【作者】 王驰；

【导师】 毕星；

【作者基本信息】 天津大学 ， 管理科学与工程， 2016， 硕士

【摘要】 地方政府融资平台是由地方政府出资,授权其代表政府进行公共基础设施类项目融资、建设、经营等活动的企(事)业法人机构。多年来,地方融资平台公司为我国加快基础设施建设、改善民生做出了突出贡献。但是随着融资规模和平台数量激增,平台公司运作不规范、政府担保无法律效力、偿债能力欠缺等问题逐渐凸显,使得人们开始关注其背后的巨大风险。本文尝试通过定性与定量相结合的方法论证资产证券化在化解平台公司困境上的可行性。资产证券化源于美国,是一项重要的金融创新。发起人将流动性差但具有稳定现金流的资产打包组成资金池并“真实出售”给特殊目的机构形成风险隔离,最终将份额化的收益权出售给投资者。融资平台主导的盈利性基础设施具有投资额大、回收期长、流动性差但现金流稳定的特点,符合资产证券化对基础资产的基本要求。本文通过对基础资产、特殊目的机构(Special Purpose Vehicle,SPV)模式等的分析研究,认为券商主导的专项资产计划是目前我国平台公司应首选的方式。通过将资产证券化同银行贷款、融资证券化和PPP模式的对比分析,认为资产证券化对地方政府公信力影响小、不受投资人身份限制、与平台公司实现破产隔离并能够有效降低银行风险,具有一定的优势。通过将模糊数学和实物期权概念引入资产证券化定价模型,能够有效分析在未来发展不确定的情况下,管理柔性对基础设施定价的影响,从而得到更加科学准确的定价依据,实例分析结果显示该模型能够有效计算出基础资产定价区间,具有一定的应用价值。通过对南京污水处理收益权资管项目以及采用离岸SPV的广深珠高速公路项目的分析研究,认为有实力的平台公司可以考虑海外设立SPV方式,但应提升自身谈判能力,避免不合理条件,更多的平台公司应先考虑在国内市场发行资产支持证券,逐步提升资产证券化的运作能力,切记盲目投身国际资本市场。资产证券化是解决我国地方政府融资平台困境的有效途径,国家和地方都应给予足够支持,从法律法规、投资人培养等多角度推动我国基础设施资产证券化的发展。更多还原

【Abstract】 The local government financing platform is the legal institution of the local government,which authorized to carry out the activities of public infrastructure projects including financing,construction,management and so on.Over the years,the financing platform company has made outstanding contributions to speeding up the infrastructure construction and improving people’s livelihood.With the increase in the financing scale and platforms counts,however,people begin to pay attention to its huge risks,such as the company operation is not standardized,the lack of solvency and so on.This paper tries to demonstrate the feasibility of asset securitization in solving the dilemma of the platform by combining qualitative and quantitative methods.Asset securitization is an important financial innovation.A fund that has a poor liquidity but has a stable cash flow,which is packed into a pool of assets and be "real sold" to a special purpose vehicle(SPV)to form risk isolation,ultimately the share of the proceeds will be sold to the investors.The infrastructures led by financing platform has the characteristics of large amount of investment,long payback period,poor liquidity but stable cash flow,which are consistent with the basic requirements of asset securitization.Based on the analysis of the basic assets,SPV model and other aspects,this paper considers that the special assets management plan launched by securities traders is the best way in China now.By contrast the asset securitization with bank loans,financing securitization and PPP model,this paper presents asset securitization has little effect on the credibility of the local government,little investment restrictions,bankruptcy remoteness,also it can effectively reduce the risks of banks.By introducing the concept of fuzzy mathematics and the Real Option into the asset securitization pricing model,it can effectively analyze the impact of management flexibility on the pricing of infrastructure in the future.Through the analysis of the Nanjing sewage treatment benefits project and the guang-shen-zhu highway project using overseas SPV,this paper considers China local platform company should improve their negotiation ability to avoid unreasonable conditions if they want to set the SPV company oversea,and other platform companies should consider issue the asset backed securities in the domestic market,and gradually improve the operational capacity of asset securitization.Asset securitization is an effective way to solve the problem of local government financing platform,the country and the local government should give adequate support to promote the development of China’s infrastructure asset securitization from the perspective of laws and regulations,and investment.更多还原