我国基础设施项目ABS融资模式研究

发布时间：2018-02-02 10:22

本文关键词： 基础设施 ABS 融资模式　出处：《重庆大学》2015年硕士论文　论文类型：学位论文

【摘要】：随着我国“一带一路”战略规划的提出和城镇化地持续高速推进,大规模的基础设施建设已是大势所趋。基础设施项目需要在初期投入大量资金、投资回收期较长,单纯依靠政府和财政明显难以为继,同时现有的融资模式又存在一定的弊端,资金匮乏问题仍然是制约基础设施建设的瓶颈。资产证券化(Asset Securitization)融资模式作为发达国家兴起的一种创新的融资模式,为我国的基础设施项目的融资提供了新的借鉴。目前国内相关的研究更多是关注金融机构的信贷资产方面,而本文旨在探讨如何通过ABS这一创新的金融工具,将庞大的民间资本引入到基础设施建设领域,为基础设施项目提供一条新的融资渠道。本文首先通过分析我国基础设施项目融资现状,指出存在的问题,认为当前的各种融资模式存在一定的局限性,不能长期持续。接着文章对ABS融资的概念、发展历史进行了简单介绍,并分析其基本原理和操作步骤。通过ABS融资模式与其他模式的比较分析,认为在我国基础设施项目中ABS融资模式,可以作为对现有融资模式的补充,促进投资主体多元化,为解决基础设施项目融资难问题开辟一条新的路径。然后,本文从实践的角度出发,对ABS融资实际操作中核心的问题进行分析,即如何选择基础资产、SPV设立形式、参与方的选择、交易结构的设计等。最后,在总结我国ABS融资实践案例的基础上,构建出适合我国国情的基础设施项目ABS融资的基本模式。作为补充,本文指出我国现阶段的市场环境和法律制度还不够完善,制约了ABS融资的推进,并提出相关政策建议。在我国资产证券化大力推进的背景下,本文对基础设施项目的ABS融资模式研究具有重要的理论和实践意义。
[Abstract]:With the development of "Belt and Road" strategic plan and the continuous rapid development of urbanization, large-scale infrastructure construction is the trend of the times. Infrastructure projects need to invest a lot of funds in the initial stage. The payback period of investment is long, relying solely on government and finance is obviously difficult to continue, at the same time, the existing financing mode also has some drawbacks. Lack of funds remains a bottleneck in infrastructure construction. Asset Securitization). As an innovative mode of financing developed countries, financing mode. For the financing of infrastructure projects in China to provide a new reference. At present, domestic research is more concerned about the credit assets of financial institutions. The purpose of this paper is to explore how to introduce huge private capital into the field of infrastructure construction through ABS, an innovative financial instrument. This paper first analyzes the current situation of infrastructure project financing in China, points out the existing problems, and thinks that there are some limitations in the current financing mode. The paper introduces the concept and history of ABS financing, analyzes its basic principle and operation steps, and compares the ABS financing model with other models. It is believed that the ABS financing model can be used as a supplement to the existing financing model and promote the diversification of investment subjects in infrastructure projects in China. In order to solve the problem of infrastructure project financing difficult to open a new path. Then from the perspective of practice this paper analyzes the core issues in the actual operation of ABS financing namely how to choose the basic assets. The form of establishment of SPV, the choice of participants, the design of transaction structure, etc. Finally, on the basis of summarizing the practical cases of ABS financing in China. As a supplement, this paper points out that the market environment and legal system of our country are not perfect at the present stage, which restricts the promotion of ABS financing. Under the background of vigorously promoting asset securitization in China, this paper has important theoretical and practical significance for the research of ABS financing mode of infrastructure projects.
【学位授予单位】：重庆大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F285

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