backed securities pricing method to find a way to effectively reflect assets.Supporting the market value of securities,but also to facilitate the calculation method of pricing strategy.In the usual pricing methods,comparing the static cash flow discount method,the static interest spread method and the option adjustment spread method,the final choice of option adjustment spread method is used as the asset-backed securities pricing method.In terms of predicting future interest rates,the use of a simpler and more understandable binary tree model is used for simulation.At the same time,the discounted rate is selected from the theoretical basis of the risk neutral principle of the binary tree model,and finally the asset-backed securities are determined through discounting.Reasonable issue price.