Research On Asset Securitization Of PPP Project Charging Income Right

In recent years,with the accelerating urbanization process in China,the infrastructure and public services sectors are facing greater investment needs,while the local government’s revenue and expenditure gaps are expanding.The emergence of the new budget law has restricted the scale of local government financing.The emergence of the PPP model has better compensated for this shortcoming,and it has been rapidly promoted and developed.Due to the large investment in the PPP model,the long operating period and the lack of funds,the social capital faces greater investment pressure,which affects its enthusiasm for participation.Asset securitization can recover funds in advance for the lack of liquidity in the form of securitization,making up for the shortcomings of the PPP model,and can consider the combination of PPP model and asset securitization.Firstly,the article analyzes the characteristics of PPP model and asset securitization by using literature research method and case analysis method,and finds that the two can complement each other with theoretical and practical significance.Secondly,through a case study of the securitization of the first-generation sewage treatment fee income right assets,the company understands its operation process of CAPITAL CO,the structure of asset-backed securities and the results of securitization,and uses financial analysis to obtain PPP projects.Asset securitization can meet the huge financing needs of enterprises and broaden the financing channels of enterprises.Furthermore,it analyzes the preconditions for its implementation of asset securitization,points out its possible risks and corresponding preventive measures and proposes the shortcomings in its securitization process.Finally,it is concluded that local debt financing is limited,and the introduction of social capital to participate in infrastructure construction has become an inevitable trend;the extensive use of PPP model has caused Capital to face a huge funding gap,the combination of PPP model and asset securitization can provide corresponding financial support for enterprises;the combination of PPP model and asset securitization will help Optimize the capital structure of enterprises,broaden the financing channels of enterprises,and improve the situation of tight capital.And put forward relevant suggestions: improve laws and regulations and strengthen third-party guarantee mechanisms;appropriately reduce the access standards,introduce medium and longterm institutional investors;study the overall business securitization,and explore new bankruptcy isolation structure.