The Application of Asset-Backed Securitization in the Analysis of the Financing Model of Highway Construction
|Keywords||Asset-Backed Securitization highway property Asset-Backed Securitization Corporation special purpose vehicle|
The highway construction needs the large amount investment, financing through the highway charge Asset-Backed Securitization is a new financing method which has gradually emerged in recent years .The highway charge Asset-Backed Securitization is based on cash which will be collected in the future.As such future toll fees are predictable,it is suitable to adopt charge Asset-Backed Securitization. The high way toll fees is one of the most suitable assets for securitization because the existing conditions are very agreeable .in the early stages ,we have conducted experiments on the securitization of high way toll fees ,but mainly through off shore model ,that means the process was done overseas and the investors are also outside of China. Therefore it contribute little to the development of securitization of high way toll fees. Thus we have to try a new means to conduct the securitization of high way toll fees domestically.This paper starts with the theory of asset securitization ,with the reference of the specific conditions of China ,we propose a relatively complete framework for the securitization of high way toll fees .Firstly, we look back into the related papers of asset securitization , and describe the meaning of asset securitization from different perspectives .then we describe the traditional finance model of high way construction ,with the help of enterprises financing theory and the main techs of asset securitization ,we propose to adopt asset securitization for high way construction financing .the core point of this paper is :at first place ,we investigate actual condition analysis of the propose ,then make a model for China’s high way asset securitization. As for the establishment of SPV, we suggest the department of communication should set up a asset securitization company(ABSC),then ABSC should choose creditable security or trust companies and the overseas finance companies to set up SPV; As for“true sale”,this paper argue Originator-province highway administration use the high quality asset to assemble a asset pool according to its self conditions and transfer the asset pool to asset securitization company ,thus the first bankruptcy hedge is created ;second ,the asset securitization company classify the high quality asset transferred by the Originator,thus a new asset pool is created ,and when the new asset pool is sold out to SPV, the second hedge of bankruptcy is formed ;Thirdly, we study the asset pool management and the different means of credit upgrade .finally in this paper, we propose the obstacles facing the asset securitization of China’s highway asset and accordingly propose some feasible methods to solve such obstacles.