探析资产证券化产品在我国PPP项目中的应用

Analyzing the application of Securitization in China's PPP Projects

PPP项目一般具有生命周期长、资金需求量大、投资回报率低的特点,通过发行证券化产品,可以拓宽资本退出路径,降低融资成本,激发私人部门参与度。虽然发行证券化产品具备融资优势,但是目前仍存在制约PPP项目资产证券化发展的潜在因素:一是基础资产的超长周期与证券化产品设计不匹配;二是破产隔离效果尚不理想。因此,在实践中需着重做好证券化产品的增信设计与合理定价,以切实发挥证券化融资优势。本文以PPP项目为何证券化及如何证券化为逻辑主线,从PPP资产证券化的适用性、运作要点和对策建议三个方面进行了阐述分析。

In general, the long-term period, huge funds demand and low rate of return are common features of the PPP projects. By applying the securitization in PPP projects, the channel of investment withdrawal can be broadened and the cost of financing can be reduced, which may motivate the private to participate in the projects. However, there are two main constraints on the development of securitization in PPP projects despite these financing advantages. One of the them is the mismatch between the PPP projects and ABS, and the other one is the difficulty in effective bankruptcy segregation. As a result, more attention should be paid to the aspects of credit enhancement and reasonable pricing. The logic of this paper is that why PPP projects can be securitized andhow to properly securitize these assets. To answer the questions, this paper analyzed the applicability, fundamentals and improvement of securitization in PPP projects respectively.