Research On Risks Of Asset Securitization Of Infrastructure Usufruct

In recent years,with the accelerating pace of infrastructure construction in China.the contradiction between capital shortage and investment demand is increasingly prominent.In order to solve this problem,in 2014,the CSRC issued a series of laws and regulations,including "measures for the record management of enterprise asset support special plan" and "guidance on negative list of basic assets of asset securitization business",encouraging enterprises to use asset securitization for financing.Since then,China's enterprise asset securitization business has witnessed explosive growth:the number and scale of issuance have soared from 104 orders and 400.83 billion in 2014 to 946 orders and 953.537 billion in 2018.increasing by 8.10 times and 22.79 times respectively.Asset securitization based on infrastructure usufruct plays an important role in enterprise asset securitization:by the end of 2018,202 orders were issued by ABS exchange with infrastructure collection right as the basic asset,with a total financing volume of 197.837 billion yuan.ABS accounts for 6.7%of the total financing volume of the exchange.Admittedly.asset securitization financing not only effectively revitalizes the stock assets and increases liquidity,but also fundamentally improves the defects such as long infrastructure construction cycle,large investment scale,long payback period and low yield rate.However,behind the rapid growth of securitization of equity assets default,rating downgrades and other risk events occur frequently,how to effectively identify and measure the risks of securitization of equity assets,and then establish a system of risk prevention and control and supervision system is particularly important!Taking this as an opportunity,firstly,this paper introduces the development status of enterprise asset securitization in the field of infrastructure in China,and expounds the relevant theories of asset securitization.Secondly,on the basis of analyzing the default cases of "asset securitization of the west Yellow River bridge in dacheng" and the downgrade cases of "asset securitization of Yongli thermal power ",taking "A heating asset securitization" as an example,this paper qualitatively identified the risk factors of "A heating asset securitization" by combining qualitative and quantitative analysis,and quantitatively determined the relative weight of risk factors by using analytic hierarchy process(AHP).By issuing questionnaires to experts in the field of asset securitization and using AHP to conduct quantitative analysis on expert data,it is found that "risk related to the original equity holder"."risk related to the underlying assets" and "credit enhancement risk" account for the largest risk weight in "A heating asset securitization".Finally.through the detailed identification and evaluation of the case risks,the paper puts forward relevant suggestions on the risk prevention and control of the asset securitization of the enterprise with infrastructure right of return:efforts should be made to improve the continuous operation ability of the original stakeholders,select the basic assets prudently,and improve the credit enhancement system and transaction structure.