Design Of Refinancing Products For Cultural And Tourism PPP Projects

Since the strategy of ecological protection and high quality development of the Yellow River Basin was put forward,the development of cultural tourism industry has received unprecedented attention.A guideline issued by the Ministry of Culture and Tourism and the Ministry of Finance said the PPP model should be promoted mainly in scenic spots and other important areas.Many earlier PPP projects in China have completed their construction tasks and entered the operation period from the construction period.Despite new financial policy tools launched by the National Development and Reform Commission and the China Securities Regulatory Commission,there is still a large unmet need for refinancing.In this context,this paper proposes a structured product design scheme of double barrier option linked by project revenue bonds,aiming to solve the problem of refinancing during the project operation period through new market-based financing means.Firstly,this paper analyzes the product market from the aspects of market supply and demand and product advantage.Secondly,in view of the demands of stakeholders,the overall idea of contract design is put forward.That is,for the fixed income part,the issuing factor statement table is constructed according to the issuing guidelines of project revenue bonds,and the maximum safe issuing scale of bonds is calculated with the help of KMV model.For the option part,a model is established to solve the dynamic threshold of upper and lower limits which are constantly adjusted with the actual project income.Thirdly,combined with the structural pricing theory,the product pricing model of single payment was constructed based on the BSM model,and was derived from single payment to installment payment,which was used to calculate the total value of the final product.In order to verify the rationality of the product scheme and parameter setting,on the one hand,this paper selects the PPP project of Wuwei Leitai Scenic Spot cultural tourism in Gansu Province,which has the largest investment scale in the field of cultural tourism.Based on this project,the basic elements and important parameters of the product contract are valued,and the total value of the product is calculated,and the feasibility of the product application is preliminarily verified by taking it as an example.On the other hand,from the perspective of multi-subject interests of project stakeholders,this paper explains the feasibility of product issuance again through product income analysis,sensitivity test of product parameters,and value measurement of option portfolio,so as to provide reasonable reference for parameter setting,clause design and pricing of related products in the future.Finally,this paper summarizes the characteristics of the products,puts forward targeted product promotion strategies,and puts forward countermeasures and suggestions from the perspective of issuers,investors and regulators.The conclusion of this paper shows that the structured product embedded with double-barrier option can carry out market-oriented financing and promote the smooth operation of the project on the basis of balancing the conflicts of stakeholders and realizing the win-win of multiple interests.