Research On Risk Of Infrastructure Chargeing Asset Securitization

In recent years,China's asset securitization market has achieved unprecedented development.Infrastructure charging ABS has become a country in the ABS market,both in terms of quantity and scale,due to the huge infrastructure construction industry.However,the infrastructure charging ABS is booming.At the same time,the risk situation exposed by such products is more in need of our attention.According to the author's statistics,this product accounts for more than half of the current rating reduction products in China's asset securitization market.This is enough to show that the risks of such products should indeed be more research and control.This paper first introduces the research background,theoretical basis and existing research results of infrastructure charging asset securitization risk,and then analyzes the status,product characteristics and risk characteristics of infrastructure charging ABS market.By analyzing the characteristics of the infrastructure ABS products and the risk points of the past risk events,the main risks of the products are summarized,including the risks associated with the underlying assets,product structure design risks,and intermediaries.Among them,the risks associated with the underlying assets are the core.The concentration of the basic assets of such products is high,and the operational risks are large.It is difficult to achieve bankruptcy isolation with the original rights holders.Secondly,the risk of product structure design,including the poor effect of credit enhancement,over-reliance on the original equity and the risk of mixed funds.Next,this paper selects Kaidi power charge(phase II)asset securitization as a case for in-depth analysis,which is a relatively representative default product.Through the summary of the main external announcements of Kaidi Power charge ABS(Phase II),the progress of the whole case was introduced in detail,including the financing background,the specific structure of the special plan and the event of default.On this basis,the in-depth analysis of the special plan transaction structure,the characteristics of the biomass power generation industry,the original rights holders and the differential payment promisers,the participating intermediaries and the asset securitization market are summarized.Finally,this paper summarizes the risks of securitization of infrastructure fee-based assets and proposes targeted recommendations.