II 摘要 高速公路证券化是基于高速公路收费权之上，通过其产生的现金流量来发 行的一种资产支持证券，可起到支持还款作用。由于我国公路建设资金来源较 为单一，传统模式明显制约着高速公路的发展，必须激活大量存量资产来填补 公路建设的资金缺口。因此，探索一种新型的公路建设融资模式具有重要意义。 云南省是对外连接南亚各国的陆路通道，与越南、老挝、缅甸等国相邻， 是我国同南亚国家和地区合作的战略前沿，在“一带一路”建设中，云南省独 特的区位优势决定其主要职能就是推进与周边国家的国际运输通道建设。在云 南省范围内高速公路建设普遍投资成本高、融资难的背景下，利用资产证券化 融资工具可以拓宽融资渠道，融资的成本、风险因此而降低，有利于云南省高 速公路网和基础设施建设。 由于资产证券化在我国仍是一种较新的公路融资方式，在会计、税收、信 用评级等制度上，在特殊目的公司的选择上，及相关的法律法规等方面存在诸 多问题，我国应针对资产证券化建立起相应的法律法规并加以健全，主动对信 用进行增级，选择高信誉度金融机构作为资产证券化对象，优先选择那些具有 实力的金融机构，将其用作特殊目的公司即SPV，结合高速公路行业的特点确定 高适应的资产目标，设计出相应的债券产品，逐步完善我国高速公路资产证券 化。 本文通过文献研究和综述，分析国内外资产证券化市场的发展形势及云南 省经济发展趋势和高速公路难于融资的现状，从必要性层面对高速公路建设企 业现有传统融资业务转型进行阐述，重点分析云南省高速公路资产证券化与其 运行模式，对云南省建设高速公路过程中采用的资产证券化融资这种新型模式 作深入分析研究，在此基础上提出了目前企业资产证券化融资模式设计原则和 主要运行模式，并对云南省高速公路资产证券化进行方案设计，发现其存在的 问题与原因，对云南省高速公路建设企业在运用资产证券化融资模式中提出建 议。 关键词：高速公路；资产证券化；融资模式；对策研究；融资途径 Abstract III Abstract Expressway securitization is a kind of asset-backed securities which is based on the toll right of Expressway and is issued through the cash flow generated by it. It can play a supporting role in repayment. Due to the single source of funds for highway construction in China, the traditional mode obviously restricts the development of highway, so a large number of stock assets must be activated to fill the financing gap of highway construction. Therefore, it is of great significance to explore a new financing mode of highway construction. Yunnan is one belt, one road connecting the South Asian countries, and the other countries such as Vietnam, Laos and Burma. It is the strategic frontier for China to cooperate with South Asian countries and regions. In the construction of "one belt and one road", the unique location advantage of Yunnan determines its main function is to promote the construction of international transportation corridors with the countries around the border. Under the background of high investment cost and difficult financing in expressway construction in Yunnan Province, asset securitization financing tools can broaden financing channels, reduce the cost and risk of financing, which is conducive to the construction of expressway network and infrastructure in Yunnan Province. As asset securitization is still a relatively new way of road financing in China, there are many problems in accounting, tax, credit rating and other systems, in the selection of special purpose companies, and related laws and regulations, China should establish corresponding laws and regulations for asset securitization and improve them, take the initiative to increase credit and select high credit financial institutions As the object of asset securitization, those financial institutions with strength are preferred to be used as SPV, which is a special purpose company. Combined with the characteristics of the highway industry, high adaptive asset objectives are determined, and corresponding bond products are designed to gradually Abstract IV improve the asset securitization of highway in China. This paper analyzes the development situation of asset securitization market at home and abroad, the economic development trend of Yunnan Province and the current situation of difficult financing of expressways through literature research and summary. It expounds the transformation of the existing traditional financing business of expressway construction enterprises from the necessity level, focusing on the analysis of the asset securitization and its operation mode of expressways in Yunnan Province, and the construction of expressways in Yunnan Province Based on the in-depth analysis and research of asset securitization financing, this paper puts forward the design principle and main operation mode of the current enterprise asset securitization financing mode, designs the scheme of Yunnan Expressway Asset Securitization, finds out the existing problems and causes, and applies the asset securitization financing mode to Yunnan Expressway construction enterprises And make suggestions. Key words: expressway; asset securitization; financing mode; countermeasure research; financing way 目录 V 目录 摘要 ............................................................................................................. I Abstract ..................................................................................................... III 第一章 绪论............................................................................................... 1 第一节 研究背景与意义 .......................................................................................... 1 一、研究背景 ......................................................................................................................... 1 二、研究意义 ......................................................................................................................... 2 第二节 国内外研究综述 .......................................................................................... 2 一、关于高速公路资产证券化有效作用和价值的研究 ...................................................... 2 二、关于高速公路资产证券化政策技术风险和实施瓶颈的研究 ...................................... 4 三、关于高速公路资产证券化实施落地及应对措施的研究 .............................................. 5 四、文献评述 ......................................................................................................................... 6 第三节 研究方法 ...................................................................................................... 6 一、文献分析法 ..................................................................................................................... 6 二、案例研究法 ..................................................................................................................... 7 三、比较分析法 ..................................................................................................................... 7 第四节 研究思路 ...................................................................................................... 7 第二章 资产证券化的相关理论 .............................................................. 8 第一节 资产证券化的概念与理论基础 .................................................................. 8 一、资产证券化的概念 .......................................................................................................... 8 二、资产证券化的理论基础 .................................................................................................. 8 第二节 企业资产证券化的特征 ............................................................................ 10 一、资产重组 ....................................................................................................................... 10 二、风险隔离 ....................................................................................................................... 11 三、信用增级 ....................................................................................................................... 11 第三章 云南省高速公路资产证券化可行性分析及模式与路径 ...... 13 第一节 云南高速公路发展规划概况 .................................................................... 13 目录 VI 一、云南省高速公路发展概况 ...............................