The Research On Risk Management Of Basic Assets In PPP Projects

Since 2014,the government has begun to encourage the development of PPP projects.With the support of local governments and policies,the asset securitization of PPP projects has developed rapidly.Asset securitization can solve the financing difficulties of PPP projects and accelerate the turnover of PPP project funds,which is very beneficial to the government and social capital.In the process of PPP project financing,asset securitization is a very important means,but in the process of asset securitization of PPP project,there are greater risks,which will cause greater losses to investors.In order to make PPP project asset securitization develop healthily,it is very necessary to prevent and control its risk.In the risk of asset securitization,the risk of basic assets has the greatest impact on the PPP asset securitization project.Therefore,this paper chooses to start with the risk of basic assets,and puts forward the corresponding risk management measures.This paper chooses Lvyuan PPP project as an example to analyze the risk of basic assets through Lvyuan PPP project.Before the risk analysis of basic assets of Lvyuan Project,this paper first combs the relevant theories of PPP project asset securitization,and classifies the risk of basic assets,mainly divided into the risk of basic assets itself and the risk of cash flow of basic assets.Subsequently,this paper gives a brief introduction to the case,and makes a detailed analysis of the underlying asset risk of Lvyuan PPP project,and puts forward corresponding risk countermeasures accordingly.Based on the analysis,this paper draws a conclusion:(1)In the current environment,the underlying asset-related risks of PPP project asset securitization are not caused by subjective factors,but not by human will.If we want to eliminate the risks completely,we can only control the risks to a certain extent through certain risk prevention measures.(2)The risk of basic assets is mainly divided into the risk of basic assets themselves and the risk of cash flow of basic assets.The two kinds of risk can also be subdivided into other kinds of risk.In addition,according to the different types of basic assets,there will also be other risks that will affect the special plan,such as the risk of sewage treatment volume and unit price,and the risk of deferred payment of sewage treatment fee in this case.(3)Through the analysis of Lvyuan PPP project asset support special plan,this paper has a certain understanding of the risks faced by Lvyuan project and its countermeasures,and has a detailed summary of the basic asset risk prevention measures in the process of PPP project asset securitization.Specific risk prevention measures include: adopting internal and external credit enhancement measures to enhance the credit of basic assets,strengthening the performance ability of original stakeholders,optimizing the quality of basic assets,improving the anti-risk ability of basic assets,and adopting various measures to standardize the behavior of participants.Finally,due to the limitation of data and theoretical knowledge,there are still some defects in this paper,so three prospects are put forward.I hope that in the future research,we can further analyze the risk of basic assets.