| In recent years,China's PPP model has developed rapidly with the support of policies.As a partnership established by the public sector and private institutions to provide public infrastructure services,more and more of them have been used in various infrastructure projects.PPP model not only alleviates the difficulty of financing infrastructure projects,but also lightens the financial pressure of local governments,and further improves the quality of public infrastructure services.However,as a financing model,considering that the PPP project from the construction period to the final operation period,the duration of the cycle is longer,investment recovery is slow,which is not conducive to attracting investors,especially the community.Will invest in capital.Traditional bank loans can not match the operation period of the project and have been unable to meet the financial needs of the project.In 2016,the Development and Reform Commission issued relevant notices,proposing the integration of the PPP project and the in-depth development of the capital market."the effective marriage of finance and finance" has become an important engine and thrust of PPP project financing,and the favorable policies have also accelerated the process of asset securitization of PPP projects.The key link is to evaluate the value of asset securitization of PPP project,which is the basis of asset securitization,by effectively using asset securitization as a financial tool to smoothly promote the landing of PPP project.Valuation of assets.Fair value is an important theoretical basis and value reference for the design and issuance of asset securitization products and market transactions.Through reading a large number of documents,this paper studies the value evaluation of basic assets in the process of asset securitization of PPP project.As far as the existing research is concerned,most of the research focuses on product pricing,and the research on the valuation of basic assets is less,and most of the existing research methods adopt static cash flow method,static interest rate method,and so on.There is also the use of option-adjusted spread method for valuation research,but relatively few.The capital asset pricing model is used to estimate the interest rate,while the current securitization products in our country are basically floating interest rate.Therefore,this method has great limitations in application and does not accord with the real situation of the market..On the basis of previous research,this paper estimates the value of asset securitization of PPP project by option adjustment margin method and Monte Carlo simulation method,that is,the value of basic asset in asset securitization.The interest rate analysis adopts CIR single factor model to construct the term structure of interest rate and describe the yield curve dynamically,cash flow is predicted by trend analysis based on historical data,and the possible default risk factors are added to adjust it.The difference between the weighted average coupon interest rate and the base interest rate of similar products is generally used to calculate the interest margin.Finally,the value evaluation suitable for asset securitization of PPP project is constructed.With the aid of the first order of domestic gas-Jiaxing natural gas charging income right project,the application analysis of the value evaluation model is carried out.In order to find a more reasonable value evaluation method,to evaluate the fair value of the assets listed for the PPP project asset securitization to provide a reference and reference for the value evaluation research. |
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