Research On The Influencing Factors Of Asset Securitization Product Pricing Based On PPP Model

In recent years,the PPP model,which is an important part of the supply-side structural reform,has played an increasingly important role in China's gradual urbanization.However,due to the long construction period of PPP projects and difficulties in withdrawing funds,the enthusiasm of social capital to participate in investment PPP projects has been cracked down.With the release of the No.2698 document of the Development and Reform Investment [2016],the asset securitization of PPP projects with the functions of broadening financing channels,improving the exit mechanism,and revitalizing the stock of assets began to rise.As an effective way to improve the exit mechanism of PPP projects and enhance the capital vitality of PPP projects,asset securitization has greatly enhanced the enthusiasm of private capital to participate in investment PPP projects.In 2017,as the first year of PPP-ABS,11 PPP-related asset securitization products were issued in the market,and 2018 should be a year of PPP-ABS booming,but only 2 PPPs were issued on the market.Related asset securitization products,so how to solve the various difficulties and problems faced by PPP projects in the process of asset securitization has become a top priority.Therefore,from this perspective,this paper expounds the development process of PPP asset securitization and the status quo of pricing based on the discussion of the significance of China's development of PPP projects.The most important part of a target asset in the process of asset securitization is the interest rate pricing of asset securitization products.The asset securitization products with PPP projects as the target assets are particularly prominent.The reasonable interest rate pricing is for the parties involved in PPP asset securitization.Cost,revenue and investment decisions are critical.Based on the risk-free arbitrage theory,the author constructs a pricing model of asset securitization products based on PPP model.The partial least squares regression analysis method is used to empirically analyze the factors affecting asset securitization pricing based on PPP model.The results show that the quality of basic assets,guarantees and the macroeconomic environment are the main factors affecting their pricing.In response to the above questions,the text suggests: first,sound information disclosure,to ensure fair pricing;second,establish intermediary incentives to improve pricing efficiency;third,bind government guarantees to prevent pricing distortion.