Optimization design of credit enhancement for asset
securitization of PPP project — taking Baodong
expressway toll project as an example
A Dissertation Submitted to
the GraduateSchool of HenanUniversity
in Partial Fulfillment of the Requirements
for the Degree of
Master of Business Administration
By
Yunlong Wu
Supervisor:Prof. Xiaolu Zhu
June , 2018
I
I
摘 要
上世纪60年代，美国率先开创PPP项目模式，是典型的私人参与城市开发建设项
目，随后这一合作模式逐渐扩散到全世界。当城市发展到一定程度后，需要将公共基
础设施的规划、建设、融资、维护及运营（按照生命周期的方式）等服务职能整合起
来，以提升公共服务的效率。从资本运作的角度看，资产证券化可以作为实现PPP项
目建设首轮融资后的再融资和退出的重要金融工具，目前已成为基础设施建设领域的
一种经典投融资方式。在资产证券化过程当中，信用增级是其中的重中之重。国外的
资产证券化发展较为成熟且标的物种类丰富，与PPP项目结合时增信手段多种多样，
兼顾效用及成本，这在很大程度上激发了社会资本参与建设的积极性，为更多PPP项
目的落地创造了有利条件
我国目前PPP项目资产证券化尝试较少，发行的产品增信方式较为单一，增信方
式达到的效果不明显，其组合方式更是少的可怜。考虑到当前PPP项目的发展现状，
增信方式的改革已迫在眉睫，本篇着眼于PPP项目资产证券化的信用增级层面，采用
理论与案例的结合、对比改进的方法，参照包东高速公路通行费项目案例，结合我国
投资环境及制度规章，针对增信方式进行了研究和改进，并从案例中分析了不足、给
出了建议。在现有的法律环境、政策支持下，最大限度地解决PPP项目融资问题，为
我国PPP项目资产证券化提供了更切实有效的增信方式，为下一步的大力推广提供合
理的参考
关键词：PPP项目，资产证券化，信用增级，差额支付
III
ABSTRACT
In the 1960s, the United States pioneered the PPP project model, which is a typical private
participation in urban development and construction projects. afterwards, this cooperation model gradually
spread to the whole world. When the city develops to a certain extent, it needs to integrate the service
functions of planning, construction, financing, maintenance and operation of public infrastructure ( in a life
cycle manner ) so as to improve the efficiency of public services. From the perspective of capital operation,
asset securitization can be used as an important financial tool for refinancing and withdrawing after the first
round of financing for PPP project construction. at present, it has become a classic mode of investment and
financing in the field of infrastructure construction. In the process of asset securitization, credit
enhancement is one of the top priorities. Asset securitization in foreign countries is relatively mature and
the subject matter is rich in variety. when it is combined with PPP projects, there are many ways to increase
trust, giving consideration to utility and cost, which to a great extent stimulates the enthusiasm of social
capital to participate in the construction and creates favorable conditions for more PPP projects to fall to the
ground.
At present, there are few attempts at asset securitization of PPP projects in our country. the way
of increasing trust in products issued is relatively single, the effect of increasing trust is not obvious, and
the combination method is even less pitiful. Considering the current development status of PPP projects,
the reform of the way to increase the trust is imminent. this article focuses on the credit enhancement level
of asset securitization of PPP projects, using the method of combining theory with case, comparing and
improving, referring to the case of Baodong expressway toll project, combining with China's investment
environment and rules and regulations, studies and improves the way to increase the trust, and analyzes the
shortcomings and gives suggestions from the case. Under the existing legal environment and policy support,
the problem of PPP project financing is solved to the greatest extent, which provides a more practical and
effective way to increase trust for asset securitization of PPP projects in our country and provides
reasonable reference for further promotion.
KEYWORDS: PPP project, Asset securitization, Credit enhancement, Difference payment。