吉高集团资产证券化融资方案设计

发布时间：2018-03-24 09:53

本文选题：高速公路　切入点：融资方案　出处：《吉林大学》2015年硕士论文

【摘要】：本论文探讨国内资产证券化在高速公路领域的应用。通过模拟设计吉林省高速公路集团有限公司（文中简称吉高集团）的资产证券化融资方案，论证像高速公路这样的国家基础设施项目的建设，能否通过资产证券化这种具有创新性的结构化金融产品来募集资金。最终的研究结果表明，答案是肯定的。研究工作起始于吉高集团所面临的资金短缺问题。根据了解，吉高集团之所以资金短缺，原因有三，一是根据国家规划吉林省要修建若干条高速公路，需要投入大量资金；二是高速公路属于大型基础设施，项目投资收回期教长，吉高集团内源融资乏力，，且政府财政对高速公路建设资金投入不足；三是受政策影响，传统常用的外源融资方式如贷款、发债和上市都不再可行。很显然，解决问题的办法只有一条，那就是为吉高集团寻求新的融资渠道。通过对国内外资本市场的调查发现，七十年代起源于美国的资产证券化，几十年来得以蓬勃发展，已经成为美国金融业一颗耀眼的明星。世界各国争相效仿，资产证券化也已成为欧洲和日本金融市场上最具活力的成熟产品。资产证券化在中国的实践，从上世纪九十年代起就有所探索，后来又历经长达六年两个阶段的试点，不仅成功实施了几批项目，而且逐步形成了中国的特色。随着证监会文件《证券公司资产证券化业务管理规定》（以下简称《管理规定》）的出台，标志着国内企业资产证券化从试点业务转为常规业务。高速公路建设项目能不能利用这个金融产品来募集资金？融资方案如何规划？需要哪些保障措施？如果这些问题都得到肯定的答案，吉高集团资金短缺的问题也就迎刃而解。围绕上述三个问题展开对资产证券化的进一步研究发现，高速公路收费权能提供稳定可靠的现金流入，符合资产证券化的现金流分析原理；把高速公路收费权收益作为基础资产放入资产池，符合资产证券化的资产重组原理；高速公路是分段建设并可独立核算，适用资产证券化的风险隔离原理；高速公路公司可以利用不动产做抵押找到第三方担保，适用资产证券化的信用增级原理。由此可以证明吉高集团采用资产证券化融资是可行的。通过研究资产证券化的特点和优势，并结合吉高集团自身情况和融资困境，发现资产证券化是最合适吉高集团的融资模式，由此得出采用资产证券化融资也是必要的。根据《管理规定》等相关文件，同时借鉴以往成功案例，本论文从确定资产池、设计交易结构、使用信用增级和安排现金流归集分配等四个方面，规划出吉高集团高速公路资产证券化融资方案的详细内容。论文的最后就法律法规、风险防范和制度安排等三个方面，提出各项实施保障措施。
[Abstract]:This paper discusses the application of domestic asset securitization in the field of highway. Through the simulation design of Jilin Provincial Highway Group Co., Ltd (referred to as Jigao Group), the financing scheme of asset securitization, To demonstrate whether the construction of national infrastructure projects such as highways can raise funds through the innovative structured financial products such as asset securitization. The final research results show that the answer is yes. The research work begins with the shortage of funds faced by Jigao Group. According to our understanding, there are three reasons for the shortage of funds in Jigao Group: first, according to the national plan, a number of highways need to be built in Jilin Province, which requires a large amount of investment; The second is that the expressway is a large-scale infrastructure, the director of the project investment recovery period, the internal financing of the Jigao Group is weak, and the government financial investment in the highway construction is insufficient; the third is affected by the policy. Traditional foreign financing methods, such as loans, bond issuance and listing, are no longer feasible. Obviously, there is only one solution to the problem, that is, to find new financing channels for Jigao Group. Through a survey of the capital markets at home and abroad, Asset securitization, which originated in the United States in the 1970s, has flourished for decades and has become a dazzling star in the US financial industry. Asset securitization has also become the most dynamic and mature product in the financial markets of Europe and Japan. The practice of asset securitization in China has been explored since the 1990s, and has gone through a six-year, two-stage pilot project. Not only several projects have been successfully implemented, but also Chinese characteristics have been gradually formed. With the introduction of the Securities Regulatory Commission document "regulations on the Management of Asset Securitization Business of Securities companies" (hereinafter referred to as "Management provisions"), Marks the domestic enterprise asset securitization from the pilot business to the regular business. Highway construction project can use this financial product to raise funds? How are the financing options planned? What safeguards are needed? If all these questions are answered in the affirmative, the problem of capital shortage of GIC Group will be solved. The further research on asset securitization based on the above three problems shows that the highway charging power provides stable and reliable cash inflow, which accords with the cash flow analysis principle of asset securitization. Putting the revenue of toll right of expressway into the asset pool as the basic assets conforms to the principle of asset reorganization of asset securitization, the highway is subsection construction and can be independently accounted for, and the principle of risk isolation of asset securitization is applicable. Highway companies can use real estate as collateral to find third party guarantees, Applying the credit enhancement principle of asset securitization, it can be proved that it is feasible for Jigao Group to adopt asset securitization financing. By studying the characteristics and advantages of asset securitization, and combining with its own situation and financing dilemma, It is found that asset securitization is the most suitable financing mode for JIGO Group, and it is also necessary to use asset securitization financing. According to the relevant documents such as "Management regulations" and other relevant documents, this paper makes use of the successful cases in the past to determine the asset pool. Design the transaction structure, use four aspects of credit enhancement and cash flow collection and distribution, and plan the detailed contents of the financing scheme of Jigao Group Expressway Asset Securitization. At the end of the paper, it is about laws and regulations. Three aspects of risk prevention and system arrangement are put forward.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F542.6;F540.58

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