Research On Default Risk Of Securitized Products Of Infrastructure Revenue Rights

Asset securitization as a new financing method and financing means,by more and more attention in recent years,has become a favored by many small and medium enterprises financing way,and infrastructure assets due to cash flow is the basis of stability,and compared with the traditional way,more willing to choose to raise funds by means of asset securitization.However,compared with the United States,the development of asset securitization in China is relatively late.With the continuous expansion of the market size,the risk of related products also began to emerge.In May 2016,China's first ABS default event occurred,which also sounded the alarm for the then hot asset securitization market.We can't just focus on the benefits of securitization and ignore the risks behind it.By studying the default cases of dacheng west Yellow River bridge,this paper adopts literature research method,qualitative analysis method and case analysis method to study the risks of asset securitization,and analyzes the risks in the process of asset securitization from the perspectives of industry environment,basic assets and credit enhancement measures.This paper argues that although the environmental impact of the industry is the root cause of its default,there are still problems in its structural design.The main reasons for its default are as follows: the forecast of cash flow is too optimistic,there are problems of fund mixing in the duration of the product,the failure of internal credit raising measures and the operation of external guarantee institutions.According to the results of the case study,this paper believes that in the process of the development of asset securitization,to strengthen the structural design of products,the product design should take into account a variety of factors,such as the impact of the industry environment,the original stakeholders operating conditions.Additional,want to accomplish special fund truly special,prevent to appear capital is confused.At the same time,the effectiveness of credit enhancement measures to be improved,product payment can be effectively guaranteed.Finally,the whole process should have an effective supervision mechanism to control the risk points of each link and protect the interests of investors.After the above case analysis,this paper believes that the development of asset securitization in China has not reached the mature stage,and there are still many problems that need to be studied and discussed.Each conclusion will provide experience for the design and operation of subsequent products in the market,so as to maintain the healthy development of the asset securitization market.