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A Study of Asset Backed Securitization on BT Projects of Transportation Infrastructure Development

Author: LiPeng
Tutor: HuZuo
School: Shanghai Jiaotong University
Course: Traffic and Transportation Engineering
Keywords: Transportation Infrastructure BT Project Asset BackedSecuritization Risk Pricing
CLC: F832.4
Type: Master's thesis
Year: 2013
Downloads: 139
Quote: 0
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Abstract


For a long time, capital insufficiency has been a bottleneck restrictingthe transportation infrastructuredevelopment, and being a major concernand obsession for all levels of governments. Besides general governmentinvestment and bank loans, diversified financing channels are constantlybeing tried out in China to actively expand other financing approaches, forinstance, BT Financing, Asset Backed Securitization, etc. However, theforesaid two models were flawed in the practical application. BT model,the financing pressure was then transferred from the government toconstruction enterprises; as for the Asset Backed Securitization, with theenforcement of road free policy in the future, will become increasinglydifficult to implement. As a result, this thesisinvestigates a new way tosolve the financing problem of transportation infrastructure: Asset BackedSecuritization of repurchase fund on BT Project for transportationinfrastructure and studies two core issues, i.e. risk and pricing.Based on the interviews of experts, this thesis sorts out4maincategories,14kinds of risk factors existing in the process of Asset BackedSecuritization on BT Projects of Transportation InfrastructureDevelopment, and establishes the risk assessment method through riskmatrix and proposes effective mitigation measures. This thesis applies theOAS (Option-Adjusted Spread) model, taking the interest rate volatilityinto consideration, and studies the theoretical price of Asset BackedSecuritization on BT Project in transportation infrastructure. Thisthesisfurther develops the AnalogicalPricing Method, which is a way ofrisk compensation step by step according to different types of bonds through the investigation of bond market. Based on the theoreticalresults,this thesislaunches an empirical analysis using the case of the assetsecuritization of Pu Jian Income BT Project, analysing the operatingpractices and reaching the conclusion of high risk through the risk matrixon the project risk assessment and using the OAS model to simulate thepricing process.This thesis demonstrates its implicit reference value on the currentplight of the financing faced by the transportation industry.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Credit
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