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日期： 2022年 6月 7日
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2022年 6月 7日
2022年 6月 7日
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2022年 6月 7日
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摘
要
摘要
国务院 43号文明确制止了地方政府利用融资平台公司为自身融资，这对于政府的
财政支付能力造成了很大的压力，PPP模式在我国应运而生，但 PPP项目缺乏项目再融
资机制和退出机制，限制了 PPP项目资金的流动性，严重影响了我国 PPP模式的推进。
发改委、证监会联合发布的 2698号文，开启了 PPP项目资产证券化这一创新融资渠道，
对于社会资本盘活存量资本，将解放出来的社会资本投入到下一个项目中，从而拉动我
国基础设施建设减轻地方政府财政负担具有重要的意义。因此，研究 PPP项目资产证券
化的关键影响因素，对于提升 PPP项目资产证券化的发行率，具有指导作用、理论价值
和现实意义。
本文以富有创新性和代表性的京津冀一体化 HT公司 PPP项目资产证券化为例，对
PPP项目资产证券化的关键影响因素展开深入研究。首先阐述 PPP项目资产证券化在我
国的实践现状,包括从政策层面对推动 PPP项目资产证券化在我国的发展进行分析，发
行情况和发展现状，对 31个 PPP项目资产证券化项目从不同维度做了详细的分析，并
指出我国 PPP项目资产证券化存在的问题。其次运用文献分析法和调查问卷法构建出
PPP项目资产证券化的重要影响因素指标 ,再运用层次分析法对指标进行权重的计算和
排名，一级指标按照权重排名为基础资产、政策法规、风险控制、操作流程、投资价值。
二级指标中详细分析了优质的底层资产、基础资产权属清晰等 8个关键影响因素，然后
将权重较大的持续稳定的现金流、准确的证券定价等4个指标代入案例加以分析和验证，
最后对 PPP项目资产证券化的发展趋势给出了建议，为今后的PPP项目资产证券化的
发行提供了很好的借鉴作用。
关键词：PPP项目；资产证券化；关键影响因素；层次分析法
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Abstract
Abstract
The No. 43 document of the State Council has indeed prevented local governments from
using financing platform companies to finance themselves, which has caused great pressure
on the government's financial payment capacity. The PPP model came into being in China.
However, the PPP project lacks project refinancing mechanism and exit mechanism, which
limits the liquidity of PPP project funds and seriously affects the promotion of PPP model in
China. The document No. 2698 jointly issued by the national development and Reform
Commission andtheCSRC hasopened theinnovative financingchannel ofasset
securitization of PPP project, which is of great significance for social capital to revitalize the
stock capital and invest the liberated social capital into the next project, so as to stimulate
China's infrastructure construction and reduce the financial burden of local governments.
Therefore, studying the key influencing factors of PPP project asset securitization has guiding
role, theoretical value and practical significance for improving the issuance rate of PPP
project asset securitization.
Taking the innovative and representative PPP project asset securitization of Beijing
Tianjin Hebei integration HT Company as an example, this paper maked an in-depth study on
the key influencing factors of PPP project asset securitization. Firstly, this paper expounded
the practice status of PPP project asset securitization in China, including the analysis of
promoting the development of PPP project asset securitization in China from the policy level,
the issuanceand development status,the detailed analysisof 31 PPPproject asset
securitization projects from different dimensions, and pointed out the existing problems of
PPP project asset securitization in China. Secondly,use the literature analysis method and
questionnaire method to constructed the important influencing factor indicators of the asset
securitization of PPP project, and then use the Analytic Hierarchy Process to calculate and
rank the weight of the indicators. The first level indicators are ranked as the basic assets,
policies and regulations, risk control, operation process and investment value according to the
weight. In the secondary indicators, 8 key influencing factors, such as high-quality underlying
assets and clear ownership of underlying assets, are analyzed in detail, and then four
indicators, such as sustainable and stable cash flow with large weight and accurate securities
pricing, are substituted into cases for analysis and verification. Finally, suggestions are given
on the development trend of asset securitization of PPP projects, which provides a good
reference for the issuance of asset securitization of PPP projects in the future.
Key words: PPP project; Asset securitization; Key influencing factors; Analytic Hierarchy
Process
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