Research On The Operation Mode Of PPP Asset Securitization

Under the background that China's economy has entered the new normal,de-leveraging,structural adjustment,and resolution of various risks have become an important part of macro-control.The unique advantages of PPP asset securitization make this tool widely recognized and respected by the government,enterprises and investors.On December 21 st,2016,the National Development and Reform Commission and the China Securities Regulatory Commission jointly issued the Notice on Promoting the Asset Securitization of Government and Social Capital Cooperation(PPP)Projects in the Field of Traditional Infrastructure.This prompted the PPP asset securitization process to enter the express train.Therefore,it is particularly important to strengthen the research on the securitization of PPP assets.The author mainly uses the literature review method,case analysis method,and comparative analysis method to study the securitization of PPP assets.This paper first carries out theoretical research on PPP asset securitization,and then studies cash flow analysis theory,asset reorganization theory,risk isolation theory,and credit enhancement of PPP asset securitization;and then participates in the subject,operation model of PPP asset securitization,The operating mechanism is studied;the related cases are used to analyze the cases,and then the research conclusions are drawn and policy recommendations are proposed.Through the cash flow analysis of the First Shares Sewage Treatment Project,it was found that the securitization of PPP assets was conducive to the realization of early realization of investment and profits;the risk isolation of the cases and the analysis of asset reorganization revealed that PPP asset securitization can achieve effective risk isolation and realize resources.Optimize the allocation;through the credit enhancement analysis of the case,it was found that PPP asset securitization can improve the creditworthiness of the issuer and reduce the issuance cost.Further suggestions include: strengthening cash flow management for PPP asset securitization projects;encouraging enterprises to restructure assets through PPP asset securitization;strengthening risk control of PPP asset securitization projects;strengthening legal construction;Change government functions.The author believes that the PPP asset securitization of the First Shares Sewage Treatment Project is the first batch of environmental protection asset securitization projects in China.Faced with the need for cash flow from its own development,Chuangye shares and multi-participants jointly set up a special asset support plan and conduct case studies on it.It can provide important theoretical basis and practical reference for the development of China's PPP asset securitization.