路衍经济产业资产证券化定价研究——基于期权调整利差模型分析  

On Pricing of Industrial Asset Securitization in Highway-derived Economy:Analysis of Spread Model Based on Option Adjustment

作　　者：石芬娟 李廷华 王龙 SHI Fenjuan;LI Tinghua;WANG Long(Gansu New Development Investment Group Co.,Ltd(Gansu highway-derived Economic and Industrial Research Institute),Gansu 730000,China)

机构地区：[1]甘肃新发展投资集团有限公司(甘肃路衍经济产业研究院),甘肃兰州730000

出　　处：《综合运输》2024年第7期19-23,共5页China Transportation Review

基　　金：甘肃省交通运输厅科研项目:甘肃省路衍经济产业发展战略及政策机制研究。

摘　　要：路衍经济是甘肃省首倡的公路交通发展新理念,是探索新时代公路交通如何促进区域经济增长、提升公路运输增值服务、实现存量资源效益最优和公路交通投资企业多元永续经营的新路径。文章对路衍经济产业发展现状、资产证券化必要性和可行性进行了分析,提出了适用于路衍企业资产证券化的期权调整利差定价模型。根据具体项目特点,设计了适用于该项目的资产证券化的交易结构,计算得出了资产证券化产品发行价格,为路衍经济产业发展提出了一种创新的融资方式,也为同类企业开展资产证券化业务提供了可参考的定价方法。Highway-derived economy is a new road traffic development concept initiated by Gansu Province.It is a new way to explore how road traffic can promote regional economic growth in the new era,improve the value-added service of road transportation,achieve the optimal benefit of stock resources and the diversified and sustainable management of road traffic investment enterprises.This paper analyzes the present situation of economic development,the necessity and feasibility of asset securitization,and puts forward an option-adjusted spread pricing model suitable for asset securitization of derivative enterprises.According to the characteristics of the specific project,the transaction structure of asset securitization applicable to the project is designed,and the issue price of asset securitization products is calculated,which puts forward an innovative financing method for the development of road economic industry,and provides a pricing method for similar enterprises to carry out asset securitization business.

关 键 词：路衍经济产业 资产证券化 期权调整利差法 

分 类 号：F542.8[经济管理—产业经济]