我国基础设施ABS融资问题研究

【作者】 蔡铁夫；

【导师】 戴晓凤；

【作者基本信息】 湖南大学 ， 金融学， 2003， 硕士

【摘要】 进入“十五”以来，我国迎来了基础设施建设的高峰期，早已客观存在的融资问题更加凸显。在当前政府财力有限，已有的融资方式存在局限性的情形之下，探讨如何在基础设施融资中运用ABS融资方式，以引入民间资本来应对当前的融资困境有重要的现实意义。基于此，本文在对基础设施融资的特点与ABS融资方式进行分析的基础上，提出要在基础设施建设中引入ABS融资方式，并重点阐述了我国基础设施ABS融资中关键问题的解决方案。 首先，本文对ABS融资方式的特征、运作机制、原理等进行了阐述，并具体说明了基础设施ABS融资的含义。其后从我国当前基础设施建设中的融资困境出发，论述了我国开展基础设施ABS融资的必要性与可行性。文章的主体部分讨论了我国基础设施ABS融资运作过程中的一些关键问题，如基础资产的选择、SPV的设立、信用增级的实现等，在这当中，注意结合我国实施当中的现实障碍，并以我国现有的法律制度框架为基础，以适度前瞻的视角，提出了在我国开展基础设施ABS融资的几种模式，并对这几种模式进行了较为详细的阐述，分析了各自的特点，以及各个模式开展的阶段性；在风险与控制小节中就基础设施ABS融资中所特有的风险及其防范措施作了简要的分析。 资产证券化在我国的开展是一个必然的趋势，在基础设施建设面临融资困境的同时，应该要看到ABS融资方式在基础设施领域的运用前景，特别是要抓住我国资产证券化即将实现突破的契机，在ABS融资的法律体系和金融环境的完善上下功夫，为基础设施ABS融资的大规模开展做好准备。更多还原

【Abstract】 With entering the period of "the Tenth-Five", the infrastructure construction goes to a peak, and the objectively existing problems of financing become manifest even more. At present, the financial resources of government are finite, and there are some limitations in the existing way of financing. So it is significant for us to explore the way we utilize ABS in infrastructure financing. Based on the necessity and feasibility of ABS in financing infrastructure construction, we mainly elaborate the scheme to resolve the key problems in the ABS financing in our country, and make prospects for its development.At first, we expound the characteristics, the operating mechanism and principle of ABS. Beginning with the analyses of the financing predicament and the objective conditions of infrastructure construction, we discuss the necessity and feasibility of ABS in infrastructure financing in our country. Later, we analyze the key problems in the operating process. Certainly, we must pay attention to the difficulties in the process of implementation. Referring to the existing system of statute, and from the prospective angle, we put forward some kinds of financing model of ABS in the infrastructure construction in our country, & elaborate it clearly. In the section of risk and control, we make succinct analyses for the special risk and controlling measures of ABS in the infrastructure financing.In the last chapter, we make prospects for ABS in infrastructure financing, and recommend some measures.更多还原