Risk Analysis and Framework Design of Asset-backed Securitization for Infrastructure Project

摘要

With the development and conversion of the economic system, the investors of infrastructure projects are taking on a diverse trend. ABS (Asset-backed Securitization) is regarded as one of the most important financial innovations on international finance market in recent years, which can make up the shortage of construction funds availably. ABS is a kind of structural financing mode that can realize the aim of 'bankrupt risk insulation' perfectly, and a careful, effective dealing framework is designed and established in the paper by analyzing the project financing modes. Further more, the risks in the process of ABS execution are evaluated and analyzed synthetically, and points out that it is objective demand and financial safety for identifying and controlling risk. Finally the credit risk in ABS of infrastructure project is measured by referring KMV model and accordingly the strategic advices are put forward.