Research On Risk Sharing Of Asset Securitization In Public Rental Housing PPP Project

With the rapid development of the "urbanization" and the rapid growth of the urban population,public rental projects with strong public welfare have come into being.In order to expand the welfare scope of the public rental projects,the public sector is actively exploring effective financing ways to raise the construction funds of the public rental projects.Public-private Partnership model effectively overcome the traditional supply of infrastructure,but because of the long period of the project,the demand for funds is large,so that the private sector is full of vigilance in the public rental projects,and is unwilling to cooperate easily and reduce the effective utilization of the social idle funds.Therefore,the introduction of asset securitization in public rental housing PPP projects has become a new type of financing model,which can quickly realize the withdrawal of private sector funds,open up new channels for social idle capital investment,and promote the stable development of public rental housing in China.Therefore,the introduction of asset securitization into public rental housing PPP projects has become a new type of financing model,which can realize the withdrawal of funds from the private sector,improve the utilization rate of idle funds,and promote the stable development of public leasing business in China.But many of the project participants,the contract gap,the longer life cycle and the huge amount of money make the financing model at a higher risk.Therefore,a reasonable risk-sharing among project participants is a key factor in the success of the project.This paper makes an in-depth study on the reasonable risk-sharing of the PPP project of public rental housing.First of all,through the study of the domestic and foreign exchange of the PPP model of the public rental and the related documents of the asset securitization,the paper makes clear the goal of the risk sharing of the PPP project of the public rental housing,and on the basis of the analysis of the main body,the sharing principle and the risk sharing object of the project risk sharing,The establishment of the risk-sharing framework p rovides the basis for the risk-sharing management of the PPP project of the public rental housing.Secondly,on the basis of analyzing the risk management ability of the participants,the evaluation index system is set up from the three aspects of the subjectundefineds will,the subject control ability and the risk loss of the subject,so as to construct the risk-taker preference model.And an improved close method is used to analyze the risk distribution of the risk undertaking party,and the optimal bearing of the risk is determined.At the same time,the risk-specific allocation proportion value is calculated by the Shapley meth od for the risk of multi-party sharing,and the indirect proof is that the overall optimization of the project can only be achieved for some risks only when the cooperative parties share the risk.Finally,through the case study,the comprehensive analysis and evaluation of the risk sharing are carried out to prove the scientific and effective of the established risk-sharing model.The present study provides a scientific basis for the participation of each partner of the public rental housing in the construction of the public rental housing,and provides a new reference for the risk sharing in the construction of the public rental project.The.achievement of the partnerundefineds risk-sharing goal is of great theoretical value and practical significance.