The Research On The Pricing Of PPP Asset Securitization

Asset securitization,as a financial instrument for refinancing and withdrawal after the first round of financing in the construction period of PPP projects,is one of the core issues concerned by both parties.In view of the difficulties in the implementation of PPP projects in China and the fact that the issuance scale of asset securitization products in PPP projects has not reached the expected level,this paper attempts to analyze the reasons why the implementation effect of PPP asset securitization in China has not reached the expected level from the pricing of asset securitization in PPP proj ects.At present,the asset securitization of PPP projects in China is in the initial stage,and the research on its pricing is still in the exploratory stage.A theoretical pricing system suitable for the development status of PPP asset securitization in China has not yet been formed.Internationally,the pricing methods of asset securitization products mainly include static cash flow discount method,static spread method,option adjusted spread method and monte carlo simulation.Based on the analysis and comparison of the existing pricing methods,this paper selects the special asset-backed plan of PPP projects as the research object,and studies the pricing mechanism of asset-backed securities in the case by using the option adjusted spread method.By predicting the expected cash flow of the underlying assets and simulating the term structure of interest rates in the same period,the theoretical value of the asset-backed securities of PPP projects will be finally obtained,and further comparative analysis is made between the theoretical value and the actual value of the asset-backed securities.The conclusion shows that the option adjusted spread method can accurately calculate the theoretical value of asset securitization products in PPP projects,and thus determine the reasonable product price.From this,three policy suggestions are obtained:improve the information disclosure mechanism of PPP asset securitization products,and improve the efficiency of product pricing;standardize PPP risk sharing mechanism,and reduce the impact of implicit government guarantee on pricing;improve the professional credibility of intermediary institutions,and give full play to the role of rating in judging the quality of basic assets of PPP projects.