【作者】 陈亚男；

【导师】 刘圻； 刘斌；

【作者基本信息】 中南财经政法大学 ， 会计（专业学位）， 2021， 硕士

【摘要】 随着我国城市建设进程的不断加快,政府对社会公共基础设施的投资也在不断增加,部分地方政府逐渐无法承担巨额的投资支出,基础建设不断加速与财政承受能力有限的矛盾日益凸显。而PPP模式能够有效地补充基础设施建设资金,缓解地方政府的财政压力。与此同时,PPP项目面临着投资金额大、营运周期长、退出机制不足、面临风险多等问题,这些问题导致了社会资本对PPP项目的参与热情不高。PPP资产证券化为上述问题的解决提供了有效思路。通过资产证券化,PPP项目可以加快其资金的流动速度,改善原始投资人的财务结构,降低融资成本。因此,PPP项目通过资产证券化,能够吸引更多的社会资本对公共基础设施项目进行投资,从而减轻地方政府的财政压力。但是PPP项目资产证券化在实践过程中还存在诸多问题。如何解决这些问题,推动PPP资产证券化进入下一个发展阶段,对PPP项目今后的发展至关重要。本文将文献分析法和案例分析法结合起来,首先回顾了PPP项目和资产证券化的相关文献,以及PPP项目资产证券化涉及的三大理论基础,包括交易成本理论、博弈理论和委托代理理论。然后详细阐述了PPP证券化的特点和难点、运作流程和信用增级方式等。最后选取十堰管廊PPP项目资产证券化案例进行分析,着重研究了该资产支持专项计划的发行背景、基础资产情况、现金流预测及压力测试、信用增级方式和其他风险应对等,并总结了该资产支持专项计划的成果和不足,最后从本案例中得出启示,从而指导实践应用。该案例中基础资产为项目公司的长期应收款,采用了优先级/次级分层、差额补足承诺、流动性支持承诺、售回和购回承诺等内部信用增级方式。该专项计划的成功之处在于:(1)合理设计产品期限结构,有效解决了PPP项目期限与资产证券化产品期限不匹配的难题;(2)发行成本低,能够有效降低融资成本;(3)能够强化政府付费动机,促进政府高效履约;(4)该专项计划响应了国家政策号召,打造PPP资产盘活标杆。同时,该发行计划存在以下不足:(1)内部信用增级为主,破产隔离效果有限;(2)降杠杆减负债的目的未实现;(3)流动资金管理难度增加。根据对案例的分析,本文提出以下建议:(1)丰富PPP资产证券化的基础资产;(2)创新破产隔离方式;(3)着重解决期限错配的问题;(4)积极推动信用担保市场的发展。更多还原

【Abstract】 With the continuous acceleration of our country’s urbanization process,the investment in social public infrastructure is increasing,which puts great pressure on the government’s financial payment.The PPP model can effectively supplement infrastructure construction funds and ease the financial pressure of local governments.At the same time,PPP projects are facing problems such as large investment amount,long operating cycle,insufficient exit mechanism,and high risks.These problems have resulted in the low enthusiasm of social capital for participation in PPP projects.PPP asset securitization is one of the methods to solve the above problems.Through asset securitization,PPP projects can speed up the flow of their funds,improve the financial structure of original investors,and reduce financing costs.Therefore,through asset securitization,PPP projects can attract more social capital to invest in public infrastructure projects,thereby reducing the financial pressure on local governments.However,there are many problems in the practice of PPP project asset securitization.Therefore,how to effectively solve these problems and lead PPP asset securitization into a sound and stable development stage is of vital importance to the development of PPP.This article combines the literature analysis method with the case analysis method,and first reviews the relevant literature of PPP projects and asset securitization,as well as the three theoretical foundations involved in PPP project asset securitization,including transaction cost theory,game theory and principal-agent theory.Then it elaborated on the characteristics and difficulties of PPP securitization,operation procedures and credit enhancement methods.Finally,the Shiyan Pipe Gallery PPP project asset securitization case is selected for analysis,focusing on the issuance background of the asset-backed special plan,the basic asset situation,cash flow forecasting and stress testing,credit enhancement methods and other risk responses,etc.,and summarizes The results and deficiencies of the asset-supported special plan,and finally summed up the experience and enlightenment from this case,so as to guide the practical application.In this case,the basic asset is the long-term receivable of the project company,using internal credit enhancement methods such as priority/secondary stratification,shortfall replenishment commitments,liquidity support commitments,sale back and repurchase commitments.The success of this special plan lies in: 1)The product maturity structure is designed reasonably,which effectively solves the problem of the mismatch between the PPP project maturity and the asset securitization product maturity;2)The issuance cost is low,which can effectively reduce the financing cost;3)It can strengthen the government’s motivation to pay and promote the efficient implementation of the government’s contract;4)This special plan responds to the call of the national policy to create a benchmark for the revitalization of PPP assets.At the same time,the issuance plan has the following shortcomings: 1)Mainly internal credit enhancement,and the effect of bankruptcy isolation is limited;2)The purpose of reducing leverage and debt has not been realized;3)The difficulty of liquidity management has increased.Based on the analysis of the case,this article puts forward the following suggestions: 1)Enrich the basic assets of PPP asset securitization;2)Innovate bankruptcy isolation methods;3)Focus on solving the problem of maturity mismatch;4)Actively promote the credit guarantee market development of.更多还原