我国PPP项目资产证券化融资问题及对策研究

A Study on the Problem and Countermeasures of Asset Securitization of PPP Projects in China

近年来,PPP模式以其收益共享、风险分担的特点在我国得到迅速推广。但是在具体实施过程中,PPP项目出现了融资方式狭窄,导致项目后期资金的投入量与回款量不相符等问题。PPP项目与资产证券化相结合的推广实施,使得PPP项目的融资困境得到有效缓解。然而,目前我国的PPP项目与资产证券化的结合尚处于初步探索阶段,在实施中仍存在着PPP项目与资产证券化的期限难以匹配、未实现真正的破产隔离、资产证券化产品流通性不畅、增信主体单一、法律支撑体系不完善等诸多问题。因此,应该改善期限错配问题,提高项目运营质量;健全二级市场交易机制,提高产品流动性;借鉴WBS模式经验,优化破产隔离方式;丰富增信主体,完善信用评级机制;规范政策体系,提供法律保障,以期为PPP项目在我国的顺利推广提供助益。

In recent years,PPP mode has been rapidly popularized in China due to its characteristics of income sharing and risk sharing.However,in the specific implementation process,the financing mode of PPP projects is narrow,which leads to the inconsistency between the investment amount and the return rate in the later stage of projects.The popularization and implementation of the combination of PPP project and asset securitization has effectively alleviated the financing difficulties of PPP project.Current PPP projects,however,with the combination of the asset securitization is still in the preliminary exploration stage.And it still exist many problems:the PPP project and the duration of the asset securitization is difficult to match,unrealized true bankruptcy isolation poor liquidity,credit asset securitization products are not well circulated,the main body of asset enhancement is too single,imperfect legal supporting system,and many other problems.Therefore,this paper puts forward the following six optimization suggestions:Improving the maturity mismatch problem and improve the project operation quality;Improving secondary market trading mechanism to improve product liquidity;Using the experience of WBS model to optimize the bankruptcy isolation mode;Enriching the credit enhancing subjects and improving the credit rating mechanism;Standardizing the policy system and provide legal guarantee for the promotion of PPP in China.