Research On Risk Management Of Huaxia Xingfu Guan PPP Asset Securitization Project

In recent years,the development of PPP model has played an important role in alleviating local financial pressure and accelerating local development.As a new financing model,asset securitization has been expanding in the domestic market,based on its advantages of shortening the time of capital return.Since 2017,the two have begun to develop rapidly with this new model.The asset securitization of China's happiness Guan PPP project is the first batch of PPP asset backed securities issued by the Shanghai Stock Exchange.This article selects this case to carry out the risk management research on the asset securitization of the PPP project.Next,this paper analyzes the outstanding experience and deficiencies of the project of the Chinese happiness gu'an asset securitization project.Good experience of this project mainly to prevent the capital risk of confusion,set up regulation and specifically the receivable account bank,urged recycling of funds,to prevent the subsequent management operation lax,set up rich external credit promotion measures,such as the guarantee mechanism,the difference up mechanism,liquidity support,etc.,the introduction of credit rating higher huaxia credit enhancement for the projects happiness,for the following project provides experience worthy of learning.The downside is that the cash flow coverage ratio is low;There are defects in the definition of property rights,policy risks and the sharing of risks in economic environment;Risk is excessively borne by social capital,and the role of government and public sector in risk management needs to be further improved.Based on case analysis,this paper puts forward relevant policy Suggestions on how to better manage the risks of PPP project asset securitization.First,we should do a clear job of property rights,ensure that there is no guarantee,pledge and other rights restrictions on the underlying assets,and the right to transfer legal compliance.Second,risk sharing.Specific to share the way for the government party undertakes the government policy,as the risk,legal risk and the minimum requirement of social capital party mainly for project design,financing,construction,operation,maintenance and other business risks,regulatory bank risk capital confusion,plan administrator issue failure risk,law firms and rating agencies: the issue of compliance risk and reputation risk the entire project cycle,macroeconomic environment,exchange rate risk,interest rate risk and force majeure risk,by the reasonable sharing.It must strengthen the cultivation of professional talents,training courses,seminars,etc.,within the company on the management of asset securitization of the PPP project related knowledge training,implementation,college and institute cooperation,introduce professionals,professional management.