【作者】 宋兵；

【导师】 赵昌文；

【作者基本信息】 四川大学 ， 工商管理， 2003， 硕士

【摘要】 高速公路作为典型的资本密集型行业，需要巨额资金的支持，其市场融资需求巨大。高速公路收费证券化融资是利用高速公路未来通行费收入作为支撑和还债来源的证券化融资方式，是一种完全的“自我滚动性”的融资模式，具有其它融资方式无以替代的优势。 资产证券化的交易形式主要分为两大类：离岸操作和本土化操作。离岸操作可以满足资产支撑证券发行国的法律要求，规避我国有关法律和制度方面的不确定性，保证资产证券化的顺利完成，是当前实践中采用最多的方式。本土化操作的优点主要是节约交易成本，有助于国内投资者对资产证券化的进一步了解，并能深化市场的风险意识，从长远看，有利于资产证券化的发展。 当前，在国内实施高速公路证券化融资面临着包括法律制度、会计制度、税收制度、信用制度、监管制度等方面的诸多障碍。无法组建在税制上具有效率的特设目的机构和在现行法律框架下难以有效实现证券化资产的破产隔离是实施证券化本土化操作的主要制度“瓶颈”。《信托法》的实施为我国资产证券化的本土化操作扫除了法律和税收方面的制度障碍，使当前建立既能达到破产隔离要求、在税制上又有效率的交易结构成为可能。 在我国现行法律框架下，由谁来充当SPV，信托和国有独资公司是比较好的选择。是否采用国有独资公司模式，留待政府抉择。但无论如何，信托模式与资产证券化的基本原理是一致的，而且法律上也有了《信托法》这一基本依据，因此信托模式值得尝试。 从本土化的交易结构来看，本文共设计了四种备选模式。但从隔离效果、豁免需求、操作成本、不确定性等指标综合考虑，类附担保公司债信托型和信托签发企业销售型是目前两种较为满意的本土化交易结构模式。SPC型(特设目的公司)是资产证券化的发展方向，对于将来我国证券化的规范化运作具有重要意义。 证券化产品设计的关键是发行规模的确定和债券利率的确定。高速公路收费证券化的债券期限应在10年以上，债券采用优先/次级分档技术。 本文的创新之处在于:(1)通过对我国《信托法》、《公司法》等相关法律、法规的深入研究，提出在国内现行制度框架和市场环境下，以信托方式设立特设目的机构的基本思路，并构架了类附担保公司债信托型和信托签发企业销售型两种较为满意的本土化交易结构方案，具有一定的理论创新性;(2)将资产证券化这一金融创新工具应用到高速公路融资领域，论证了高速公路利用收费证券化融资的必要性和可行性，并提出了一个可供借鉴的操作性方案。本文可能的不足是在证券化产品设计方面由于笔者知识水平的欠缺，深感作得不是很深入，需进一步的完善和细化;另外对各种交易结构模式的设计和分析只是一种理论上的探讨，到底是否有效和可行需接受实践的进一步检验。 论文分为四个部份:第一部份，资产证券化概述，包括资产证券化的概念、基本理论、特点、基本形式、基本运作流程、国内外研究和发展现状等。第二部份，高速公路收费证券化融资的必要性和可行性分析，包括高速公路收费证券化融资的必要性分析、两种操作模式的选择、本土化操作的可行性分析等。第三部份，A公司高速公路收费证券化本土化融资方案设计，包括A公司背景情况介绍及面临的主要问题、基础资产的特征和现金流分析、SPV法律形式的选择、交易结构设计、证券化产品设计等。第四部份，A公司高速公路收费证券化本土化融资方案的财务评价、风险分析及结论和评价。更多还原

【Abstract】 As the skyrocketing of the expressway construction, it is becoming more substantial to gather huge sum of funds to support it. For the departments in charge of the transportation and the enterprises which are engaged in the business of highways, how to reduce the cost of financing is a keen point to solve. With the asset-backed securities(ABS) financing based on the charges for passing fees in the future, expressways can play a uniquely beneficial role, and the paramount feature of it lies in funding out of debt list so that the retrieve of the funds for the construction of expressways will be assured.Concerned with the trading forms of the asset-backed securities and the domestic practices, the asset-backed securities can be specified into two distinct categories: the offshore operation and the operation of indigenization. The pith of this article lies in seeking a design for the operation of indigenization functioning on the financing of securities based on the charges of expressways, based on the trust law, under the frame of the domestic institution and in the environment of the present market.In this article four models are recommended. Concerning synthetically thefactors such as the effect of segregation, the demand of exemption, the cost of operation and the uncertainty. Two trading structures, the model of trust which is similar to secured company liabilities and the model of being sold by enterprises after signing and issuing through trust, are relatively satisfying at present.Four parts are demonstrated in this article. Part one: this part introduces the summarization of the ABS (asset-backed securities), which includes the conception, the basic theory, the features, the categories, the basic running process, and the circumstance of the research and development, etc. Part two: the main contents of this part are the necessity and the analysis for the feasibility of the financing of securities depending on the charges of expressways, including the analysis for the feasibility of the financing of securities on the basis of the expressways’ charges, the option between the two operation models, and the analysis for the feasibility of the operation of indigenization, etc. Part three: this part mainly demonstrates how to design the plan of A company for the financing of securities and indigenization, which consists of the introduction of A company’s background and the main problems to be confronted, the features of the basic assets and the analysis of the cash currency, the selection of SPY, the design of trading structure, the product design of securities, etc. Part four: this part discusses the financial evaluation about A company’s design of the financing of securities and indigenization on the basis of the expressways’ charges, the analysis of the risks and the analysis in general.更多还原