Case Study On Asset Securitization Of Guangzhou Metro Passenger Toll Revenue Rights

China's urbanization development has entered an accelerated stage,and the urban population is constantly gathering.In order to alleviate the contradiction of traffic tension caused by this,major cities have planned urban rail transit networks and carried out rail transit construction,so that Status continues to rise.At the same time,due to the rise in prices and labor costs,the funds required for urban rail transit construction are increasing,and tens of billions of yuan of funds are often required,and additional investment situations often occur.The high and long-term financing needs of the rail transit industry,as well as its low rate of return and public welfare,make social capital unwilling to enter the industry.Rail transit companies often can only finance through government input and bank loans.The uncertainty of government investment and the high cost of bank loans have made the financing of the rail transit industry in trouble.Therefore,to accelerate the development of the rail transit industry,diversified financing is required.As a new financing method,asset securitization can revitalize existing assets and expand financing channels.This article starts from this idea,based on the theory of asset securitization,selects the country's first forefront case in the field of rail transit based on subway passenger toll revenue rights,and explores the asset securitization of rail transit companies through case analysis Feasibility and mode,etc.,hope to provide new ideas for solving the problem of urban rail transit financing through ticket income asset securitization.This article first studies and explains the background of the topic,the significance of the research,the thinking,content and methods of the research,and introduces the basic principles of asset securitization.Then it introduces Guangzhou Metro Group and analyzes its financial status and basic situation of asset securitization products.Based on the synthesis of the previous theory and analysis,the core part of this article takes the Guangzhou Metro as an example to analyze the reasons for the asset securitization of rail transit enterprises;discuss the urban rail transit enterprises can be used as the basic assets for asset securitization and the cash generated by the underlying assets This paper analyzes the corresponding countermeasures based on the risks encountered in the process of asset securitization,and discusses the effects of asset securitization.Finally,it draws enlightenment based on the case and makes suggestions on how to promote the securitization of urban rail transit assets in China in a better direction.The passenger transportation fee income right based on ticket income is a good basic asset and meets the basic requirements of asset securitization.In economically developed regions,rail transit companies choose subway lines with higher ticket income for asset securitization,which can realize the transformation from traditional to new and diverse financing methods,and obtain financing through market operation mechanisms,which is of significance to the development of the rail transit industry major.