Research On Key Influencing Factors Of PPP Project Asset Securitization

The No.43 document of the State Council has indeed prevented local governments from using financing platform companies to finance themselves,which has caused great pressure on the government’s financial payment capacity.The PPP model came into being in China.However,the PPP project lacks project refinancing mechanism and exit mechanism,which limits the liquidity of PPP project funds and seriously affects the promotion of PPP model in China.The document No.2698 jointly issued by the national development and Reform Commission and the CSRC has opened the innovative financing channel of asset securitization of PPP project,which is of great significance for social capital to revitalize the stock capital and invest the liberated social capital into the next project,so as to stimulate China’s infrastructure construction and reduce the financial burden of local governments.Therefore,studying the key influencing factors of PPP project asset securitization has guiding role,theoretical value and practical significance for improving the issuance rate of PPP project asset securitization.Taking the innovative and representative PPP project asset securitization of Beijing Tianjin Hebei integration HT Company as an example,this paper maked an in-depth study on the key influencing factors of PPP project asset securitization.Firstly,this paper expounded the practice status of PPP project asset securitization in China,including the analysis of promoting the development of PPP project asset securitization in China from the policy level,the issuance and development status,the detailed analysis of 31 PPP project asset securitization projects from different dimensions,and pointed out the existing problems of PPP project asset securitization in China.Secondly,use the literature analysis method and questionnaire method to constructed the important influencing factor indicators of the asset securitization of PPP project,and then use the Analytic Hierarchy Process to calculate and rank the weight of the indicators.The first level indicators are ranked as the basic assets,policies and regulations,risk control,operation process and investment value according to the weight.In the secondary indicators,8 key influencing factors,such as high-quality underlying assets and clear ownership of underlying assets,are analyzed in detail,and then four indicators,such as sustainable and stable cash flow with large weight and accurate securities pricing,are substituted into cases for analysis and verification.Finally,suggestions are given on the development trend of asset securitization of PPP projects,which provides a good reference for the issuance of asset securitization of PPP projects in the future.