iii 摘要 最近几年间，PPP项目的发展引起了国家层面的高度重视，发改委、证监会等 为此出台了一系列政策方针、通知性文件。与此同时，基层政府也以PPP项目为 突破口，加大基础设施建设力度并取得了一定的成效。这意味着PPP项目在我国 实现了跨越式发展，迎来了黄金时期。在这样的背景下，社会资本参与度却日趋 下降，究其原因，主要有三：一是PPP项目在我国的运营周期比较长，社会资本 不可能在短期内获得收益；二是当前我国PPP项目退出机制不够完善，社会资本 的清割只能等到期之后进行，在项目发展的其他时期一般无法退出；三是我国政 府历来强调PPP项目的合规性，项目审核流程繁琐、标准严格，不能确定项目将 来能否投入运营之中。从PPP模式当前在我国的发展情况看，最大的问题就是社 会资本参与较低，为了使局面发生改变，发改委、证监会于2016年联合下发了2698 号文，在这份文件中，对政府与社会资本合作过程中的基础资产、权益人等做出 了细致规定，也提出了相应的要求。在此之前，PPP项目资产证券化从未出现在政 府文件之中。九通公用PPP项目资产证券化在上交所上市，标志着PPP项目资产 证券化在我国实现了从无到有的突破，在本课题研究中，把华夏幸福九通公用PPP 项目证券化当成研究对象，对其展开细致而全面的分析，并得到启发。 本文共包括五大章节的内容。第一章为引言部分。第二章先是对我国PPP项 目及资产证券化的发展情况进行了梳理，进一步明确这一模式的特征，指出存在 的问题。由于当前学术界并没有对PPP项目及其资产证券化给出统一的定义，笔 者对政府文件进行了梳理与归纳。在此基础上，从交易结构、运营流程等视角出 发，对PPP模式展开了细致分析。在第三章中，将研究的目光投向华夏幸福九通 公用PPP项目，对其运营情况进行了探究。第四章中，对九通公用PPP资产证券 化案例的详细分析，在分析过程中一方面与国内前期供暖处理项目进行对比，另 一方面，将此案例与国外成熟案例进行对比，进一步明确九通公用PPP项目存在 哪些不足、具备何种优势。在第五章中，先对结论进行阐述，然后对九通公用PPP 资产证券化以及我国 PPP 项目资产证券化发展提出建议。希望通过本文的研究， 为我国收费收益权 PPP 项目进行资产证券化的发展提供一定的参考。 关键词：PPP; 资产证券化; 破产隔离; 对比分析 北京交通大学硕士专业学位论文 ABSTRACT iv ABSTRACT In recent years, the development of PPP projects has attracted great attention from the national level, and the national development and reform commission and the China securities regulatory commission have issued a series of policy guidelines and notification documents. At the same time, the grass-roots government also takes the PPP project as the breakthrough, and strengthens the infrastructure construction and obtains certain results. This means that PPP projects have achieved leapfrog development in China and ushered in the golden age. In such a context, the participation of social capital is declining day by day. The main reasons are as follows: first, PPP projects have a relatively long operating cycle in China, and social capital cannot gain benefits in a short period of time; Second, the exit mechanism of PPP projects in China is not perfect, and the clearance of social capital can only be carried out after the expiration of the project, but generally cannot be withdrawn in other periods of project development. Third, the Chinese government has always emphasized the compliance of PPP projects. The project audit process is tedious and the standards are strict, so it is uncertain whether the project can be put into operation in the future. Looked from the development of the PPP model in our country current situation, the biggest problem is the low social capital to participate in, in order to make the situation change, the national development and reform commission, securities regulatory commission jointly issued no. 2698 in 2016, in the document, cooperation of government and social capital in the process of underlying assets, rights and interests of people, such as made detailed provisions, also puts forward the corresponding requirements. Before this, asset securitization of PPP projects never appeared in government documents. The securitization of huaxia happiness jiutong public PPP project was listed on the Shanghai stock exchange in March 2017, which marked the breakthrough of asset securitization of PPP project from nothing to some extent and the development to some extent in China. In this study, the securitization of huaxia happiness jiutong public PPP project is taken as the research object, and a detailed and comprehensive analysis is carried out to enlightening relevant personnel. This paper consists of five chapters. The first chapter is the introduction. Chapter two firstly sorts out the development of PPP projects and asset securitization in China, further clarifies the characteristics of this model, and points out the existing problems. As there is no unified definition of PPP project and asset securitization in the current academic circle, the author sorts out and summarizes the government documents. On this basis, from the perspective of transaction structure, operation process and so on, a detailed analysis of 北京交通大学硕士专业学位论文 ABSTRACT v PPP model is carried out. In the third chapter, the author focuses on the PPP project of huaxia happiness jiutong and probes into its operation. In the fourth chapter, a detailed analysis is made of the PPP asset securitization case of jiutong public utilities co., LTD. In the process of analysis, on the one hand, it is compared with the domestic preliminary heating treatment project; on the other hand, it is compared with the mature case abroad to further clarify the shortcomings and advantages of the PPP project of jiutong public utilities co., LTD. In the fifth chapter, it firstly expounds the principles that should be followed in the development of PPP project assets in China, and then puts forward some Suggestions on the development of jiutong public PPP asset securitization and PPP project assets securitization in China. Through the research of this paper, it is hoped to provide some reference for the development of asset securitization in the PPP project of charging income right in China. KEYWORDS：The PPP; Asset securitization; Bankruptcy isolation; Comparison and analysis 北京交通大学硕士专业学位论文 目录 vi 目录 摘要 .......................... III ABSTRACT .................... IV 1 引言 .............................8 1.1 研究背景与研究意义 ..... 8 1.1.1 研究背景 ................... 8 1.1.2 研究意义 ................ 10 1.2 文献综述 ......................... 11 1.2.1 国内文献 ................ 11 1.2.2 国外文献 ................ 13 1.2.3 文献述评 ................ 14 1.3 研究内容与研究方法 .. 14 1.3.1 研究内容 ................ 14 1.3.2 研究方法 ................ 15 1.4 研究创新点 ..................... 16 1.4.1 研究创新点 ........... 16 2 我国PPP项目及其资产证券化发展现状 ......................... 17 2.1我国 PPP 项目发展现状 ........................... 17 2.1.1我国 PPP 模式的概念 ...................... 17 2.1.2 我国 PPP 模式的发展特征............ 18 2.1.3 当前我国 PPP 模式存在的问题 .. 20 2.2 我国 PPP 项目资产证券化发展现状 ... 21 2.2.1 PPP 项目资产证券化的主要方向 . 21 2.2.2 PPP项目资产证券化主要特点 ....... 23 2.2.3 我国 PPP 项目资产证券化发展特征 ........................ 24 3 九通公用PPP项目资产证券化案例介绍 ......................... 27 3.1 案例背景 ......................... 27 3.1.1 行业背景 ................ 27 3.1.2 企业背景 ................ 27 3.1.3 案例特征 ................ 28 北京交通大学硕士专业学位论文 目录 vii 3.2 案例内容 ......................... 31 3.2.1 基础资产 ................ 31 3.2.2 参与主体构成 ....... 31 3.2.3 交易结构与运营流程 ........................ 32 3.2.4 风险隔离手段 ....... 34 3.2.5 信用增信方式 ....... 35 4 九通公用PPP项目证券化案例分析 ... 38 4.1案例分析 .......................... 38 4.1.1 融资动因分析 ....... 38 4.1.2 证券化产品分析 .. 42 4.1.3 参与主体分析 ....... 44 4.1.4 信用增级与评级分析 ........................ 45 4.2与 WBS 模式案例对比分析 ..................... 47 4.2.1 与英国WBS的对比分析 ................. 48 4.2.2 与美国和日本WBS的对比分析 ... 51 4.2.3 对国内PPP证券化的借鉴意义 ..... 52 4.3 九通公用 PPP 项目证券化问题及原因分析..................... 53 4.3.1 九通公用 PPP 项目资产证券化存在的问题 .......... 53 4.3.2 九通公用 PPP 项目资产证券化存在的问题