Research On Pricing Of Asset Securitization In PPP Mode

In order to change government functions,relieve financial pressure and improve the efficiency of infrastructure construction,the infrastructure construction mode of public-private-partnership(PPP)has been widely recognized and applied in China.In recent years,the number of infrastructure and public service products that China has chosen PPP mode for construction and operation has gradually increased.The financing amount and efficiency have become the key factors for the effective operation of the project and the project financing methods have shown a trend of diversification.Considering the characteristics of infrastructure projects such as long Period,large amount of money and great influence of technological development,traditional financing methods make it difficult for social capital investment to meet its liquidity requirements and reduce the investment enthusiasm of social capital.Asset securitization is an important means to solve this problem.Since price is an important factor to reveal the liquidity,risk and profitability of financial instruments,how to price PPP asset securitization products becomes the key to obtain effective financing.At present,the information disclosure of asset securitization products under PPP mode in China is not perfect,and the sources of credit data are limited.Therefore,at present,the pricing of securitization products in China mostly comes from the road show inquiry of underwriters,but does not form a complete pricing system based on quantitative analysis.Based on the real development trend of PPP mode asset securitization market,this paper has certain theoretical value and practical significance to explore the pricing of asset securitization products issued in the financing process of PPP projects.On the basis of reading and analyzing a large number of documents and asset securitization product disclosure reports,this paper first defines and sorts out the basic concepts of PPP mode and asset securitization,probes into the limitations of traditional financing methods,then analyzes the feasibility of PPP mode asset securitization development and the necessity of establishing pricing system and summarizes and compares the three main pricing methods of PPP asset securitization.Based on risk compensation factors,this paper constructs a quantitative index of interest spread in PPP mode asset securitization and analyzes the relationship between interest spread and risk factors by using multiple regression mode.Based on the binary tree interest rate path,the pricing simulation of option adjustment spread method is studied and the cost-oriented and risk-oriented pricing strategies are proposed.The conclusions of this paper provide some theoretical support and practical reference for PPP project financing pricing adjustment,government price supervision of PPP mode asset securitization products and investors' estimation of arbitrage space.This paper closely combines the practical background of the exploration and application of asset securitization under PPP mode,and puts risk compensation factors into the interest spread model for econometric analysis.The interest rate path and price calculation of option adjustment spread method are simulated and based on the two principles of cost estimation and risk-benefit adaptation,a risk-oriented pricing strategy and a cost-oriented pricing strategy are proposed which are innovative to some extent.