联系我们

论文查询结果	返回搜索

论文编号：	7817
作者编号：	2120132543
上传时间：	2015/12/7 11:50:48
中文题目：	基础设施融资租赁资产证券化增信模式研究
英文题目：	A Study on the Credit Enhancement Method of Infrastructure Lease Asset Securitization
指导老师：	李莉
中文关键字：	资产证券化；融资租赁；基础设施；信用增级
英文关键字：	Asset securitization； infrastructure finance leases；credit enhancement
中文摘要：	随着经济的发展，我国的基础设施建设一直保持在较高的增长水平。在各地 基础设施建造项目的融资中，融资租赁公司一直发挥着重要的作用。为对接项 目融资，租赁公司通常采用银行贷款等传统融资方式，但受到了很大局限，于 是需要引入资产证券化这种新型的融资方式。 资产证券化对于融资租赁资产有一定的特殊要求，所以租赁公司需要调整传 统的业务模式，从与各地政府/城投公司合作的模式转变成为与 PPP 项目进行合 作。将 PPP 项目转变成为融资租赁公司所有的融资租赁应收账款。 通过 PPP 项目模式操作的基础设施可以通过融资租赁转变成为资产证券化 的标的资产。租赁公司可以通过资产证券化的结构设计，通过内部信用增级和 外部信用增级的方式，将应收账款进行证券化销售。 对于期限较长的租赁项目，可以通过分段发行的方式，截取易于发行的前几 年的应收租金发行资产证券化，实现部分融资。后几年的应收租金可以寻找保 险资金等长期资金进行发行，或是等前一次资产证券化项目到期之后再次发行。 基础设施融资租赁资产证券化需要在设计租赁项目的时候即将资产证券化 的因素考虑进去，从资产选择、信用担保、租金偿还、物权抵押等各方面均需 原生满足资产证券化的要求。
英文摘要：	With the economic growth of China, the infrastructure investment was increasing rapidly for years. Leasing companies were playing an important role in project financing. Traditional financing methods such as loans have been restricted by many aspects, so leasing companies need new approach such as asset securitization. Asset securitization needs to specific assets to meet the need of legal registrations. Leasing companies have to change the method from dealing with government/government financing platform to PPP projects. Infrastructure projects using PPP method can be transformed into underlying assets of asset securitization by finance lease. Leasing companies can choose internal and external credit enhancement approach to support the securitization. For long-term leasing projects, the first receivables can be issued in segmented way to make a partly finance. The requirement of securitization must be considered in Infrastructure finance lease. The rest of cash flow could be financed by insurance company or waiting for the re-securitization. Assets, credit guarantees, repayment of rent, property mortgage and other aspects must satisfy the requirements of securitization.
查看全文：	预览  下载(下载需要进行登录)