摘要
信用增级是PPP项目资产证券化过程中十分重要的环节,而信用违约互换作为一种外部信用增级方式,可有效将项目风险向第三方机构转移。梳理分析了PPP项目资产证券化的一般信用增级方式,将信用违约互换与政府担保、保险公司担保方式进行了对比,阐述了PPP项目运用信用违约互换进行信用增级的结构原理。基于B-S模型,对PPP项目结合信用违约互换进行信用增级带来的价值增值进行了计算,并对PPP模式的风险转移、融资落地等提出了建议。
Credit enhancement is significant in the process of asset securitization of PPP projects,and credit default swap as an external credit enhancement method can effectively transfer project risks to the third party. This paper firstly analyzes the general credit enhancement methods of asset securitization in PPP projects. Then the credit default swaps between the government guarantee and insurance company guarantee are compared. Thirdly, the structural principle of credit enhancement by credit default swap in PPP projects is elaborated. Based on the B-S model,this paper calculates the value increment by the credit enhancement of PPP projects with credit default swap,and provides suggestions on the risk transfer and financing of PPP model.
作者
王颖林
张舒雅
陈静怡
WANG Ying-lin;ZHANG Shu-ya;CHEN Jing-yi(College of Transportation and Civil Engineering,Fujian Agriculture and Forestry University,Fuzhou 350001,China)
出处
《工程管理学报》
2019年第6期83-87,共5页
Journal of Engineering Management
基金
国家自然科学基金面上项目(71901068)
福建农林大学杰出青年科研人才计划项目(xjq201823)
关键词
PPP项目
信用增级
信用违约互换
价值评价
实物期权
public-private partnership
credit enhancement
credit default swap
value evaluation
real options
