When PPP Meets Asset Securitization—The First PPP Experience Enlightenment Project of Asset-Backed Special Programs

摘要

PPP mode as the government and the community to provide new capital cooperation mode of public goods and public services, attracted widespread attention in recent years . The theory and practice of asset securitization can revitalize the stock of assets, improve PPP flow of project assets, innovation PPP refinancing and social capital exit channels, an effective solution to PPP financing difficulties faced stimulate s investment enthusiasm, both natural fit s of the long term asset securitization are PPP inevitable development of the project trend. Taking the first four PPP project asset support special plans in 2017 as an example, this paper analyzes the “ PPP + ABS ” innovative public utility project financing mode from the aspects of necessity and value, basic assets, transaction structure design, credit enhancement, etc., points out the existing problems in the current PPP project asset securitization financing . This innovative public utilit y project financing noted the current PPP securitization financing problems in project assets, raised about how to use the asset securitization financing tool to help PPP policy recommendations to promote the safe and orderly project.