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《華夏幸福固安工業(yè)園ppp項(xiàng)目供熱收費(fèi)收益權(quán)資產(chǎn)證券化研究》由會(huì)員上傳分享,免費(fèi)在線閱讀,更多相關(guān)內(nèi)容在學(xué)術(shù)論文-天天文庫(kù)。
1、學(xué)校代碼10530學(xué)號(hào)201510040203分類(lèi)號(hào)F830.91密級(jí)公開(kāi)碩士學(xué)位論文華夏幸福固安工業(yè)園PPP項(xiàng)目供熱收費(fèi)收益權(quán)資產(chǎn)證券化研究學(xué)位申請(qǐng)人陳志敏指導(dǎo)教師李勇輝教授劉玲學(xué)院名稱(chēng)商學(xué)院學(xué)科專(zhuān)業(yè)金融碩士研究方向證券投資理論與實(shí)踐二〇一八年六月十五日CFLDGu'anIndustrialParkPPPProjectResearchonAssetSecuritizationofHeatingChargeIncomeRightsCandidateChenZhiminSupervisorProfessorLiYonghui
2、,LiuLingCollegeBusinessSchoolProgramMasterofFinanceSpecializationSecuritiesInvestmentTheoryandPracticeDegreeMasterUniversityXiangtanUniversityDateJune15,2018摘要近年來(lái),社會(huì)資本參與PPP項(xiàng)目面臨融資難、融資成本高以及退出不易等困境,而資產(chǎn)證券化有利于提高PPP資產(chǎn)的流動(dòng)性,盤(pán)活資產(chǎn),是PPP項(xiàng)目再融資和退出的重要?jiǎng)?chuàng)新金融工具。2017年3月初,我國(guó)首批四單“PPP+A
3、BS”項(xiàng)目審批發(fā)行成功,華夏幸福固安工業(yè)園區(qū)新型城鎮(zhèn)化PPP項(xiàng)目供熱收費(fèi)收益權(quán)資產(chǎn)支持專(zhuān)項(xiàng)計(jì)劃(以下簡(jiǎn)稱(chēng)華夏幸福ABS)就是這首批四單之一。本文選取“華夏幸福ABS”為研究對(duì)象,從產(chǎn)品設(shè)計(jì)的角度,首先對(duì)PPP模式和PPP項(xiàng)目資產(chǎn)證券化的定義和發(fā)展進(jìn)行了概述,探討了PPP項(xiàng)目收益權(quán)資產(chǎn)證券化的特點(diǎn)和模式;然后以宏觀政策為指引,運(yùn)用案例分析法,對(duì)該案例基礎(chǔ)資產(chǎn)池的構(gòu)造、產(chǎn)品規(guī)模與結(jié)構(gòu)、參與機(jī)構(gòu)、交易結(jié)構(gòu)、信用增級(jí)與信用評(píng)級(jí)、風(fēng)險(xiǎn)、產(chǎn)品融資成本等七方面進(jìn)行“七位一體”的深入分析,總結(jié)出產(chǎn)品期限靈活、增信手段多樣等優(yōu)點(diǎn)。同時(shí)整理出
4、該案例存在著各期收益之間相互關(guān)聯(lián),產(chǎn)品流動(dòng)性不足以及法律意義上的破產(chǎn)隔離未真正實(shí)現(xiàn)等問(wèn)題。最后,根據(jù)案例所反映的問(wèn)題,本文提出應(yīng)確立SPV的法律主體地位、完善證券化產(chǎn)品交易市場(chǎng),擴(kuò)大基礎(chǔ)資產(chǎn)范圍、實(shí)現(xiàn)收益來(lái)源的多元化等解決思路。同時(shí),結(jié)合本案例的亮點(diǎn),對(duì)我國(guó)今后PPP項(xiàng)目的資產(chǎn)證券化提出了自己的建議。關(guān)鍵詞:PPP模式;資產(chǎn)證券化;SPV;產(chǎn)品設(shè)計(jì)IAbstractInrecentyears,socialcapitalparticipationinthePPPprojectfacesdifficultiessuchasfi
5、nancingdifficulties,highfinancingcosts,anddifficultexits.AssetsecuritizationhelpsimprovetheliquidityofPPPassetsandrevitalizesassets.ItisanimportantinnovativefinancialinstrumentforrefinancingandwithdrawalofPPPprojects.AtthebeginningofMarch2017,China'sfirstbatchoffo
6、ur“PPP+ABS”projectswereapprovedforsuccessfulissuance.Gu'anIndustrialPark'snewurbanizationPPPprojectimplementedbyChinaFortuneLandDevelopmentCo.,Ltdheatingbillingandincomerightassetsupportingspecialplan(whichreferredtoasChinaFortuneLandDevelopmentABS)isoneofthefirst
7、batchoffourplans.Thisarticleselects"ChinaFortuneLandDevelopmentABS"astheresearchobject.Fromtheperspectiveofproductdesign,itoutlinesthedefinitionanddevelopmentofthePPPmodelandassetsecuritizationofPPPprojectsfirstly.Thendiscussesthecharacteristicsandmodelsofassetsec
8、uritizationofPPPprojects'incomerights.Guidedbymacroeconomicpolicies,usingthecaseanalysismethod,thesevenrespectsofthebasicassetpoolofthecase,productsizea