突破PPP融资瓶颈:项目整体营业证券化试探  

Packaged Business Securitization in Breaking PPP Financing Bottleneck

作　　者：王远胜[1] 

机构地区：[1]安徽省社会科学院法学所,安徽合肥230051

出　　处：《证券市场导报》2016年第5期4-9,16,共7页Securities Market Herald

摘　　要：PPP采用整体营业证券化融资,是国外特别是英国的常见做法之一。基于整体营业证券化基础资产(营业整体)的特殊性,不同国家根据自身破产法律特点发展出三种交易模式:浮动担保结构、营业转让结构、营业信托结构。PPP项目整体营业证券化融资一般发生在项目设计建成后运营初始阶段,用于替代先前的银行担保贷款融资。基于PPP项目的公共服务属性,利用整体营业证券化融资需要作出针对性的制度安排。我国PPP项目融资可以引入整体营业证券化,作为突破当前项目融资瓶颈的一种方式。It is common abroad, especially in UK, that PPPs use whole business securitization（WBS） as an integral part of a project finance cycle. Because of the specific nature of WBS（whole business as the secured asset）, the markets have developed three models so far according to its own bankruptcy law： ＂floating charge＂, ＂true sale＂ and ＂trust＂. WBS in PPP generally occurs in the initial stage of the operation after the completion of project construction, and the obtained capital is used to pay the previous secured loan from banks. Considering the PPP＇s public service properties, the use of WBS in PPP needs to make some institutional arrangements. We can introduce WBS as a financing facility to solve the financing difficulties in the development of PPPs.

关 键 词：整体营业证券化 PPP 债券融资 金融创新 

分 类 号：F832.51[经济管理—金融学]