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论文编号：	2922
作者编号：	2220091797
上传时间：	2011/3/24 9:54:30
中文题目：	城市公用设施资产证券化融资模式研究
英文题目：	Research on urban public facilities financing model of asset backed securitization and its application in urban parking services
指导老师：	张玉利
中文关键字：	关键词：资产证券化 城市公用设施 融资模式
英文关键字：	Key Word: Asset backed securitization, Urban public facilities, The theory of financing model
中文摘要：	摘要 资产证券化（Asset Backed Securitization, ABS）是一种以目标项目所拥有的资产为基础，以该项目资产的未来收益为保证，通过在资本市场发行债券筹集资金的一种项目融资方式，这种新型融资方式在20世纪70年代首次出现于美国，随后在世界范围内的得到了广泛的应用和发展，成为金融市场上最具活力的金融衍生工具。资产证券化融资方式的迅速发展是因为它优化了金融市场上的资源配置，是一种富有效率的融资方式，对于资金需求者和投资者都具有重要的意义。 我国自改革开放以来，城市市政公用设施投资额逐年增加，公用设施建设取得了极大的成就。本文收集并分析了我国历年城市公用设施建设的相关统计数据，发现公用设施建设虽然发展较快，但是资金短缺问题、投资主体单一问题和融资渠道较少的问题是目前我国城市公用设施建设中存在的主要问题，解决这些问题的关键是寻找新的融资模式。如何将资产证券化这一有效融资工具应用到我国城市公用设施建设投资领域，是本文研究的主题。 本文介绍了融资模式理论和资产证券化理论，通过相关理论研究及实践研究，对我国城市公用设施建设资产证券化融资模式进行了论证与分析，得出应用资产证券化融资模式解决我国城市公用设施建设投资是可行的和必要的。本文以天津市城市停车服务设施建设为例，提出建立适合我国国情的资产证券化融资模式，并对资产证券化运作过程中的风险进行分析，提出公用设施建设资产证券化风险管理的一般过程。希望通过本文的研究使资产证券化这项金融创新工具为我国城市公用设施建设融资提供理论支持和切实可行的实践方法。
英文摘要：	Abstract ABS is a project financing method based on the assets owned by the target project, guaranteed by the future earnings of the project assets and raised by issuing bonds in the capital market. This new financing method appeared in the United States in the 1970s for the first time and has been widely applied and developed in the world, becoming a most dynamic derivative in the financial market. ABS rapidly develops because it optimizes the allocation of resources in the financial market. As a highly efficient financing means, it is of great significance for the funds deficit units and investors. China has increased the investment in the urban public municipal facilities year by year and made great achievements since the reform and opening up. The collection and analyses of the relevant statistical data of the urban public facilities over the years show that the shortage of funds, single investment sources and fewer financing channels are the main issues in China's urban public facilities construction despite the fairly rapid development. The key to these issues is to find new financing models. How to apply ABS as an effective financing tool to the investment domain of China's urban public facilities construction is the subject of this paper. With the description of the theory of financing model and ABS and through relevant theoretical and practical researches, this paper demonstrates and analyzes the financing model of ABS in China's urban public facilities construction and concludes the feasibility and necessity of the application of the financing model of ABS to solve the issue of the investment in China's urban public facilities construction.Taking a case of Tianjin urban parking service facilities construction, this paper proposes the establishment of the financing model of ABS suitable for the situation of our country and brings forward the general process of risk management of ABS in public facilities construction based on the analyses of the risks in the operational cause of ABS. This paper will hopefully offer theoretical support and available practices to China's public facilities construction financing through the researches on the new financial tool of ABS.
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