联系我们

论文查询结果	返回搜索

论文编号：	10360
作者编号：	2120163087
上传时间：	2018/12/6 10:02:04
中文题目：	PPP项目资产证券化的风险管理研究
英文题目：	A Study on Risk Management of Asset-Backed Securitization in PPP Projects
指导老师：	齐岳
中文关键字：	PPP；资产证券化；风险分析；风险管理
英文关键字：	PPP; Asset-Backed Securitization; Risk analysis; Risk management
中文摘要：	作为能够为政府和社会资本实现双赢的一种合作关系，PPP模式近年来在我国实现了快速发展，入库项目数量和金额不断增加，在基础设施及公共服务建设领域打开了充分的可供发展的空间。但由于PPP项目所需的投资额较大、投资周期较长，资金的流动性不高，社会资本方持续进入的意愿并不是十分强烈。在此情况下，我国相关行业主管部门不断创新方法拓宽思路，于2016年年底正式启动PPP项目资产证券化，为社会资本参与PPP构成了从投资到退出的闭环，也为PPP模式的再发展注入了新的活力。然而，PPP项目资产证券化在我国尚处于发展的初级阶段，可以用来借鉴和参考的经验并不多，特别是其中涉及的参与方众多，相应的需要面对的风险因素也更为复杂。因此，较全面的分析出PPP项目资产证券化中可能存在的风险，并通过较为合理的风险管理对策加以应对和规范，无论是对于PPP模式的发展，还是对于PPP项目资产证券化业务的展开，都能起到良性的推动作用。　　本文以PPP项目资产证券化的风险管理研究为主线，以风险识别、风险分析、风险应对为总思路，从PPP模式、资产证券化以及风险管理的相关理论出发，对二者进行契合度分析，随后对PPP项目资产证券化的发展现状、运作形式和融资优势等进行了总结与研究，并结合其结构特点，分析出了其中三方面12个风险因素，具体为与基础资产相关的5个风险因素、与交易流通相关的4个风险因素、与内外部管理相关的3个风险因素。随后以虎门绿源资产支持专项计划为例，对PPP项目资产证券化的运作流程进行研究，具体分析了专项计划在实际运行中对相关具体风险点的防范和管理对策。最后，围绕前文总结的三方面风险，提出了推行基础资产标准化管理、规范信用评级管理、加快相关法律与监管体系建设等9条风险管理对策建议，希望能够消除PPP项目资产证券化中诸多风险因素的影响，并提高其风险管理水平，为后续的发展创造良好局面。
英文摘要：	As a cooperative relationship that can achieve a win-win situation for government and social capital, the PPP model has achieved rapid development in China in recent years. However, due to the large investment required, the long investment cycle, and the low liquidity of funds, the willingness of social capital to continue to enter PPP projects is not very strong. Under this circumstance, the Asset-Backed Securitization in PPP projects was officially launched by relevant industry authorities at the end of 2016, which constituted a closed loop from investment to exit for social capital’s participation in PPP, and also promoted the development of PPP. In fact, the Asset-Backed Securitization in PPP projects is still in the initial stage of development in China. Because there are many involved parties, derivative risk factors are more complicated. Therefore, it is very important to make a more comprehensive study on risk management of Asset-Backed Securitization in PPP projects. 　　This thesis starts from the related theories of PPP model and Asset-Backed Securitization. Then it summarizes and studies the developing process, operation form and financing advantages of Asset-Backed Securitization in PPP projects. The study points out 12 risk factors in three aspects included 5 factors related to the underlying assets, 4 factors related to the transaction flow, and 3 factors related to internal and external management. The case analysis reveals risk management countermeasure for specific risk points in actual operation. Finally, based on the three aspects summarized in the previous article, 9 countermeasure proposals such as standardization management of basic assets, regulation of credit rating management, and acceleration of relevant legal and regulatory system construction are proposed, hoping to effectively eliminate risk factors and improve risk management of Asset-Backed Securitization in PPP projects, and to create good situation for its further development.
查看全文：	预览  下载(下载需要进行登录)