發(fā)布時間：2018-05-09 15:02

  本文選題：交通基礎(chǔ)設(shè)施 + BT項(xiàng)目�。� 參考：《上海交通大學(xué)》2013年碩士論文

【摘要】：資金短缺一直是制約交通基礎(chǔ)設(shè)施建設(shè)的瓶頸，長期以來困擾著各級政府。目前，我國正嘗試建立多元化的融資渠道，除常規(guī)的政府投資、銀行貸款以外，積極拓展其他融資途徑，如BT融資和資產(chǎn)證券化等。但BT融資和資產(chǎn)證券化在實(shí)際應(yīng)用中尚存在著缺陷，BT模式將融資壓力由政府方轉(zhuǎn)移到了建筑企業(yè)，而資產(chǎn)證券化隨著未來公路免費(fèi)政策的實(shí)施，將越來越難以推行。為此，對交通基礎(chǔ)設(shè)施建設(shè)項(xiàng)目的4種主要項(xiàng)目融資模式進(jìn)行了對比分析，，對交通基礎(chǔ)設(shè)施融資的一種新模式——BT項(xiàng)目回購款的資產(chǎn)證券化進(jìn)行了深入探討，并對其核心問題——風(fēng)險和定價進(jìn)行了研究和探索。 本文在專家訪談的基礎(chǔ)上識別出了交通基礎(chǔ)設(shè)施建設(shè)BT項(xiàng)目資產(chǎn)證券化過程中存在的4類14種風(fēng)險因素，建立了應(yīng)用風(fēng)險矩陣方法對風(fēng)險因素進(jìn)行評估的方法，并提出了降低風(fēng)險的措施。本文應(yīng)用期權(quán)調(diào)整利差模型，考慮利率波動性，研究了交通基礎(chǔ)設(shè)施BT項(xiàng)目資產(chǎn)證券化產(chǎn)品的理論價格；通過對債券市場的調(diào)研，提出了根據(jù)不同類型債券進(jìn)行逐層逐級風(fēng)險補(bǔ)償?shù)念惐榷▋r法�；诶碚摮晒�，對“浦建收益”BT項(xiàng)目資產(chǎn)證券化案例進(jìn)行了實(shí)證研究，探討了其中涉及的操作實(shí)務(wù)，運(yùn)用風(fēng)險矩陣進(jìn)行風(fēng)險評估并得出項(xiàng)目風(fēng)險偏高的結(jié)論，并應(yīng)用期權(quán)調(diào)整利差模型對本案例進(jìn)行了定價分析。 本文的研究成果對推廣應(yīng)用交通基礎(chǔ)設(shè)施BT建設(shè)項(xiàng)目回購款資產(chǎn)證券化模式具有參考價值。
[Abstract]:The shortage of funds has been the bottleneck restricting the construction of transportation infrastructure, and has been perplexing governments at all levels for a long time. At present, China is trying to establish diversified financing channels. Besides the conventional government investment and bank loans, we are actively developing other financing channels, such as BT financing and asset securitization. However, BT financing and asset securitization still have defects in practical application. BT model transfers financing pressure from government to construction enterprise. With the implementation of road free policy in the future, asset securitization will be more and more difficult to carry out. This paper makes a comparative analysis of the four main financing modes of transportation infrastructure construction projects, and probes into the asset securitization of BT project repurchase funds, a new mode of transportation infrastructure financing. And its core problem-risk and pricing are studied and explored. On the basis of expert interviews, this paper identifies 14 kinds of risk factors in the process of asset securitization in BT project of transportation infrastructure construction, and sets up a method to evaluate risk factors by using risk matrix method. The measures to reduce the risk are also put forward. In this paper, we apply the option adjusted spread model and consider the volatility of interest rate to study the theoretical price of the asset securitization products of the BT project of transportation infrastructure, through the investigation of the bond market, This paper presents an analogical pricing method for risk compensation based on different types of bonds. Based on the theoretical results, this paper makes an empirical study on the asset securitization case of "Purchasing income" BT project, discusses the operational practice involved in it, uses the risk matrix to carry out risk assessment and draws the conclusion that the project risk is on the high side. And use the option adjustment spread model to carry on the pricing analysis to this case. The research results of this paper have reference value for popularizing and applying the model of repurchase asset securitization in BT construction project of transportation infrastructure.
【學(xué)位授予單位】：上海交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.4;F512.3

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