PPP资产证券化的薄弱环节及改善策略

发布时间：2017-12-31 19:36

本文关键词：PPP资产证券化的薄弱环节及改善策略　出处：《经济研究参考》2017年33期 　论文类型：期刊论文

【摘要】：PPP具有非常重要的时代意义,承载着充分利用市场力量提升公共服务供给规模和效率的重要使命,资产证券化作为提高PPP项目资产流动性的重要工具,既是PPP市场的"放大镜",也是促进PPP规范发展的"催化剂"。原生市场条件和项目运转中存在的问题或多或少会映射到衍生市场上,成为PPP资产证券化机制设计和持续发展的薄弱环节,包括收益率预期差异、期限匹配、现金流匹配、SPV法律地位等方面的问题,从制度建设、加强管理、吸引长期机构投资者、顺应市场环境等方面采取针对性措施,可以促进PPP资产证券化业务的顺利拓展,也有利于促进PPP规范发展,优化资源配置效率。
[Abstract]:PPP has a very important significance of the times, bearing the full use of market forces to enhance the scale and efficiency of public service supply mission, asset securitization as an important tool to improve the asset liquidity of PPP projects. It is not only a "magnifying glass" of PPP market, but also a "catalyst" to promote the development of PPP specification. The original market conditions and the problems existing in the project operation will more or less be mapped to the derivative market. It has become a weak link in the design and sustainable development of PPP asset securitization mechanism, including the expected difference of return rate, the term matching, the cash flow matching and the legal status of PPP, and so on, from the system construction. Strengthening management, attracting long-term institutional investors, adapting to the market environment and other targeted measures can promote the smooth expansion of PPP asset securitization business, but also help to promote the development of PPP norms. Optimize resource allocation efficiency.
【作者单位】：中国财政科学研究院;
【分类号】：F283;F832.51
【正文快照】： 2017年3月10日,首批PPP资产证券化产品密集落地。中信建投—网新建投庆春路隧道PPP项目资产支持专项计划、中信证券—首创股份污水处理PPP项目收费收益权资产支持专项计划、华夏幸福固安工业园区新型城镇化PPP项目供热收费收益权资产支持计划、广发恒进—广晟东江环保虎门绿源

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