Research On The Risk Of Asset Securition In PPP Project

As our urbanization process is further accelerated,the demand of social and public infrastructure is increasing,but owing to the large capital of public infrastructure needs,long investment payback period,and difficult privatization of ownership of social infrastructure,it is difficult to get access to social capital,which causes great pressure on government financial expenditure.The emergence of PPP projects has solved the problem that the government has not matched the investment and financing in the process of infrastructure construction.However,due to the large amount and long term of the infrastructure project,the long-term investment of PPP projects has increased the liquidity risk,but the benefits are reliable and substantial,and the investors with smaller amounts can’t participate in the project.The financing scale still has the space to be developed.In other words,the difficulty in financing and exit of PPP projects is two major problems.Therefore,how to effectively establish and improve the exit mechanism of PPP projects,enhance the liquidity of the lack of liquidity,and enhance the liquidity of private capital investment,will greatly promote the healthy and rapid growth of PPP mode in China in the future.And the emergence of asset securitization,to solve the above problem,for the PPP project and built a bridge between investors,and promote the progress of the PPP project assets securitization for the current scale of the PPP project stock assets,attract the scale to the size of the private capital to participate in,alleviate the pressure of the government finance is of great significance.So this article will start from this Angle,the paper mainly selected topic background,research significance of this article,and the domestic foreign PPP mode and current situation of the research and development of asset securitization,comprehensive analysis of the PPP model is discussed the basic principle of asset securitization,explain the PPP pattern asset securitization in our country development present situation;The advantages and disadvantages of asset securitization pricing mechanism are discussed.Use in the form of case analysis to explore the PPP project some link in the product design in the process of asset securitization,hope that deepen understanding of the PPP project asset securitization products,and try to optimize design process;At the same time,the paper analyzes the advantages and disadvantages of PPP asset securitization pricing mechanism,and provides a reference for the government to solve the problems encountered in the development of PPP mode at the current stage in China.On the basis of the comprehensive foreword theory,this paper focuses on the"huaxi securities—ChuanTou PPP asset support special project" as an example.This project is the first PPP asset securitization project in the national first order with the right to the parking lot of the parking lot.The first batch of PPP asset securitization projects approved by the China securities regulatory commission of the people’s bank of China on the regulation of the asset securitization of the government and social capital cooperation project(finance[2017]no.55)is also the first PPP asset securitization project in the country with no external credit,and the first single PPP asset securitization project approved by the Shen Zhen stock exchange,as well as the first PPP asset securitization project with the feasibility gap subsidy as the return mechanism,and the first PPP asset securitization project in the southwest region.This paper analyses the design content of PPP project assets securitization and cash flow forecast,to the product evaluation,finally put forward the Sichuan for the PPP project assets securitization of the main risks facing the project,and puts forward related Suggestions,hope on the basis of analysis of the specific case,to perfect the PPP project assets securitization product design,for others to provide a more complete view,and to perfect the asset securitization products.In the "HuaXi-Chantou PPP",it is clearly stated that the operating income of the underlying assets is less than the operating cost in 2026.Therefore,although the cash inflow is government subsidy and user payment,it is only subsidy in essence.However,it was found to be profitable after the parking lot was analyzed by MonteCarlo simulation.Therefore,this paper recalculates the cash flow forecast through the simulated profits,and draws the conclusion that the government should be committed to helping PPP projects to be put into operation as soon as possible through comparison.Finally,this paper makes a sensitivity analysis on the cash flow of the special plan,which is expected to be a supplement to the analysis of the securities.