A Study On The Influencing Factors Of PPP Project Asset Securitization Pricing In China

After the third plenary session of the 18th central committee of the communist party of China(CPC),the national development and reform commission,the ministry of finance and other national ministries and commissions jointly promoted the PPP mode between the government and social capital.In this context,the China securities regulatory commission and the national development and reform commission jointly proposed to select high-quality PPP project asset securitization at the end of 2016,so as to solve two major problems,namely,low participation of social capital in PPP projects and complicated exit procedures.In February 2017,the first four PPP asset securitization products were successfully issued on the Shanghai stock exchange,marking the beginning of China's PPP asset securitization.In this context,this paper determines PPP asset securitization pricing and its influencing factors as the research object.The main research ideas are summarized as follows:Firstly,based on the characteristics and reality of China,the basic connotation and main characteristics of PPP asset securitization are clarified,and the general process of PPP asset securitization is summarized.In view of the listed PPP asset securitization products in the current market,the transaction structure,operation process and transaction principles are discussed.Secondly,the most important link of PPP asset securitization is pricing,and the research focus of this paper is the pricing principle and the effect law of relevant influencing factors on price.Because asset securitization is a kind of structured financing bond,we choose fixed income securities pricing model and spread pricing model to analyze its pricing law.In view of the existing PPP asset securitization product data is less,so the choice of 2013-2017 Shanghai and shenzhen two cities issued by the PPP asset securitization products and enterprise asset securitization products in the underlying asset types and the PPP underlying assets of the same infrastructure asset securitization products as samples,to release rate as the dependent variable,basic characteristics of asset quality,credit,securities and macro environment four categories of factors as independent variables,multiple linear regression analysis.The empirical results show that:first,from the perspective of dimension,the macro environment and the quality of basic assets have a significant impact on the interest rate pricing;Secondly,in the dimension of credit enhancement degree,credit rating has a limited impact on the pricing interest rate of PPP asset securitization,and overcoverage even produces a negative effect.Thirdly,in terms of guarantee,both explicit guarantee and financial strength of local governments can reduce the default risk of PPP asset securitization,so there may be implicit guarantee.On this basis,in view of the implicit guarantee of the PPP further empirical analysis on the influence of asset securitization pricing,the results show that the issuer of the state-owned property and the height of the local government budget coverage can significantly reduce the spreads,asset securitization market think the PPP and the PPP are behind the local government's recessive guarantee,its degree of recessive guarantee at the same time depends on the willingness and ability.Finally,on the basis of summarizing the full text of the research,in order to promote the standardization of PPP asset securitization pricing,ensure investors' own interests and maintain the order of the capital market,the following policy Suggestions are proposed:first,select high-quality PPP projects to promote asset securitization;Second,the market operation to play the role of credit;Third,the establishment of local government guarantee binding mechanism.