| In order to solve the problems of the shortage of products in the public service sector,the serious simplification of homogenization,the lack of effective investment,and the large gap between the east and the west and the urban and rural areas,in 2014,according to the relevant arrangements of the Party Central Committee and the State Council,the Ministry of Finance and the various departments upgraded the PPP model to one.A comprehensive public service marketization and social supply model.With the advancement of China's PPP reform,it has exposed problems such as excessive stock of PPP projects,poor liquidity,difficult project financing and expensive financing.As an innovative financial instrument for project financing,asset securitization has the same requirements for basic assets as the stable and sustainable income of PPP project assets during the return period.In 2017,the first batch of PPP project asset securitization projects were implemented,which showed that asset securitization has improved the liquidity of PPP project assets,revitalized PPP project stock assets,accelerated the recovery of social investors' funds,and attracted social capital to participate in the construction of PPP projects.significance.This paper takes the PPP asset securitization of China Fortune Land Development as the object,aiming at the theoretical analysis and practice of the case of PPP project heating charge income right asset securitization the park from the perspective of practical operation.In the analysis,it is trying to provide a reference for how to better carry out the asset securitization business of PPP projects.The content of this paper consists of five chapters,which are: Chapter 1 Introduction,on the basis of introducing the background and significance of the topic,reviewing the research literature related to the article,and presenting the research methods and contents of this paper.The second chapter is about the basic concepts and theoretical foundations,clarifying the necessary conceptual connotations of this paper and listing and analyzing the theories supporting this article.The third chapter analyzes the status quo and key points of asset securitization of PPP projects,mainly expounds the current development status of asset securitization of PPP projects,summarizes the characteristics and difficulties of asset securitization of PPP projects,and establishes a research model on the introduction of third-party guarantees.Guide and pave the way for the case analysis chapter of this article.The fourth chapter is the case study of PPP asset securitization,which studies the case from four aspects: securitization background and motivation analysis,securitization process analysis,securitization result analysis and case model result analysis,and draws useful experience.With insufficient,provide considerable advice.The fifth chapter conclusions and prospects,combined with the analysis contents of the third chapter and the fourth chapter,summarize the main points of the full text and put forward the research prospects.Through research,this paper believes that:(1)attach importance to the selection of PPP projects,supplemented by appropriate internal and external credit enhancement links,focus on controlling the main risks in transactions,and introduce policy-oriented third-party guarantee institutions for securitization projects under appropriate conditions.It can help the PPP project securitization products to be released smoothly.(2)PPP project companies actively carry out asset securitization business,which helps them solve financing problems,alleviate financial distress and optimize capital structure,thus contributing to the operation and development of PPP projects. |
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