Research On Financing Model Of Asset Securitization Relay PPP

The concept related to PPP dates back to the 1950s.In the field of public service,France began to introduce private capital for project construction by using user payment mechanism and franchise.Our country started to introduce the PPP mode in the infrastructure field in the 1980s.After more than 30 years of development,the PPP business model has played an active role in continuously improving the level of China's infrastructure.With the PPP mode being vigorously promoted in the field of infrastructure,the demand for funds for the PPP project has increased rapidly,which in turn has caused the pressure on PPP project financing to double.Under this background,it is of practical significance to discuss the asset securitization of PPP projects.This paper attempts to focus on the core point of the asset securitization relay PPP project financing model.Firstly,it indicates that the PPP project has problems such as "financing difficulties" in the promotion process,and then analyzes the characteristics and advantages of asset securitization,pointing out that asset securitization becomes PPP project financing.The necessity and feasibility of important ways.In the process of asset securitization in PPP projects,this paper focuses on two important issues that exist at present:1.Since the basic assets of PPP projects are mainly public service products,government departments have strict regulations on the charges for public service products,and project profits.Must be controlled within a certain range,so the asset securitization of PPP project is sensitive to the fluctuation of securities yield when conducting cash flow measurement;2.The separation of franchise rights and charging rights in the process of asset securitization of PPP projects leads to the basis There is a compliance issue in asset transfer.In view of the above two problems,this paper analyzes the Huaxia Happiness Gu'an PPP Asset Securitization Project,among which:1.Combining the cash flow measurement of the Huaxia Happiness Gu'an project,the quantitative analysis is carried out.According to the situation that the Huaxia Happiness Gu'an project estimates the rate of return and the actual rate of return is inconsistent,the cash flow of the underlying assets of the Huaxia Happiness Gu'an project is based on the actual rate of return.Re-doing the stress test,this paper finds that the project cash flow measurement can not pass the stress test,and then proposes that the PPP project asset security must pay attention to the government to agree on the key elements of the public product charge price,consumption guarantee amount,etc.,to ensure the profit margin of the project;The underwriting organization shall do a good job in the issuance of the issue price market and improve the stability and accuracy of the calculation of the cash flow of the asset securitization of the PPP project;2.for the separation of franchise rights and charging rights This paper proposes to introduce the role of "administrative receiver" in the project participants,and discusses the preconditions and docking time points for the introduction of"administrators",and finally points out that "administrative takeover' People"functions that can be played in PPP projects.Although PPP project asset securitization still has some problems in practice,the asset securitization relay PPP financing model has become one of the important development trends in the future.It can have certain economic effects and people's livelihood effects on national municipal construction,so it should be promoted vigorously.PPP project asset securitizations.