| In recent years,with the development of the "new normal" stage of China’s economy,the gap between government revenue and government expenditure becomes bigger.In order to alleviate the debt pressure of local governments and accelerate the construction of infrastructure,governments at all levels actively promote the development of PPP(Public-Private Partnership)nationwide.PPP projects often have long investment cycles,large investment amounts,and low returns,which make the social capital side of PPP projects less attractive.Although the PPP project is not highly liquid,it has a relatively stable cash flow,which is in perfect harmony with asset securitization.Using the stable cash flow of PPP project as the basic asset to issue asset-backed securities not only solves the problem of poor liquidity of PPP projects,but also increases the turnover rate of assets,and also provides an effective exit method for social capitalists of PPP projects.In March 2017,the first four PPP asset securitization projects in China were approved for issuance.This marks the official landing of PPP asset securitization products.This paper selected one of the first four PPP asset securitization projects of gu ’an industrial park as a case for in-depth analysis.Firstly,the background of the case is briefly introduced from the aspects of market profile and company profile.In the following part,the author introduces the PPP asset securitization project of gu ’an industrial park from the aspects of participants,basic assets,transaction structure and credit enhancement method in an all-round and detailed way with the method of case analysis.It also analyzes the effect of the case and the advantages and disadvantages of the case.Through the case analysis,it can be found that there are many valuable points for reference in the design of this case,such as stable cash flow of basic assets,reasonable design of product structure,abundant means of credit enhancement and effective measures of risk mitigation.At the same time,it can be seen that the development of PPP asset securitization business has certain economic effects on gu ’an county and the China fortune land development co.However,there are still some deficiencies in this case.Combined with the experience of this case,this paper puts forward many suggestions,such as improving bankruptcy isolation effect,increasing investors’ returns,enhancing secondary market liquidity,enhancing the authority of rating results and standardizing information disclosure.One of the innovations is that this paper proposes to learn from the practice of "private fund information disclosure backup platform" and establish an independent platform specifically for the information disclosure of PPP project asset-backed securities in China to standardize the standards of information disclosure.At the same time,it is proposed to broaden the trading platform of asset securitization products by referring to the classified management of corporate bonds. |
