Design Of Asset Securitization Scheme For Yangdu Thermal PPP Project In Linyi City

The PPP project is a new model for government and social capital cooperation.Through this financing model,the introduction of idle social capital into infrastructure construction not only reduces the local government's financial pressure,but also makes full use of social capital.However,due to the large scale of investment in the PPP project in the early stage,the capital recovery period is long,thus reducing the enthusiasm of social capital to participate in infrastructure construction.In order to solve the dilemma of financing difficulties and lack of funds withdrawal mechanism,the state actively encourages the development of PPP asset securitization business.The Lindu City Yangdu Thermal PPP project was supported by bank loans and government financial support in the early stage of construction.The first phase of the project has been completed and operated well,but the construction of the later projects still requires a large amount of capital injection.In this context,in order to meet the needs of Linyi City's Yangdu Thermal PPP project financing,this paper draws on the existing PPP asset securitization products and uses the static spread method to design the asset securitization plan for Lindu City Yangdu Thermal Power.Taking the PPP project of Yangdu Thermal Power in Linyi City as an example,this paper designs the financing and financing scheme of the heating and charging income right of the PPP project,thereby realizing the financing demand and the withdrawal of funds,and alleviating the tight capital situation of Linyi Yangdu Thermal Power Co.,Ltd.Firstly,the PPP project heating charge income right is used as the basic asset,the asset pool is established and cash flow forecasting is carried out,and then the predicted future cash flow is supported by constructing the gray cash flow regression model to verify the forecast of future cash flow.accuracy.Secondly,by referring to the issued PPP asset securitization products,the financing plan and asset securitization transaction process of the PPP project are designed,and the operation process of asset securitization of Lintong Yangdu Thermal PPP project is drawn.Then,based on the actual situation of Linyi City's Yangdu Thermal PPP project,through a credit enhancement measure of asset securitization,a series of upgrade design is carried out to improve the credit rating of the PPP project and reduce the risk.Finally,the static spread method is adopted as the special project.Plan the product for pricing,set the coupon rate and the size of the issue.This paper aims to use the static spread method to design the asset securitization financing plan for the Lindu Thermal Power PPP project.Through the calculation of financing costs and comparison with other financing models,the PPP project is financed by asset securitization.The advantages of low financing costs and other advantages provide reference for PPP projects for asset securitization in the future.