近几年，随着我国供给侧结构性改革不断深入，为促进市场经济健康发展， 国务院陆续出台相关政策加强对房地产市场的引导和调控，同时金融机构贷款政 策收紧，对房地产业、基础设施建设业的贷款审批也极为谨慎；随着金融监管机 制的日益完善，金融监管机构对企业债券、多层嵌套金融产品等不断加强监管。 地方政府融资平台由于配套公共服务及地方公共基础设施建设需求不断扩张而 产生。在上述背景下，地方性政府融资平台融资面临着严峻的考验，其日常经营 及转型发展需大量的资金保障，这就要求融资平台拓展新的融资渠道。资产证券 化作为创新性融资工具近几年在我国快速的发展，地方性政府融资平台持有的资 产与资产证券化融资对基础资产的要求相契合，同时符合“降低财务杠杆，盘活 存量资产”的国有资产管理要求，在融资平台转型的进程中，资产证券化将扮演 越来越重要的角色。 因此，本文以兰州新区城投集团为例，为其制定适宜的证券化融资方案，研 究意义在于为兰州新区城投集团拓展新的融资渠道，同时也为同类型公司开展资 产证券化融资业务提供实务研究方面的参考。本文采用文献分析、案例分析及定 性分析与定量分析相结合的方法，首先阐述研究背景及意义，研究内容及问题， 研究方法及论文结构；其次，阐述资产证券化的定义及相关理论，总结国内外相 关研究成果；并逐步分析资产证券化融资的流程；再次，对兰州新区城投集团的 基本情况和融资现状进行梳理，指出其面临的融资问题，提出其开展资产证券化 融资的必要性和可行性；最后，根据兰州新区城投集团的财务及估值结果，结合 对基础资产未来产生现金流的评估，设计合理可行的资产证券化融资方案，分析 其财务效益和潜在风险，明确融资方案成功实施的保障措施。 综上，在传统融资渠道无法满足融资需求的情况下，未来地方性政府融资平 台利用资产证券化灵活的构建方式、较低的融资成本等优势拓展融资业务符合目 前的政策形势，另一方面也可为企业摆脱融资困境提供有效途径。 关键词：资产证券化；政府融资平台；融资方案 MBA学位论文 作者：孟禹昕 兰州新区城投集团资产证券化融资方案设计研究 II RESEARCH ON THE DESIGN OF ASSET SECURITIZAT ION FINANCING SCHEME OF LANZHOU NEW DISTRI CT URBAN INVESTMENT GROUP Abstract Recently, along with the deepening of China's supply-side structural reform, the State Council has successively issued relevant policies to strengthen the guidance and regulation of the real estate market in order to promote the healthy development of the market economy. At the same time, the loan policies of financial institutions have been tightened, and the loan approval for the real estate industry and infrastructure construction industry is extremely cautious. With the improvement of the financial supervision system, financial supervision institutions have continuously strengthened supervision over corporate bonds and multi-layer nested financial products. Local government financing platforms are generated due to the continuous expansion of demand for supporting public services and local public infrastructure construction. Therefore, the financing of local government financing platforms is confronted with severe tests. The daily operation and transformation development need a large amount of capital guarantee, which requires the financing platforms to expand new financing channels. As an innovative financing tool, asset securitization has developed rapidly in China in recent years. The assets held by the local government financing platform are in line with the requirements of asset securitization financing for basic assets, and at the same time meet the requirements of state-owned asset management of "reducing financial leverage and activating existing assets". Asset securitization plays an increasingly important role in the process of financing platform transformation. Hence, this paper takes Lanzhou New District Urban Investment Group as an example to formulate an appropriate securitization financing plan for it, and the significance of the study is to expand new financing channels for Lanzhou New District Urban Investment Group and to provide practical reference for other companies in the same field to carry out asset securitization financing business. By adopting literature analysis, case analysis, qualitative analysis and quantitative analysis, it specifies the research background and significance, research content and questions, research methods and paper structure of this paper; Secondly, it elaborates the definition and related theories of asset securitization, summarizes the relevant MBA学位论文 作者：孟禹昕 兰州新区城投集团资产证券化融资方案设计研究 III research achievements at home and abroad, and gradually analyzes the financing process of asset securitization; Thirdly, it combs the basic financing situation of Lanzhou New District Urban Investment Group, points out the financing problems it faces, and puts forward the necessity and feasibility of carrying out asset securitization financing; Finally, According to the financial and valuation results of City Construction Investment Group in the New District of Lanzhou, a reasonable and feasible asset securitization financing program is designed combined with the evaluation of the future cash flow of basic assets. The financial benefits and potential risks are analyzed, and the safeguard measures for the successful implementation of the financing program are defined. In conclusion, under the condition that the traditional financing channels cannot meet the financing needs, the future local government financing platform can make use of the advantages of flexible construction methods of asset securitization and lower financing costs to expand in line with the current policy situation. What’s more, it can also provide effective ways for enterprises to get rid of financing difficulties. Keywords: asset securitization, government financing platform, financing scheme MBA学位论文 作者：孟禹昕 兰州新区城投集团资产证券化融资方案设计研究 IV 目 录 兰州新区城投集团资产证券化融资方案设计研究中文摘要 ....... I Abstract ................................................ II 第一章 绪论 .............................................. 1 1.1 研究背景及研究意义 .......................................... 1 1.1.1 研究背景 ................................................ 1 1.1.2 研究意义 ................................................ 3 1.2 研究内容与研究问题 .......................................... 4 1.2.1 研究内容 ................................................ 4 1.2.2 研究问题 ................................................ 5 1.3 研究方法与论文结构 .......................................... 6 1.3.1 研究方法 ................................................ 6 1.3.2 论文结构 ................................................ 6 第二章 资产证券化相关理论概述 ........................... 9 2.1 资产证券化概述 .............................................. 9 2.1.1 资产证券化概念 .......................................... 9 2.1.2 资产证券化原理 .......................................... 9 2.1.3 资产证券化运作流程 ..................................... 10 2.1.4 资产证券化融资工具的比较优势 ........................... 12 2.2 资产证券化相关理论 ......................................... 14 2.2.1 MM 理论 ................................................ 14 2.2.2 期权定价理论 ........................................... 14 2.2.3 预期收入理论 ........................................... 14 2.3 资产证券化国内外发展情况 ................................... 15 2.3.1 国外发展情况 ........................................... 15 2.3.2 国内发展情况 ........................................... 16 MBA学位论文 作者：孟禹昕 兰州新区城投集团资产证券化融资方案设计研究 V 2.4 资产证券化国内外研究综述 ................................... 19 2.4.1 国外研究综述 ........................................... 19 2.4.2 国内研究综述 ........................................... 20 2.4.3 文献评述 ............................................... 21 第三章 兰州新区城市发展投资集团有限公司融资现状分析 ..... 22 3.1 城投集团基本情况 ........................................... 22 3.1.1 基本情况 ............................................... 22 3.1.2 主要业务板块 ........................................... 23 3.1.3 财务情况 ............................................... 23 3.2 城投集团融资现状 ........................................