Risk Analysis Of PPP Asset Securitization And Its Prevention

In the 1960 s,PPP(Public-Private-Partnership)was first opened in the United States,and then the PPP cooperation model spread rapidly around the world.PPP is not only a cooperative model in which the public sector is very popular in the field of major social infrastructure and infrastructure management,but also a project with good investment value for social capital.The joint development of PPP projects is based on the perspective of long-term cooperation between the public sector and social capital rather than the pursuit of short-term benefits.The purpose is to solve the shortage of funds in the public sector,and strive to maximize the use of fiscal funds to achieve risk sharing and drive more More social capital participates in public projects to achieve the goal of improving public service levels,reducing project funding pressure,and increasing service efficiency.Since 2013,China's Party Central Committee,State Council and relevant ministries and commissions have actively promoted government and social capital cooperation,encouraged social capital to participate in the construction of public infrastructure,maximized their respective advantages,and strived to achieve mutual benefit and win-win results and achieve higher society.benefit.With the basic establishment of the PPP system,the related PPP market framework has gradually formed,and a large number of PPP projects have landed.PPP has favorable policies and the market situation is relatively prosperous.However,in actual operation,PPP projects are caught in the difficult situation of financing PPP projects due to their large capital demand,long time and slow return.Asset securitization is considered to be one of the effective measures to solve its dilemma.The PPP Project Contract Guide(Trial)announced by the Ministry of Finance at the end of 2014 indicates that China's PPP project has received much attention.The government and social capital cooperation(PPP)project in the traditional infrastructure sector was released on December 21,2016.The Notice on Asset Securitization Related Work indicates that PPP project asset securitization requires a strong guarantee for the continued healthy development of PPP.As an important part of the development of PPP projects,how to convert PPP asset securitization into less liquid assets into liquid cash assets,and how to expand the space for social development is critical.In the process of securitization of PPP assets,we must provide high-quality basic assets,strengthen the reality of transaction structure and always pay attention to preventive demeanor,lay a solid foundation for realizing PPP asset securitization,and explore the risks and preventive measures of PPP asset securitization.The measures are of great significance to the development of PPP asset securitization.This paper analyzes the special plan of the heating and charging income right asset support plan for the new urbanization PPP project of Huaxia Happiness Gu'an Industrial Park.This paper first introduces the product elements of the case in detail,and then analyzes the key points of the asset special plan,including the basic assets and cash flow forecast,credit enhancement mode and transaction structure,and the securitization of Huaxia Happiness PPP assets.The reasons for the operation and the reasons for the successful issuance were analyzed.After the introduction and analysis of the case,the risk investigation of Huaxia Happiness PPP asset securitization and its preventive measures are analyzed from various aspects.Finally,four points are put forward for the advantages of China Securities Happiness PPP Asset Securitization Successful Issuance Risk Prevention Measures,which bring unique advantages to the industry for reference and reproducibility.Finally,four inspirations are proposed: First,under the current macro background of China,the risk of asset securitization of PPP projects still needs to be solved urgently.The Chinese government should improve laws,regulations and systems to provide safe financing for PPP asset securitization in China.channel.Second,enterprises should rationally select basic assets,optimize the quality of basic assets,adopt flexible and diversified credit enhancement measures,strengthen the performance and credit capabilities of relevant entities,and achieve bankruptcy isolation.Third,the Chinese government and relevant departments should improve the secondary market trading mechanism,increase the liquidity of the secondary market,and at the same time improve the quality of capital and enhance customer enthusiasm.Fourth,China should innovate in the asset securitization products of PPP projects to attract different investors and increase the training of investors.