Case Study Of Asset-backed Securitization Of Chuantou PPP Project

In recent years,China's infrastructure construction has developed rapidly,which promotes the increase of economic and social capital.Since 2014,in order to control the scale of local government debt,the state council and other relevant departments have formulated and issued many measures,and the PPP model has become a new financing model for the government.The government actively promotes the mode of Public-Private-Partnership.It can be seen that the PPP model is the development direction of future urban infrastructure construction.For social capital,the long duration of PPP projects,large financing scale,slow return on investment,and complex investment risks all constitute difficulties in signing PPP projects.asset-backed securitization and PPP projects have a natural fit.asset-backed securitization can provide refinancing and exit mechanism for PPP projects. asset-backed securitization of PPP projects has only recently begun in China,and there is insufficient experience in all aspects.However,with the increase of asset-backed securitization cases in PPP projects,the prospect of asset-backed securitization business as an important driving force for PPP project financing is becoming more and more promising.Based on this,this paper takes the asset-backed securitization of PPP project in the parking in Yanjiang District of Ziyang City as an example to explore the application of PPP asset-backed securitization.Firstly,this paper analyzes the significance of asset-backed securitization of PPP projects by analyzing the theories related to PPP projects and asset-backed securitization,the investment and financing difficulties of PPP projects,and the feasibility of combining PPP projects with asset-backed securitization.Then the case status of this paper is introduced in detail from the three aspects of the main participants,transaction structure,credit measures.The second is the analysis of the case,the analysis of the underlying assets and basic assets,and the analysis of the cash flow to examine the quality of the relevant assets.After that,according to the three year open period resale arrangement of this case,financial analysis was conducted on the liquidity support institution huaxi securities and the real resalesupport renchuan investment group.Finally,according to the case of asset-backed securitization can be used for reference,that is,the design of transaction structure and credit enhancement measures,and the existence of problems in PPP asset-backed securitization,that is,to enrich the basic assets,whether to truly achieve bankruptcy isolation,etc.This paper puts forward specific Suggestions on the development of asset-backed securitization of PPP projects from three aspects: innovation path of asset-backed securitization of PPP projects,innovation of bankruptcy isolation mode and improvement of transaction operation process.