浅析政府与社会资本合作项目(PPP)资产证券化
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摘要
近年来,为了解决PPP项目融资难的问题,国家发改委、财政部相继出台文件鼓励开展PPP项目的资产证券化,理论界也开始对PPP项目资产证券化进行探索,但其发展历程却非一帆风顺。目前在我国存在三种实现PPP项目资产证券化的方式:信贷资产证券化、资产支持专项计划、资产支持票据。但在实施PPP项目资产证券化过程中还存在六大主要问题。因此,通过借鉴印度近十几年PPP项目资产证券化经验,就如何在我国开展PPP项目资产证券化给出相关建议。
In recent years, in order to solve the problem of financing in PPP projects, the Development and Reform Commission and the Ministry of Finance have issued documents to encourage asset securitization of PPP projects. Theoretical exploration has been made to the asset securitization of PPP projects. However, its development process has not been smooth. There have three methods of asset securitization in PPP projects in China: credit asset securitization, asset support special plans, and asset-backed notes. However, there also have six major problems in the asset securitization of PPP projects in China. On this basis, this paper draws on the experience of asset securitization of PPP projects in India over the past decade, and gives relevant suggestions on how to carry out asset securitization of PPP projects in China.
In recent years, in order to solve the problem of financing in PPP projects, the Development and Reform Commission and the Ministry of Finance have issued documents to encourage asset securitization of PPP projects. Theoretical exploration has been made to the asset securitization of PPP projects. However, its development process has not been smooth. There have three methods of asset securitization in PPP projects in China: credit asset securitization, asset support special plans, and asset-backed notes. However, there also have six major problems in the asset securitization of PPP projects in China. On this basis, this paper draws on the experience of asset securitization of PPP projects in India over the past decade, and gives relevant suggestions on how to carry out asset securitization of PPP projects in China.
引文
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[12]Ian H. Asset Securitization in Asia[R]. New York University, 2000.
[13]Jennifer R, Sameer B and Sudip S. Securitization in India[R]. Asian Development Bank, 2017.
[14]管百海,胡本勇. PPP项目资产证券化决策研究[J].金融理论与实践,2018(2):73-77.
[2]徐婧.成都路桥82亿PPP项目失败,社会资本冒进敲警钟[N].华夏时报,2017-08-11(5).
[3]林华. PPP与资产证券化[M].北京:中信出版社,2016.
[4]卢明明. PPP项目运作与资产证券化[M].北京:中国铁道出版社,2018.
[5]刘子诺.资产证券化:PPP未来发展的重要手段[J].财经管理,2018(10):164-165.
[6]星炎.我国PPP项目资产证券化中的问题与对策[J].微观结构,2017(5):40-52.
[7]Iossa E and Martimort D. Risk Allocation and the Costs and Benefits of Public-private Partnerships[J]. RAND Journal of Economics 43:442-474.
[8]Abou-bakr. Managing Disasters Through Public-Private Partnerships, Georgetown[M]. University Press, 2013.
[9](美)扈企平.资产证券化:理论与实务[M].李健,译.北京:中国人民大学出版社,2007.
[10]Gorton G, Metrick A. Securitization[R]. NBER Working Paper, 2012.
[11]亓霞,柯永建,王守清. 16个案例,看中国PPP项目失败的主要风险[J].建筑内参,2018(9):10-15.
[12]Ian H. Asset Securitization in Asia[R]. New York University, 2000.
[13]Jennifer R, Sameer B and Sudip S. Securitization in India[R]. Asian Development Bank, 2017.
[14]管百海,胡本勇. PPP项目资产证券化决策研究[J].金融理论与实践,2018(2):73-77.