Empirical Study On The Factors Affecting The Pricing Of Assets Securitization In PPP Projects

Behind the continuous expansion of China's infrastructure construction and public services,the PPP model,as a new operational mechanism to effectively save fiscal expenditures and improve the quality of public infrastructure services,has been widely promoted by the government and society.With the increasing demand for the PPP model,the number of warehousing projects has increased and the concentration has been too high,but the growth rate of the project's landing rate has been relatively flat.In addition,PPP project financing difficulties,imperfect exit mechanisms and project defaults emerge in an endless stream.The PPP project financing problem has become a key issue to the government and relevant scholars.In response to the above problems,Chinese economists proposed to combine the asset securitization operation concept with the PPP model to innovate the operation mode of PPP project asset securitization,which opened up a new path for solving and optimizing the PPP mode of investment and financing.Asset securitization of PPP projects is conducive to promoting the marketization of project assets,thereby alleviating the pressure on the operation of government and project funds and providing a retreat for social capital.Therefore,PPP project asset securitization can not only optimize the investment and financing mode of PPP projects,but also reduce the liquidity risk of the project,improve the efficiency of capital and infrastructure operations,and promote the development of PPP mode more efficiently.With the implementation of the first batch of projects and the follow-up project progress,a wave of research on asset securitization of PPP projects has been launched.The academic community has obtained financing for the efficient and standardized promotion of PPP projects.The safe landing of the PPP project has been extensively studied.Undoubtedly,the academic community and social experts agree that the rational pricing of PPP project asset securitization is crucial for effectively promoting PPP projects.Reasonable product pricing can balance the interests of all parties involved in the project and ensure the project.However,determining the reasonable pricing of products needs to consider the influencing factors of pricing interest rates.Different degrees of pricing influence factors have different regulatory responses to pricing interest rates.Therefore,the research on the factors affecting pricing interest rates is the rational pricing of PPP-ABS products.At this stage,the problem of reasonable pricing of domestic products is still controversial,and most experts are still discussing the pricing optimization of pricing.From the existing research,less literature analyzes the influencing factors of product pricing,and there is no literature to explore the internal influence mechanism between the influencing factors.Therefore,the in-depth study of the influencing factors can not only promote the more accurate pricing of products,but also provide some reference for relevant experts to determine the pricing method suitable for the specification.Therefore,this paper intends to study the factors affecting the pricing interest rate of products from the perspective of PPP project asset securitization spread pricing—the quality of the underlying assets and the risk-free interest rate,and explore the quality of the basic assets of products as an intermediary.Based on the existing literature,this paper first analyzes the direct impact of the product's basic asset quality on the pricing interest rate,and explores how the risk-free interest rate as a macroeconomic factor has a direct effect on the pricing interest rate of the product.Then,the research variables are measured by establishing the integral function and the Brownian motion principle.Based on the processed research data,the mediation effect model is used to empirically analyze the underlying asset quality,risk-free interest rate and product pricing interest rate.Then,at the level of risk-free interest rate through indirect impact on the quality of the underlying assets and then on the product pricing interest rate,this paper explores the internal mechanisms and obtains empirical results.Then,the paper also summarizes and puts forward some recommendations.This article is divided into five parts:Chapter One,Introduction.This paper mainly introduces the research background and significance of the factors affecting the asset securitization pricing of PPP projects,and introduces the related concepts,the research content,research methods and innovations and shortcomings of this paper.Chapter Two,Literature review.The part is to study the research results of the factors affecting the asset securitization pricing from the research status at home and abroad,combines the actual situation in China,and then reviews the literature.Chapter Three,The mechanism analysis and research hypothesis of the factors affecting the pricing of asset securitization in PPP projects.Through research,the relationship between the underlying asset quality,risk-free interest rate and pricing spread is clarified,and the research mechanism and hypothesis between the three variables are analyzed.Chapter Four:Empirical analysis of the factors affecting the pricing of asset securitization in PPP projects.In this chapter,the variable data is processed by using WIND database,China Asset Securitization Analysis Network and SPSS analysis software,and the model is constructed by combining the mediation effect research methods.Finally,using the empirical analysis of the model to explain the relationship between these two influencing factors on the pricing of the asset securitization spread of the PPP project.Chapter Five:Conclusions and recommendations.This chapter summarizes the whole article,and combines the analysis of the factors affecting the asset securitization pricing of PPP project,and draws three recommendations for improving the asset securitization pricing of PPP projects.