Case Study On Refinancing Of “Humen Luyuan”PPP Project

China has been vigorously encouraged and developed the PPP model in recent years,and has made great achievements,but the development process is also accompanied by the emergence of many problems,such as low enthusiasm for private and difficulty in running for project.It mainly shows that there is no better exit mechanism of private,investment is largely and poor liquidity,and project financing difficulty.The emergence of the PPP project assets securitization has solved the existing difficulties,not only for our country to solve the PPP project financing difficulties and exit mechanism imperfect,but also have great significance for the development of Asset-Backed Securitization.Based on the originator,Special Purpose Vehicle and investors tripartite interest subject of Asset-Backed Securitization financing model as starting point,using the Holt model,DCF model and other methods to analyze the refinancing case of “Humen Luyuan ” PPP project,get the following conclusions:(1)Asset-Backed Securitization is good for PPP project originators to get lower financing costs than bank loans.(2)Asset-Backed Securitization of PPP project can enhance the reputation and credit of Special Purpose Vehicle.(3)Asset-Backed Securitization of PPP project are converted into products with lower risk and higher earnings for investors.Based on the analysis of the Asset-Backed Securitization case of “Humen Luyuan” PPP project and the theoretical basis of the refinancing of PPP projects,the following enlightenments is drawn:(1)The right of PPP project is to provide quality base assets for Asset-Backed Securitization.(2)Asset-Backed Securitization is of great significance to the stock assets of the PPP project,attracting the social capital and reducing the financing cost.In addition,in order to promote the development of the Asset-Backed Securitization of PPP project,through the case study and the relevant theoretical knowledge,give the following suggestions:(1)Improve relevant laws and policies.(2)Relax requirements of Asset-Backed Securitization of PPP project.(3)Expand the space for private development.(4)Encourage medium-long term institutional investors to participate in Asset-Backed Securitization of PPP project.