交通基础设施建设BT项目资产证券化研究

发布时间：2018-05-09 15:02

本文选题：交通基础设施 + BT项目　；参考：《上海交通大学》2013年硕士论文

【摘要】：资金短缺一直是制约交通基础设施建设的瓶颈，长期以来困扰着各级政府。目前，我国正尝试建立多元化的融资渠道，除常规的政府投资、银行贷款以外，积极拓展其他融资途径，如BT融资和资产证券化等。但BT融资和资产证券化在实际应用中尚存在着缺陷，BT模式将融资压力由政府方转移到了建筑企业，而资产证券化随着未来公路免费政策的实施，将越来越难以推行。为此，对交通基础设施建设项目的4种主要项目融资模式进行了对比分析，，对交通基础设施融资的一种新模式——BT项目回购款的资产证券化进行了深入探讨，并对其核心问题——风险和定价进行了研究和探索。本文在专家访谈的基础上识别出了交通基础设施建设BT项目资产证券化过程中存在的4类14种风险因素，建立了应用风险矩阵方法对风险因素进行评估的方法，并提出了降低风险的措施。本文应用期权调整利差模型，考虑利率波动性，研究了交通基础设施BT项目资产证券化产品的理论价格；通过对债券市场的调研，提出了根据不同类型债券进行逐层逐级风险补偿的类比定价法。基于理论成果，对“浦建收益”BT项目资产证券化案例进行了实证研究，探讨了其中涉及的操作实务，运用风险矩阵进行风险评估并得出项目风险偏高的结论，并应用期权调整利差模型对本案例进行了定价分析。本文的研究成果对推广应用交通基础设施BT建设项目回购款资产证券化模式具有参考价值。
[Abstract]:The shortage of funds has been the bottleneck restricting the construction of transportation infrastructure, and has been perplexing governments at all levels for a long time. At present, China is trying to establish diversified financing channels. Besides the conventional government investment and bank loans, we are actively developing other financing channels, such as BT financing and asset securitization. However, BT financing and asset securitization still have defects in practical application. BT model transfers financing pressure from government to construction enterprise. With the implementation of road free policy in the future, asset securitization will be more and more difficult to carry out. This paper makes a comparative analysis of the four main financing modes of transportation infrastructure construction projects, and probes into the asset securitization of BT project repurchase funds, a new mode of transportation infrastructure financing. And its core problem-risk and pricing are studied and explored. On the basis of expert interviews, this paper identifies 14 kinds of risk factors in the process of asset securitization in BT project of transportation infrastructure construction, and sets up a method to evaluate risk factors by using risk matrix method. The measures to reduce the risk are also put forward. In this paper, we apply the option adjusted spread model and consider the volatility of interest rate to study the theoretical price of the asset securitization products of the BT project of transportation infrastructure, through the investigation of the bond market, This paper presents an analogical pricing method for risk compensation based on different types of bonds. Based on the theoretical results, this paper makes an empirical study on the asset securitization case of "Purchasing income" BT project, discusses the operational practice involved in it, uses the risk matrix to carry out risk assessment and draws the conclusion that the project risk is on the high side. And use the option adjustment spread model to carry on the pricing analysis to this case. The research results of this paper have reference value for popularizing and applying the model of repurchase asset securitization in BT construction project of transportation infrastructure.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.4;F512.3

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