| At present,China is actively promoting the construction of new urbanization.However,to promote the new type of urbanization construction,a large amount of funds are needed to build public infrastructure and public utilities.The state financial funds alone cannot meet the huge demand for new urbanization.Therefore,since 2014,the government has been actively promoting the PPP model to increase the supply of infrastructure and public services to meet the needs of the new urbanization and the public.However,the large amount of investment,the difficulty of financing,the long investment recovery period and the imperfection of the exit channel have affected the willingness of the social capital to participate in the PPP project.In order to solve the two problems of PPP project financing difficulty and exit channel unobstructed,improve the enthusiasm of the social capital to participate in the PPP project.The NDRC and the CSRC jointly issued the document in December 26,2016,officially launched the PPP project asset securitization.Under the policy promotion and support of China’s PPP asset securitization,CFLD,as a well-known social capital in China,has actively carried out PPP asset securitization,and successfully issued three times PPP asset securitization products in 2017,which marks the success of China’s PPP asset securitization practice,and has also promoted the development of China’s PPP asset securitization market.In this paper,CFLD’s PPP asset securitization is selected as a study case.The purpose is to analyze its motivations,effects and deficiencies,and to provide some experience and policy suggestions for the practice of PPP securitization.Before the study,this paper sums up and generalizes the research results of asset securitization,the related concepts and theoretical basis of PPP asset securitization,and provides the necessary theoretical support for the case analysis.In the process of research,firstly,the CFLD,the securitization of the PPP project and the PPP project and the asset securitization are summarized.The reasons and advantages of the implementation of PPP asset securitization in China are discussed,and the issuance process of PPP capital securitization financing is analyzed in detail.Then,on the basis of the case introduction,this paper analyzes the market effect,internal effect and external effect,and comparative advantage effect of CFLD’s PPP asset securitization by combining the qualitative and quantitative methods.Finally,it analyzes the shortcomings of CFLD’s PPP asset securitization,and puts forward relevant suggestions and countermeasures.Through the case study of CFLD’s PPP asset securitization,this paper draws the following conclusions: CFLD’s PPP asset securitization conveys a positive signal to the market and brings short-term wealth effect.CFLD through PPP securitization not only allows itself to reduce capital costs,expand financing channels,and increase the liquidity of the PPP project,but also investors,intermediary institutions,the social public and the government can also benefit from it;PPP asset securitization is both a financing channel and an exit channel for CFLD.Compared with other financing channels and exit channels,PPP asset securitization has a comparative advantage.CFLD’s PPP asset securitization also has some problems,such as the single basic asset variety,the maturity of the asset securitization period,the unrealized risk isolation,the insufficient liquidity of the asset backed securities and so on.In addition,CFLD’s PPP asset securitization has the characteristics of strong policy constraints,because the risk isolation has not been realized,its essence is the "mortgage bonds" issued by basic assets.This paper puts forward some suggestions on the shortcomings of CFLD’s PPP asset securitization: expanding the scope of basic assets,dispersing risk,optimizing the design of product structure,matching the duration of the PPP project,the mechanism of innovation risk isolation,and improving the liquidity of the PPP asset securitization. |
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