资产证券化在PPP存量资产管理中的应用研究

PPP是我国政府在经济新常态和地方政府债务管理等背景下所做出的尝试和努力,虽起步较早,但相较英美等发展成熟国家仍有较大差距。上位法缺乏、体制机制不完善等,使得我国PPP项目在近年来的快速发展中出现了操作不规范、政府隐性债务增大等问题。当下,规范PPP项目发展和加强风险管控已刻不容缓,此举将有利于其可持续发展。PPP项目期限长、所需资金量大,期限转换及融资需求等均需要完善的配套金融服务体系,因而金融服务体系在ppp项目中扮演着不可或缺的角色,也将是PPP规范发展的重要抓手。基于PPP存量资产管理需求、现金流特征及金融体系的重要性等,本文选择以PPP资产证券化为角度分析并提出建议,以期在完善PPP金融服务体系的同时,推动PPP在我国的可持续发展。

Application Research on Asset Securitization in PPP Asset Management

PPP is an attempt and effort under the background of China''s economic new normal and debt management of local governments. Although the origins are relatively early, there is still a big gap compared with developed countries such as the UK and the US. Due to the lack of upper law and the imperfect system and mechanism, problems such as irregular operation and the increase risks of hidden government debt have emerged in the rapid development of PPP in recent years. At present, it is urgent to standardize PPP development and strengthen risk control, which will be conducive to its sustainable development. PPP projects have a long term, a large amount of capital, and a supporting financial service system needs to be improved in terms of term conversion and financing needs. Therefore, it plays an indispensable role and will also be an important tool for PPP standard development. Based on the management needs of PPP existing assets, characteristics of cash flow and importance of the financial system, this paper analyzes and proposes Suggestions from the perspective of PPP asset securitization, so as to promote the sustainable development of PPP in China while improving the PPP financial service system.