PPP模式资产证劵化的融资视角研究——基于结构VAR模型的实证分析

On Financing of Asset Securitization Following PPP Model:An Empirical Study Based on Structural VAR Model

资产证券化是解决PPP模式融资困境的重要途径。文章从融资视角切入,在分析PPP模式资产证券化作用机理的基础上,充分考虑金融变量之间结构性关联,运用结构VAR模型探究资产证券化市场发行金额的波动对PPP模式投资金额的影响,进一步反映资产证券化对PPP模式融资的影响效果和程度。研究结果表明:第一,推行PPP模式资产证券化有利于降低融资成本,丰富融资方式,增强融资能力,拓宽融资渠道。第二,给资产证券化发行金额一个正向冲击,对PPP模式投资在短期内影响呈震荡波动趋势。第三,PPP投资金额对资产证券化发行金额的贡献度较为明显,同时受资产证券化的影响也较显著。最后结合理论分析和实证分析结果给出针对性的政策建议。

Asset securitization is an important way to solve the financing difficulties of PPP too（tel. Based on the analysis of the mechanism of asset securitization in PPP mode, this paper takes full account of the structural correlation among financial variables and explores the impact of the fluctuation of theamount releasedinasset securitization market on the investment quantity of PPP model by the structural VAR model to reveal the effect and extent of asset securitization on PPP mode financing. The study indicates the results as follow. Firstly, the implementation of PPP model asset securitization is conducive to reducing financing costs, enriching financing approach, enhancing the financing capacity and broadening the financing channels. Secondly, a positive impact on the asset securitization quantity will have a wave shock on the PPP model investment over the short term. Thirdly, PPP investment quantity has a significant contribution to asset securitization quantity, and it is also significantly affeeted by asset securitization. Finally, suggested policies are put forward based on the theoretical and empirical analysis.