Financing method using equilibrium-convergent asset as support

Abstract

A financing method using an equilibrium-convergent asset as a support, relating to the technical field of financial technology. The method is mainly characterized by comprising the following procedures: step 1, achieving a public project status outcome; 2, formulating a status outcome stability control measure, to perform public project status credit enhancement; 3, performing public project status stability determination and project evaluation, to enable a public project to become a stable project; step 4, performing stable project asset evaluation; step 5, setting up a stable project joint-stock company, or converting into a stable project joint-stock company; step 6, making preparations for stable asset securitization and listing; 7, performing application, review and issuance for asset securitization and listing; and step 8, performing stock listing and trading, executing a stable asset valuation system, and implementing stable asset value credit enhancement. According to the method of the present disclosure, a public project asset having status stability is used as a support, stocks of a stable project joint-stock company are used as tradable securities for stable asset securitization, and equity financing is performed during listing.

Description

A financing method supported by converging assets TECHNICAL FIELD

[0001] The present application relates to financial technology, in particular to a financing method of asset securitization. BACKGROUND

[0002] Public projects have large funding requirements, and in addition to government financial investment, project financing is generally required; project financing is a financing method in which project operating income is responsible for debt repayment; there are many ways of project financing, among which asset securitization is a financing method that issues tradable securities supported by specific assets or specific cash flows.

[0003] Asset securitization is a financial innovation financing model, mainly debt financing, which converts assets that lack liquidity but can generate stable cash flows into marketable securities through structured restructuring, thereby achieving the purpose of financing.

[0004] The basic process of asset securitization financing is: the sponsor sells securitized assets to a special purpose institution, or a special purpose institution buys securitizable assets, then pools the assets into an asset pool, and then issues securities on the financial market to raise funds, and finally uses the cash flow generated by the asset pool to repay the securities issued.

[0005] Traditional asset securitization must be able to generate predictable cash flow; public projects are generally basic investment projects, and public projects do not necessarily have cash flow to support project financing, especially some non-operational public projects, therefore, the financing conditions of cash flow restrict public projects from securitization.

[0006] Asset securitization is mostly debt financing, with a certain period of use of funds, and the principal is repaid at maturity; after financing, the project also faces the pressure of short period of use of funds and repayment of principal and interest.

[0007] The value of public projects lies in their specific role and effect, and the financing mode supported by specific value is more in line with the characteristics of public projects; therefore, the financing method supported by specific asset value is a breakthrough direction to solve the financing problem of public projects. SUMMARY

[0008] One object of the present application is to provide a financing method of stable asset securitization supported by public project assets with stable state.

[0009] The word of "Hengcong" is a new word to express the system state, Hengcong means that the system converges to the physical stability state under certain conditions, from the paper "State mode of physical stability" in Chinese Science and Technology Paper Online, 2011, No. 4, No. 15.

[0010] Hengcong means state stability. Since Hengcong is a new word, in order to avoid the influence of word interpretation, some words in the following text are replaced by "stable" instead of "Hengcong", including: stable project refers to Hengcong project, stable asset refers to Hengcong asset, and stable asset securitization refers to Hengcong asset securitization.

[0011] The technical solution of the financing method supported by Hengcong asset is to make public projects into stable projects with state stability, evaluate the value of stable assets and credit enhancement, take the form of a joint-stock company, support stable assets, use stocks as tradable securities, and conduct stable asset securitization to realize equity financing in the process of stable asset securitization.

[0012] The financing method supported by Hengcong asset includes the following processes:

[0013] Step (1): Define the project boundary of a specific public project, or establish a public project company with the public project as a specific asset, set the state result of the public project, complete the investment construction of the public project, and conduct normal operation or service to achieve the state result of the public project.

[0014] Step (2): Develop stability control measures for the state result of the public project, establish a state control fund, establish a public project state control mechanism, and conduct credit enhancement for the state of the public project.

[0015] Step (3): Conduct state stability identification and project evaluation to make the public project a stable project with public project state stability. The stable project has a time-varying equivalent state result and a time-varying equivalent stable asset value.

[0016] Step (4): The assets of the stable project are stable assets, and stable asset evaluation is conducted. The evaluation results in a time-varying stable asset price of the time-varying equivalent stable asset value.

[0017] Step (5): Establish a stable project joint-stock company with stable assets as a constraint, or restructure a specific public project limited company into a stable project joint-stock company, and develop a company charter that meets the characteristics of the stable project joint-stock company.

[0018] Step (6): Prepare for the listing of stable asset securitization, design the listing plan of stable asset securitization, develop the stable asset evaluation system, develop the stable asset value credit enhancement plan, and develop the stable asset securitization prospectus.

[0019] Step (7): Make a stable asset securitization listing application, pass the audit of the securities supervision and management department, and carry out the stock issuance and equity financing of the stable project joint stock company;

[0020] Step (8): The stable project joint stock company stock is listed on the stable asset securitization trading market, the stable asset valuation system is implemented, the stable asset value credit enhancement is implemented, and the investor takes the time-effective stable asset price as a reference factor affecting the stock price to carry out stock trading.

[0021] Through the above financing process, the public project completes stable asset securitization listing and equity financing.

[0022] The basic consensus of financing supported by stable assets is that stable projects have time-varying equivalent state results and time-varying equivalent stable asset values, and time-varying equivalent stable asset values have time-effective stable asset prices.

[0023] The value of the public project is reflected by the state result of the public project. Logically, the same public project state result represents the same value of the public project. Time-varying equivalent stable asset value refers to the case where asset value does not change over time, and asset value is a continuous stable asset value.

[0024] The following is described according to the financing method process supported by the convergent asset:

[0025] Step (1): Define the project boundary of a specific public project, or establish a public project company with the public project as a specific asset, set the public project state result, and complete the investment construction, normal operation or service, and realization of the public project state result.

[0026] The public project at least includes basic public service projects, municipal public construction projects, public resource projects, and projects with public characteristics.

[0027] The definition of the project boundary of the specific public project is to define the scope of the specific public project, and the legal relationship is clear. If the public project is a government financial investment project, it is currently a public facility or service project, and the public project does not have the conditions of a company form, the boundary of the specific public project must be defined first. In addition, when the financing project is a specific public project composed of multiple projects or project companies, the boundary of the specific public project must be first defined, and the multiple projects are specific public project assets and multiple projects are public project sub-projects.

[0028] The specific public project company refers to: when the public project is the asset of an existing public project company, or a specific public project company is established and the public project asset is injected into the specific public project company, the public project is based on the asset of the public project company; the type of the public project company is a limited company type or a joint-stock company type.

[0029] The state result of the public project is set, and the public project is regarded as a system, the system state is composed of state results and state conditions, the sub-projects and sub-units of the public project are subsystems of the public project, and the specific public project state condition is also a public project subsystem; according to the specific target and requirement of the public project, the project design, the relevant laws and regulations, the industry norms and standards, and the technical norms and standards, the specific functional effect of the public project is taken as the state result of the public project; the state result of the public project is the specific basic functional effect of the public project, or the state result of the public project is the functional effect of the public project subsystem, or the state result of the public project includes the basic functional effect of the public project and the functional effect of the public project subsystem; the basic functional effect realized by the public project is the basic state result of the public project, and the functional effect of the public project subsystem is the subordinate state result of the public project.

[0030] The public project is prepared to be financed with stable assets as support, and the basic condition is to complete the investment construction of the public project, to carry out normal operation or service, and to realize the state result of the public project.

[0031] Step (2): Formulate the stability control measures of the state result of the public project, establish the state control fund, establish the working mechanism of the state control of the public project, and carry out the credit enhancement of the state of the public project.

[0032] The system state includes state results and state conditions, and the state stability control is based on the stability control theory and method. When the state result deviates from the benchmark value, the state is adjusted by taking measures to change the state condition when the control value is reached, and the state result is restored.

[0033] The stability control measures of the state result of the public project are: according to the state result and requirement of the public project, as well as the national norms and regulations, the industry norms and standards, the technical norms and standards, and the product norms and standards, the state condition of the public project is controlled, the standard of the stability of the state result of the public project is formulated, the benchmark value and the control value of the stability of the state result are set, and when the state result of the public project deviates from the benchmark value, the state is repaired and corrected by taking measures to change the state condition when the state information reaches the control value, so as to maintain the state result and stability of the public project.

[0034] The state control fund is a fund pool for guaranteeing and maintaining the stability of the state result of the public project, and is used for the maintenance, repair and update of the facilities and equipment of the public project.

[0035] State condition is the condition of achieving state result, public project state control mechanism is the mechanism of achieving public project state result by controlling and managing public project state condition, at least including the working system, working flow, management measure of controlling and managing main public project state condition, state control flow is the working flow of collecting and feeding back state information, analyzing problem, judging state stability, implementing state condition regulation, feeding back state control result, maintaining state stability.

[0036] State information collection and feedback is the management of state information of public project system and subsystem, by detecting and monitoring, feeding back state information of public project system and subsystem to management department or control system.

[0037] State stability screening and judging is screening and judging state variable of public project according to state information, comparing state information of public project system and subsystem with state stability benchmark value and control value, screening state variable deviating from state stability benchmark value, and judging state result stability and stability change.

[0038] State condition regulation and state stability maintenance is regulating state condition of public project or public project subsystem, and maintaining state stability, when feedback state information is within state stability control value or control threshold, maintaining state condition, when feedback state information deviates from state stability benchmark value, control value or control threshold, according to logical relationship between state result and state condition, taking the way of changing state condition to adjust state, so as to restore original state of public project or public project subsystem.

[0039] The measure of regulating or changing state condition of public project at least involves repairing, maintaining, updating, replacing facilities, equipment and hardware of public project, and adjusting or changing operation management, material, personnel, finance, technology and working flow of implementing public project.

[0040] State control result feedback is the feedback of result after state regulation, comparing state result before and after state regulation, if it does not conform to state result standard or control target, continue to regulate state condition, if it conforms to public project state result standard and state stability control value or control threshold, maintain state after regulation.

[0041] By the measure of public project state stability, reduce or eliminate the factor affecting public project state result or state condition stability, improve the reliability and stability of public project state result.

[0042] The public project state credit enhancement is a measure to improve the public project state guarantee capacity, which improves the public project state stability from at least one of the following aspects: providing specific funds, strengthening government policies, setting up specific systems, adding contracts, and isolating risks.

[0043] Risk isolation is to separate or disperse factors that may cause instability of the public project state, thereby reducing the potential loss of the public project caused by risks.

[0044] Based on the public nature and basic characteristics of public projects, government credit enhancement can enhance the guarantee of public projects. Government credit enhancement at least includes government policy support for public projects to improve the stability of public project states, and at least includes government policies to maintain the long-term nature of public projects.

[0045] Step (3): Perform public project state stability identification and project evaluation to make the public project a stable project with public project state stability. The stable project has a time-varying equivalent state result and a time-varying equivalent stable asset value.

[0046] The public project evaluation methods include public project state evaluation and public project comprehensive evaluation. Public project evaluation at least includes public project state evaluation, which is an evaluation of the current situation of the public project state result and state condition, state result stability control measures, and state control mechanisms, in combination with resources, technologies, markets, finance, economy, society, and other factors related to the public project state result and state result stability. Public project comprehensive evaluation is a comprehensive analysis and evaluation of the necessity, technology, economy, risk, and operating environment of the public project.

[0047] The evaluation of public projects is conducted by an evaluation agency to determine whether the public project has public project state stability. Before hiring a third-party evaluation agency to evaluate the public project, the public project company can first conduct a self-evaluation of the public project state to correct or eliminate negative factors that affect the state evaluation result.

[0048] The public project state stability at least has the following characteristics: completion of public project investment and construction, normal operation or service of the public project, realization of the public project state result, guarantee funds for public project state stability, and control measures and mechanisms for public project state result stability.

[0049] According to the evaluation results of the public project and in combination with the standards for public project state stability, the public project with public project state stability is identified as a stable project. For public projects that do not have public project state stability, the management party should make appropriate rectifications to the public project to make it meet the requirements of public project state stability, so that the public project becomes a stable project with public project state stability, and the evaluation conclusion that the public project is a stable project is obtained.

[0050] Stable project has stable state result, which means stable project has equivalent state result at different time, namely, stable project has time-varying equivalent state result; the value of public project is embodied by specific state result of public project, and stable project has time-varying equivalent state result, which means the value of stable project is stable, and the value of stable asset is also time-varying equivalent.

[0051] Time-varying equivalent stable asset value means that stable asset value is stable and unchanged, and stable assets at different time have the same asset value.

[0052] Stable project is a project with stable state of public project, and the asset of stable project is stable asset. Stable project has time-varying equivalent state result and time-varying equivalent stable asset value.

[0053] Step (4): The asset of stable project is stable asset, and stable asset evaluation is carried out. The evaluation obtains time-varying equivalent stable asset value of time-effectiveness stable asset price.

[0054] Stable asset value has stability, but asset evaluation will be affected by economic environment factors. The evaluation price at different time is not necessarily the same. The evaluation price of stable asset value at a certain time is time-effectiveness, which is time-effectiveness stable asset price. Therefore, stable asset has the dual attributes of time-varying equivalent stable asset value and time-effectiveness stable asset price. Stable asset evaluation applies replacement cost method evaluation or cost method-based evaluation. Time-effectiveness stable asset price is the replacement cost of stable asset at a certain time, ignoring asset depreciation. Or time-effectiveness stable asset price is the asset evaluation price based on the replacement cost of stable asset at a certain time. If the same evaluation method is adopted, if the evaluation price of stable asset at two times is different, the difference of time-effectiveness stable asset price will be generated. The difference of different time-effectiveness stable asset price at two times is the time difference price of stable asset.

[0055] The value of public project lies in functional value, and the cost of public project is the cost of realizing functional value. The asset evaluation of public project adopts cost method evaluation, or cost method plus income method evaluation, or cost method plus market method evaluation, or cost method plus income method and market method evaluation. The functional value of stable project is stable, and the functional value at each time point is equivalent to the replacement value of the project. The state control fund is used to ensure the state stability of public project, and the change is the change of state control fund, not the change of value of public project. Therefore, stable asset is equivalent to no depreciation.

[0056] Step (5): Set up a stable project company limited by shares, or change a specific public project company limited by shares into a stable project company limited by shares, and formulate a company charter in accordance with the characteristics of the stable project company limited by shares.

[0057] The basic condition for stable asset securitization is to become a stable project company limited by shares, and the stable project company limited by shares is a tradable security.

[0058] Setting up a stable project company limited by shares is to take a specific public project as the assets of the stable project company limited by shares, and to initiate or collect the stable project company limited by shares.

[0059] Changing a specific public project company into a stable project company limited by shares is to change a specific public project company limited by shares into a stable project company limited by shares, or to change a specific public project company limited by shares into a stable project company limited by shares.

[0060] A stable project company limited by shares is a company limited by shares with a specific stable project as its assets, and it is a management type company limited by shares with a stable project or stable assets as a constraint. The stable project company limited by shares takes project state stability management as the core of its operation. The registered capital or company capital of the stable project company limited by shares is not less than the minimum capital limit stipulated by the state or region. The company capital adopts the legal capital system or the authorized capital system or the hybrid authorized capital system. The capital contribution is in the form of monetary cash contribution or non-cash property contribution. The shares of the stable project company limited by shares are divided into management shares and ordinary shares. The management shares are a certain proportion of restricted shares. The right holder of the management shares is the project initiator, or the project operator, or the government, or the associated investor. The shares of the operator are operating shares, which belong to management shares. The operating right and ownership of the stable project company limited by shares are separated. The operating right of the stable project company limited by shares is the operating right agreed upon in the contract. The operating shares and ordinary shares are the same shares with the same rights, or the operating shares and ordinary shares are the same shares with different rights. The stable project company limited by shares needs to formulate a company charter in accordance with the characteristics of the stable project company limited by shares.

[0061] The assets of the stable project company limited by shares are stable assets. After the stable asset securitization is realized, the stable assets can generate a value-preserving and price-increasing income. The asset value-preserving and price-increasing income is the asset price-increasing income created by the growth of the time-effective stable asset price under the condition of stable asset value equivalence.

[0062] Stable assets have superimposability, at least two stable assets superimposed are still state-stable assets, the stable assets of the stable project joint stock company are the assets of a single stable project, or the assets of at least two superimposed stable projects; the stable project joint stock company takes the stable assets of the stable project as a constraint, and strips the assets that do not meet the requirements of stable assets from the stable project joint stock company, or transforms the assets that do not meet the requirements of stable assets into stable assets with specific stable state results.

[0063] When the stable project joint stock company is established, or when it is restructured into a stable project joint stock company, equity financing of the stable project joint stock company can be carried out.

[0064] Step (6): Prepare for stable asset securitization listing, design stable asset securitization listing plan, develop stable asset evaluation system, develop stable asset value credit enhancement plan, and develop stable asset securitization prospectus.

[0065] Stable asset securitization is a way of asset securitization based on stable assets, taking stable project joint stock company stocks as tradable securities, requiring the implementation of stable asset evaluation system, and requiring the implementation of stable asset value credit enhancement.

[0066] The basic condition for public projects to carry out stable asset securitization is to become a stable project, and the relevant regulations, systems, and requirements of stable asset securitization are developed by relevant government departments and securities regulatory authorities of the country or region; the stable project joint stock company, in accordance with the requirements and procedures of stable asset securitization, hires securities companies, lawyers, accountants, and other institutions to carry out listing guidance, due diligence, and stable asset securitization listing preparation.

[0067] The stable asset securitization listing plan includes at least the number of stocks issued, the price, the issuance method, the use of raised funds, full circulation or partial circulation, management shares and restricted shares, and the method of income distribution.

[0068] The use of raised funds by the stable project joint stock company is limited, and the conventional use of raised funds is the standby fund for stable asset value credit enhancement, the state control fund, and the repayment of debt.

[0069] The stable asset evaluation system includes stable project evaluation system and stable asset evaluation system, and the stable project evaluation system at least includes the evaluation content, evaluation time, and evaluation method of the stable project, and the stable asset evaluation system at least includes the evaluation method, evaluation time, and stable asset evaluation implementation method.

[0070] The stable asset evaluation method is cost-based asset evaluation, or cost-based asset evaluation plus income method, or cost-based asset evaluation plus market method, or cost-based asset evaluation plus income method and market method.

[0071] Stable asset valuation implementation is to take complete asset valuation, or the valuation implementation is to take asset valuation combined with simple asset valuation and complete asset valuation. The stable asset is first evaluated by complete asset valuation, and then takes simple asset valuation at intervals. At a specific time or under specific conditions, complete asset valuation is performed.

[0072] Complete asset valuation is to conduct comprehensive asset valuation on stable assets according to the complete process of stable asset valuation, and report all important data in detail. Simple asset valuation is to evaluate and calculate the asset value by taking specific calculation indicators, or to conduct simple evaluation on the asset to obtain a simple evaluation report of important data.

[0073] The asset valuation implementation scheme combined with simple asset valuation and complete asset valuation aims to reduce asset valuation cost. Simple asset valuation can provide asset price reference for investors. Although there is deviation between the simple asset valuation price and the complete asset valuation price, it will not affect the true value of the time-varying equivalent stable asset.

[0074] Stable asset value credit enhancement is a credit enhancement of the time-effective stable asset price of the stable asset value. At a specific time or under specific conditions, the time-effective stable asset price is taken as the company's market value standard to convert the company's stock price. The stock conversion price is obtained by dividing the time-effective stable asset price by the stock share. A specific fund pool or a specific investor takes the stock conversion price as the stock subscription price to purchase all or part of the company's stock at a marked price.

[0075] The stable asset value credit enhancement scheme is: before the stable asset securitization, the time-varying equivalent stable asset value bottoming agreement and scheme are formulated to determine the way, implementation time, and fund source of the time-effective stable asset price bottoming guarantee. According to the formulated agreement and scheme, after the stable asset securitization is listed, the stable asset value credit enhancement is executed. A specific credit enhancement account is set up. At a specific time or under specific conditions, the time-effective stable asset price is taken as the company's market value standard to conduct the specific transaction of time-effective stable asset price bottoming. When the bottoming transaction is conducted, a specific credit enhancement fund pool or a specific investor takes the time-effective stable asset price as the stable project stock company's market value standard to convert the company's stock price. The credit enhancement account takes the stock conversion price to purchase the stock of the stable project stock company at a marked price. The stock owner can selectively sell the stock to the credit enhancement account according to the comparison between the stock conversion price and the market price and market judgment. The fund source of the stable asset value credit enhancement is the company's internal fund pool, or third-party funds, or internal fund pool and third-party funds.

[0076] The stable asset securitization prospectus content at least includes the introduction of the issuer, the information of the underlying assets, the number of stocks issued, the price, the issuance method, the purpose of the raised funds, the income distribution method, the operation and exit, the system construction, the credit enhancement measures, the investor protection mechanism, the appendix and the reference file.

[0077] The appendix at least includes the evaluation report, the asset evaluation report, the financial report, the credit enhancement file, the legal opinion, the issuance recommendation letter issued by the sponsor and the underwriter, and the underwriting agreement.

[0078] The reference file lists the list of reference files that can be consulted by investors, which at least includes the business license, the company charter, the shareholders' meeting resolution, and the board of directors resolution.

[0079] Step (7): According to the listing requirements and procedures, the stable asset securitization is applied for listing, and the stock issuance and equity financing of the stable project stock company are carried out after the approval of the securities regulatory department.

[0080] The listing conditions of stable asset securitization are formulated by the securities regulatory department and the securities market, and the basic condition is that the public project becomes a stable project with stable state. The listing standards involve the asset size requirement, the financial indicator requirement, and the system requirement of the stable project, which are formulated by the relevant departments.

[0081] The stable project stock company submits the stable asset securitization listing application to the securities regulatory agency according to the relevant laws and regulations of the national or regional securities market supervision and management, the listing requirements and procedures, and the special provisions and requirements of stable asset securitization, submits the compliance declaration materials, and accepts the audit of the securities regulatory department.

[0082] After passing the audit of the national or regional securities regulatory department, the stable project stock company is approved to be publicly issued, the stable asset securitization prospectus after passing the audit is disclosed, the stable asset securitization listing roadshow of the stable project stock company is carried out, the stable asset price is referred to as a reference factor affecting the stock price, and the stock issuance and sale of equity financing are carried out.

[0083] Step (8): The stable project stock company stock is listed on the stable asset securitization trading market, the stable asset valuation system is implemented, the stable asset value credit enhancement is implemented, the investor takes the time-based stable asset price as a reference factor affecting the stock price, and the stock transaction is carried out.

[0084] The stable asset securitization trading market is a platform for listing and trading of stable asset securitization stocks, and also a platform for implementing the stable asset valuation system, implementing the stable asset value credit enhancement, and providing market support for the time-based stable asset price.

[0085] The stable asset securitization transaction market is a professional market for stable asset securitization, or a transaction market for stable asset securitization relying on a stock market, or a stock transfer platform, or a private product quotation and service system between institutions.

[0086] By performing the stable asset evaluation system and implementing stable asset value credit enhancement, the time-varying equivalent stable asset value and the time-effective stable asset price are supported. Through the implementation of the stable asset evaluation system in the stable asset securitization transaction market, market investors can obtain information of the stable project share company in a timely manner, and through the implementation of stable asset value credit enhancement, the asset price of the time-effective stable asset price is supported. The stable asset generates a stable asset time price, and the investor trades in the market with the time-effective stable asset price as the stock price reference. The change of the time-effective stable asset price is reflected in the stock price, and the stock price changes accordingly. When economic factors such as price, labor price, and bulk commodity price cause the time-effective stable asset price to rise, the stock price rises accordingly, and the securities market investors obtain the income of the stock price growth.

[0087] Through the above steps, a closed-loop logic for financing supported by stable assets is formed. The stable asset securitization transaction market is a platform for reflecting the value of stable assets. The time-effective stable asset price of the stable asset value is confirmed by the market. The stable asset obtains liquidity. The project investor supports the stable asset and exits through the sale of shares.

[0088] From the public project to the process of stable asset securitization, the public project obtains multiple financing opportunities, such as equity financing before the company is listed, stock issuance financing when the company is listed, and equity transfer, stock trading, and equity pledge financing after the company is listed.

[0089] The investment scale of the public project is large, and a large amount of funds is deposited in the public project. Through stable asset securitization, a large amount of deposited public project investment funds can be revitalized. Through stable asset securitization, exit channels can be provided for public project investors, which helps to attract more social capital for public project investment. The premise of stable asset securitization is that the public project becomes a stable project. The stable project needs to have state stability, which promotes the public project managers to improve the public project management level and service quality, and ensures the quality of the public project state result. Brief description of the drawings

[0090] Figure 1 is a flowchart of one embodiment 1 of the present disclosure.

[0091] Figure 2 is a flowchart of one embodiment 2 of the present disclosure. Best mode for carrying out the invention

[0092] The application provides a stock financing method based on stable asset securitization supported by public projects.

[0093] Embodiment 1 is a financing method based on stable asset securitization supported by specific assets of a single public project. The public project is a municipal public bridge project. The bridge project is a bridge project invested by government finance. The government is the owner of the project and belongs to non-operational public projects. The bridge project has been completed and put into use for 3 years. The municipal facility management agency is responsible for maintenance. In order to revitalize the financial investment assets and realize the publicization of public assets, the bridge project assets are supported to carry out stable asset securitization financing.

[0094] Figure 1 is a flowchart of embodiment 1 of the application, which is a method of stable asset securitization financing supported by specific bridge project assets. The process is as follows:

[0095] Step (1), the bridge project to be financed is taken as a specific X public project, and the X public project is taken as a specific asset. A specific X public project Co., Ltd. (X public project company for short) is established by introducing a concession investor. The concession investor is the operator.

[0096] The X public project has completed the investment and construction of the bridge and has been put into normal use. The specific purpose of the bridge project is to solve the problem of crossing the river and provide convenience for the public and vehicles crossing the river.

[0097] The original equity of the X public project is 100% government financial investment. The government selects the concessionaire of the X public project and transfers 30% of the equity of the X public project to the concessionaire. The bridge project is taken as a specific X public project asset and injected into the X public project company. The government and the concessionaire are shareholders of the company. The government holds 70% of the equity, and the concessionaire holds 30% of the equity. The concessionaire is the effective company of the X public project and the operator and manager of the X public project. The concession period is 20 years, and the concession period is renewed or replaced by the concessionaire at the end of the period. The government obtains 20% of the funds as government investment exit funds and 10% of the funds as operating and management funds of the X public project Co., Ltd. by transferring 30% of the project equity to the concessionaire.

[0098] From the perspective of project management and state control, the X public project state result is designed. The X public project state result includes the X public project basic state result and the X public project subordinate state result.

[0099] The function and effect of the bridge project to solve the cross-river traffic problem and provide cross-river traffic convenience for the public and vehicles are taken as the basic state results of the X public project. The subordinate state results of the X public project are the function and effect of the X public project sub-projects, which include the qualified quality of the bridge main project, the qualified quality of the bridge pavement, the complete bridge supporting facilities, the qualified quality of the facilities and equipment and the normal function according to the quality standards of the bridge project and the function standards of the sub-facilities.

[0100] The status of the X public project is that the project has been completed and put into normal use, and the purpose of solving the cross-river traffic problem has been achieved. The bridge project has passed the acceptance of the engineering quality supervision and management department, and the state results of the X public project have been achieved.

[0101] Step (2): Formulate the stability control measures of the state results of the X public project, set up the state control fund of the X public project, establish the state control working mechanism of the X public project, and perform the credit enhancement of the state results of the X public project.

[0102] The stability control measures of the state results of the X public project are as follows: according to the state results of the X public project, the relevant standards are taken as the state result standards according to the specification requirements and quality standards of the municipal public construction project and the bridge engineering construction project, the stability benchmark value and the control value of the sub-projects are set, the stability control measures of the state results of the X public project and the sub-projects are formulated, and the state stability control is performed. When the project state results deviate from the benchmark value, one or more of the following ways are taken: maintenance, repair, supplement, correction, update or replacement, and state adjustment control is performed to maintain the stability of the state results.

[0103] The state control fund of the X public project is set up by using part of the government equity transfer funds and the project overhaul funds, and the funds are used for the maintenance, repair, state control management and maintenance of the state stability of the X public project.

[0104] The state control working mechanism of the X public project is established, which takes the stability control of the state results of the X public project as the core, and at least includes the daily management, inspection, testing or experiment, information collection and feedback, state judgment and decision, maintenance, maintenance, property management and fund management of the X public project.

[0105] The credit enhancement of the state results of the X public project is performed, which includes the credit enhancement of the project management and funds, the credit enhancement of the policy and the special matter credit enhancement.

[0106] Project management and credit enhancement of funds: make a plan agreement, before the X public project realizes stable asset securitization, the government provides external credit enhancement for the X public project state control fund, the government promises and contracts to provide maintenance and repair funds for the project, and is guaranteed by specific assets; after the X public project realizes stable asset securitization, take the way of internal credit enhancement combined with external credit enhancement, when the X public project is majorly updated or reconstructed, according to the agreement, the state control fund of the company is preferentially invested, and the government is invested to make up the insufficient part; the internal funds of X public project come from the state control fund of the company, and the early funds of the state control fund come from the equity transfer funds and the project overhaul funds;

[0107] Policy credit enhancement: the government provides policy guarantee for the long-term nature of X public project, if the X public project loses the ability of public service in the future, the government will redeem the X public project.

[0108] Regarding the credit enhancement of special matters, the government and the X public project company purchase specific insurance for the X public project as a credit enhancement of state guarantee in special circumstances, such as providing insurance for project loss caused by force majeure.

[0109] Step (3): X public project is identified as a stable project with stable public project status and project evaluation.

[0110] The X public project status stability standard is at least: complete X public project construction, project put into normal use, realize X public project status result, have state stability guarantee funds, have control measures and working mechanism to support X public project status result stability.

[0111] According to the X public project status result and the status result stability standard, combined with the control measures of public project status result stability, the X public project is self-evaluated, and after the self-evaluation is qualified, the third-party evaluation agency is hired to evaluate the X public project, if the self-evaluation is not qualified, the corresponding rectification is carried out to eliminate the negative factors, and then the third-party evaluation agency is hired to evaluate the X public project again after the self-evaluation is qualified, at least the evaluation conclusion of stable public project status is obtained.

[0112] The X public project with stable public project status is X stable project, X stable project has time-varying equivalent status result and time-varying equivalent stable asset value; the assets of X stable project are X stable assets, X stable assets have time-varying equivalent stable asset value and time-varying stable asset price.

[0113] Step (4): The asset evaluation organization adopts the cost method to evaluate the value of X stable assets, and obtains the current time-effective stable asset price of X stable assets.

[0114] The stable project takes functional value as the value basis. Since the X stable project state result is stable, it does not produce losses affecting functionality and stability, and the stable asset does not produce value loss. The time-effective stable asset price is the current evaluation price of X stable assets, which is a certain time-effective replacement cost that ignores accrual losses.

[0115] Step (5): According to the stable asset evaluation value and equity design of X stable project, and in accordance with the requirements and procedures of the limited company reorganization into a joint stock company, X public project company is reorganized into X stable project joint stock company, referred to as X joint stock company, and the company charter of X joint stock company is formulated;

[0116] Based on asset evaluation, the investment of X joint stock company adopts real investment and cash investment. When reorganizing X joint stock company, the government finance withdraws 20% of the investment, and the government transfers 20% of the equity to introduce new investors. The shareholders of X joint stock company are the government, the concessionaire, and the newly introduced investors, with the government holding 50% of the shares, the concessionaire holding 30% of the shares, and the newly introduced investors holding a total of 20% of the shares.

[0117] X stable assets are specific assets of X joint stock company, and the asset value is the current time-effective stable asset price. The main business of X joint stock company is to manage and control stable projects. X joint stock company adopts a company management mode of separation of management right and ownership, with 30% management shares and 70% ordinary shares. The government and the concessionaire each hold 15% of the management shares, which are restricted shares and are restricted from circulation and transfer. The equity structure of X joint stock company is that the government holds 15% of the management shares and 35% of the ordinary shares, the concessionaire holds 15% of the management shares and 15% of the ordinary shares, and the newly introduced investors hold a total of 20% of the ordinary shares.

[0118] Step (6): Prepare for the listing of stable asset securitization, develop a stable asset securitization plan, develop a stable asset evaluation system, conduct stable asset value credit enhancement, and develop a stable asset securitization prospectus.

[0119] When preparing for listing, X joint stock company hires securities companies, lawyers, and accountants to conduct listing guidance, conducts due diligence, designs a stable asset securitization plan, and designs the number of X joint stock company shares issued, the price, the issuance method, the use of raised funds, the income distribution method, the operation and exit, the credit enhancement measures, the investor protection mechanism, etc.

[0120] X joint stock company plans to issue 25% of the shares, and the funds will be used for stable asset value credit enhancement reserve and to increase the funds of the state control fund.

[0121] Stable asset valuation system includes stable project evaluation system and time-varying equivalent stable asset value assessment system.

[0122] Stable project evaluation system at least includes: stable project evaluation cycle is carried out annually, self-evaluation is carried out every half year, and stable project evaluation is carried out by evaluation organization every year, and evaluation report is published in time.

[0123] Time-varying equivalent stable asset value assessment system mainly includes: asset value assessment cycle is annual asset value assessment cycle, asset value assessment is carried out every year, cost method is adopted by asset assessment organization, simple asset assessment of time-varying equivalent stable asset value is carried out at the end of every year, complete type asset assessment of time-varying equivalent stable asset value is carried out every 10 years, and asset assessment information is published in time after each asset assessment.

[0124] The assets of X stock company are non-operational stable assets, and stable assets have stable asset time price difference. In the case of inflation, labor price increase, and bulk commodity price rise, the time-effectiveness stable asset price of stable assets increases, and the asset yield of value preservation and price increase is generated. The change of time-effectiveness stable asset price influences stock price change, and stock is realized through securities trading market. Investors can obtain the yield of value preservation and price increase of stable assets through stable asset securitization trading market.

[0125] Asset value preservation and price increase yield is the yield of X stock company, and the yield distribution scheme is that when the time-effectiveness stable asset price of X stable project increases, 20% of the price increase yield is distributed to state control fund, and 80% of the price increase yield is distributed to shareholders. Market investors take the time-effectiveness stable asset price and yield distribution scheme as a reference, which influences stock price change. Every 10 years after complete type asset value assessment, stock is increased according to the cumulative growth amount of stable asset price, and is distributed to shareholders. The time-effectiveness stable asset price of complete type asset value assessment is taken as the total asset of X stable project, and the number of stocks is increased on the basis of the original number of stocks according to the proportion of 10-year growth price of X stable asset in total asset, and 20% of the increased stocks is distributed to state control fund, and 80% of the increased stocks is distributed to shareholders.

[0126] X public project is a long-term project, the operation period of X stock company is long-term, the operation period of the shareholders of special operation is 25 years, the special operator renews or withdraws from the operation, and the management stock is transferred to the new special operator when the special operator withdraws from the operation.

[0127] The stable asset value credit enhancement of X Stock Company is a combination of internal credit enhancement and external credit enhancement. The internal credit enhancement is funded by the stable asset value credit enhancement reserve and the state control fund, and is set for a 10-year cycle. The stable asset value is taken over through stock valuation acquisition, and is time-varying. A special subscription account is set up in the stable asset securitization market. Every 10 years, the time-effective stable asset price of the complete assessment of the stable project is used as the standard for the market value of the company's assets. According to the stock share, the time-effective stable asset price is divided by the stock share to obtain the stock conversion price. The stock conversion price is used as the standard for the subscription stock price. The company acquires no more than 20% of its own stock at the valuation price. Stockholders can choose to sell their stock to the special subscription account based on the comparison of the stock conversion price and the stock subscription price, as well as the stock price trend. Additional external credit enhancement is achieved through an additional agreement with the government. If the internal credit enhancement of the company is insufficient, the government will supplement the stable asset value credit enhancement funds.

[0128] The stable asset securitization prospectus is a description of important information such as the basic situation of the enterprise, financial data, and risk factors. The content includes at least the issuer introduction, basic asset information, number of issued stocks, price, issuance method, purpose of raised funds, income distribution method, credit enhancement measures, investor protection mechanism, appendix, and reference files. The appendix includes at least the evaluation report, asset assessment report, financial report, credit enhancement file, legal opinion, issuance recommendation letter issued by the sponsor and underwriter, and underwriting agreement. The reference files list the reference files that investors can consult, including at least the business license, company charter, shareholders' meeting resolution, and board of directors resolution.

[0129] Step (7): Apply for stable asset securitization listing. After passing the audit by the securities regulatory department, the stable asset securitization stock is issued and financed.

[0130] X Stock Company conducts audits and assessments of the company's credit, assets, and financial status through professional institutions such as accounting firms, rating agencies, asset assessment agencies, and law firms. The company issues legal opinions on relevant matters and submits compliant reporting materials to the securities regulatory authorities. The company's stable asset securitization listing application is subject to the audit of the securities regulatory department.

[0131] After passing the audit by the securities regulatory department, X Stock Company is approved for public issuance. The company discloses the stable asset securitization prospectus that has passed the audit, conducts stable project stock listing roadshows, sets stock prices, and issues and sells stocks.

[0132] The stock of X Company is priced based on the time-stable asset price, and the stock is issued by the stock agent and sold through the stock market to achieve equity financing.

[0133] Step (8): The stock of the stable project company is listed on the stable asset securitization market, and the stable asset valuation system is implemented. According to the stable asset value credit enhancement program, the stable asset value credit enhancement is implemented. Investors take the time-stable asset price as a reference factor affecting stock price for stock trading.

[0134] The specific transaction board of the stock market is the stable asset securitization market, and the stock of X Company is listed on the specific transaction board of the stock market. The company conducts stable project status evaluation and stable asset value assessment according to the regulations of the stable asset securitization market, and discloses information in a timely manner. According to the agreement, the stable asset value credit enhancement is implemented, and a special subscription account is set up in the stable asset securitization market. Every 10 years, the time-stable asset price of the complete asset evaluation is taken as the company's market value standard, and the stock conversion price is used to purchase no more than 20% of the company's stock.

[0135] Market investors take the time-stable asset price as a reference factor for stock price judgment and conduct competitive trading of the company's stock in the securities market.

[0136] Through the above process, the X public project realizes stable asset securitization, and achieves equity financing through stock transfer and stock issuance. After the stable asset securitization is listed, the stock is used as a tradable security, the liquidity of the stable asset is improved, and the financing capacity is further strengthened.

[0137] Embodiment 2 is a specific public project composed of multiple operating municipal projects, which is supported by specific public project assets for stable asset securitization financing.

[0138] Taking the urban sewage treatment project of a city as an example: There are 3 urban sewage treatment plants in a city, and the 3 urban sewage treatment plant projects are independent projects of government and social capital cooperation, belonging to different project companies, which plan to be supported by 3 project assets for financing.

[0139] The financing process supported by stable assets is shown in Figure 2:

[0140] Step (1): Define the boundary of the specific public project to be financed, take the assets of the three municipal sewage treatment plant projects as the specific Y public project, and the three municipal sewage treatment plant projects as the sub-projects of the Y public project; the three municipal sewage treatment plant projects are to solve the problem of municipal sewage treatment in a city, and have completed investment and construction and are in normal operation; the three municipal sewage treatment plant projects have achieved the status results of municipal sewage treatment plant projects.

[0141] The status results of the Y public project are the collection of the status results of the three sub-projects, and the Y public project sub-project status results are set, including the sub-project basic status results and the sub-project subordinate status results.

[0142] According to the national or regional urban sewage discharge standard, the municipal sewage treatment plant that carries out municipal sewage purification treatment and meets the urban sewage discharge standard is taken as the basic status result of the municipal sewage treatment plant, and the basic status result of a single project is the Y public project sub-project basic status result.

[0143] The Y public project sub-project subordinate status result is that the key technology and important sub-projects of the municipal sewage treatment plant meet the relevant specifications and technical standards; through project operation, the three municipal sewage treatment plant projects achieve the status results through acceptance and detection by the environmental protection and engineering quality supervision departments.

[0144] Step (2): The Y public project includes three municipal sewage treatment plant sub-projects, and the Y public project sub-project status result stability control measures are formulated, the Y public project status control fund is established, the Y public project status control working mechanism is established, and the Y public project status credit level is increased.

[0145] According to the urban sewage discharge standard and requirements, as well as the standards and requirements of the key technology and sub-projects of the municipal sewage treatment plant, the benchmark value and control value of the status result stability standard are set, the Y public project and sub-project status result stability control measures are formulated, and when the project status result deviates from the benchmark value, one or more of maintenance, repair, supplement, correction, update or replacement is taken to adjust and control the status.

[0146] The Y public project sub-project status result stability control working mechanism is established, and the status control of daily management, inspection, testing or experiment, information collection and feedback, status judgment and decision, maintenance, maintenance, and property management related to the Y public project is carried out.

[0147] The Y public project status control fund is established, the maintenance fund of the three municipal sewage treatment plants is transferred to the Y public project status control fund, and the Y public project status control fund provides at least funds for equipment and facility maintenance, maintenance, update, and reconstruction of the Y public project.

[0148] Y public project state credit enhancement adopts the combination of internal credit enhancement and external credit enhancement, the municipal sewage treatment plant is a business project with business income, the internal credit enhancement is to include a certain proportion of business income or business profit into Y public project state control fund every year; the external credit enhancement is that the government provides policy guarantee for the long-term operation of Y public project; and the risk isolation separates the risk of project operator from Y public project.

[0149] Step (3): the three municipal sewage treatment plant projects of Y public project are evaluated and the state stability is identified, Y public project with public project state stability is identified as Y stable project, and the evaluation and state stability identification are the same as step (3) of embodiment 1.

[0150] According to the Y public project state result and the state result stability standard, combined with the public project state result stability control measures, the Y public project is self-evaluated, if the self-evaluation is qualified, a third-party evaluation agency is invited to evaluate the Y public project, if the self-evaluation is unqualified, corresponding rectification is carried out to eliminate the negative factors, and then the third-party evaluation agency is invited to evaluate the Y public project again after the self-evaluation is qualified, and the evaluation conclusion of the third-party evaluation agency is obtained.

[0151] The Y public project state stability standard is at least: completing the construction of Y public project, putting the project into normal use, realizing the Y public project state result, having guarantee fund of state stability, having control measures and working mechanism supporting the stability of Y public project state result.

[0152] According to the Y public project evaluation conclusion, it is judged whether Y public project has public project state stability, the three municipal sewage treatment plant projects are Y public project sub-projects, when the three sub-projects of Y public project have public project state stability, Y public project becomes Y stable project with public project state stability.

[0153] Y stable project has time-varying equivalent state result and time-varying equivalent stable asset value, the asset of Y stable project is Y stable asset, Y stable asset has time-varying equivalent stable asset value and time-varying stable asset price.

[0154] Step (4): the asset of Y stable project is Y stable asset, the asset evaluation agency adopts the asset evaluation method of taking cost method evaluation as the basis and auxiliary combined with income method evaluation to evaluate the asset value of the three municipal sewage treatment plant projects, and obtains the time-varying stable asset price of the three municipal sewage treatment plant projects; the stable asset has superposition, the time-varying stable asset price of Y stable asset is the total price of the time-varying stable asset prices of the three municipal sewage treatment plant projects.

[0155] The replacement cost of the urban sewage treatment plant project is evaluated by the cost method. The urban sewage treatment plant project is an operating project. The additional evaluation by the income method is carried out according to the operating income, profitability and profit distribution scheme. The time-effective stable asset prices of the three urban sewage treatment plant projects are obtained by the comprehensive cost method and income method asset evaluation.

[0156] Step (5): According to the asset evaluation prices of the three urban sewage treatment plant projects, the original urban sewage treatment plant project shareholder equity and the equity design scheme, the Y stable project joint stock company, referred to as Y joint stock company, is established by taking the three urban sewage treatment plant projects as specific Y stable project assets.

[0157] On the basis of asset evaluation, Y joint stock company adopts real capital contribution and cash capital contribution for equity design. The shareholders of Y joint stock company at least include the government and the original urban sewage treatment plant project shareholders. The debt relationship of Y stable project is sorted out. Part of the debt is converted into stock by the urban sewage treatment plant operators or new investors to resolve part of the debt. Through consultation with the government and obtaining its consent, part of the operating contract is changed or additional contract is added. The company's operating right is separated from the ownership. The original operating contract is adjusted or changed. The company's operating scope is limited and restricted by Y stable project as the boundary. The credit enhancement content is increased. The income distribution is changed. The shareholders' meeting is convened. The stable project joint stock company charter and other related matters are formulated.

[0158] Y joint stock company sets 30% of management stock and 70% of common stock. Among them, the operator shareholders account for 20% of the management stock and the government shareholders account for 10% of the management stock. The management stock is restricted stock. The other 70% of common stock is held by the relevant contributors according to the equity design, the contributors and the contribution scale.

[0159] Step (6): Prepare for stable asset securitization listing. Hire securities companies, lawyers and accountants to conduct listing guidance. Conduct due diligence. Design stable asset securitization scheme. Develop stable asset valuation system. Perform stable asset value credit enhancement. Develop stable asset securitization prospectus.

[0160] The fund raising scheme is to issue 25% of Y joint stock company shares. The fund use is Y stable asset value credit enhancement reserve fund and loan repayment. The stable project evaluation system of X joint stock company and the time-varying equivalent stable asset value evaluation system are developed. The project self-evaluation is conducted every half year. The stable project evaluation is conducted by the evaluation agency every year. The time-varying equivalent stable asset value simple asset evaluation is conducted every year. The time-varying equivalent stable asset value complete asset evaluation is conducted every 10 years. The stable project evaluation and evaluation information are published in a timely manner as required.

[0161] The asset preservation and appreciation income distribution plan of Y Stock Company is: 20% of the income is distributed to the state control fund, and 80% of the income is distributed to the shareholders. According to the time-stable asset price evaluated every year, the stock price and transaction are referred to the income distribution plan. After the complete type asset value evaluation in the 10-year period, the company takes the time-stable asset price as the total assets, and according to the proportion of asset preservation and appreciation income in total assets, the stock quantity is increased based on the original stock quantity, and then the increased stock is distributed to the state control fund and the shareholders according to the income distribution ratio. The stock price of Y Stock Company will be adjusted after the stock is increased.

[0162] The stable asset value credit enhancement of Y Stock Company is: the credit enhancement mode of internal credit enhancement combined with external credit enhancement is adopted. The internal credit enhancement fund comes from the state control fund and the stable asset value credit enhancement reserve fund. The time-varying equivalent stable asset value is taken every 10 years. A special account is set up in the stable asset securitization market. Every 10 years, the time-stable asset price of complete type asset evaluation is taken as the total asset price. According to the stock share, the stock conversion unit price is calculated by dividing the time-stable asset price by the stock quantity. The stock conversion unit price is taken as the stock subscription price. The market stock of no more than 20% is purchased at the marked price. Investors can selectively sell stocks to the special account at the stock conversion unit price. Third-party institutions conduct additional external credit enhancement. When the purchase fund is insufficient, the third-party institutions will make up the fund.

[0163] 30% of the management stock includes 20% of the operating stock and 10% of the government stock. 20% of the operating stock is held by the project operator, and 10% of the government stock is held by the government. It is stipulated that 20% of the operating stock and 10% of the government stock are restricted stocks. The operating period of each project operator reaches the contract period, and the operating period is continued, or the management stock of the operator is transferred, or the government takes over the management stock, and introduces new project operators.

[0164] The contents of the stable asset securitization prospectus include at least the issuer introduction, basic asset information, issued stock quantity, price, issuance method, fund raising purpose, income distribution, credit enhancement measures, investor protection mechanism, appendix and reference files.

[0165] The appendix includes at least evaluation report, asset evaluation report, financial report, credit enhancement file, legal opinion, issuance recommendation letter issued by the sponsor and underwriter, and underwriting agreement.

[0166] The reference files list the reference files that can be checked by investors, including at least business license, company charter, shareholders' meeting resolution, and board of directors resolution.

[0167] Step (7): Apply for stable asset securitization listing, pass the audit of the securities regulatory authority, and complete the stock listing of stable asset securitization to achieve equity financing. The application, audit, issuance, and implementation of step (7) of embodiment 1 are the same.

[0168] Step (8): The stable project stock company stock is listed on the stable asset securitization market, and the stable asset valuation system is implemented. The investor takes the time-effective stable asset price as a reference factor affecting the stock price for stock trading. The listing and market trading are the same as step (8) of embodiment 1.

[0169] Through the above process, Y public project realizes stable asset securitization supported by stable assets. When Y stock company is established, equity financing is carried out in the form of debt-to-equity, which resolves part of the debt. When the stable asset securitization is listed, equity financing is carried out through the issuance of stocks. After listing, the liquidity of Y stable assets is improved, and the securitization transaction is carried out in the form of stocks. Industrial applicability

[0170] Broaden the financing path of public projects and reduce the threshold of public project financing: Traditional project financing or asset securitization requires cash flow support. Non-operating public projects do not have the conditions for project financing supported by cash flow. By using the financing method of stable asset securitization, the financing conditions requiring cash flow are avoided, and the financing threshold of non-operating public projects is reduced.

[0171] Provide operating funds for public projects: Stable assets have the characteristics of asset preservation. In the case of time-effective stable asset price growth, asset income can be generated. Through the design of the income distribution scheme, part of the asset income is distributed to the state control fund, and the income is realized through stock trading in the stable asset securitization market, which is used for the operation and maintenance of public projects.

[0172] Promote industrial upgrading and improve the service quality of public projects: The core of public projects is to provide specific functional effects and services for the public. Stable asset securitization requires public projects to have public project state stability, which promotes the service quality of public project operators, ensures the state results of public projects, and helps to promote the upgrading of public project industries.

[0173] Provide investment exit channels for public projects and attract equity investment: Stable asset securitization is a public project investment exit channel that can improve the investment attractiveness of public projects and attract more social capital. During the process of stable asset securitization, public projects have the opportunity to obtain equity investment at different stages. Equity investment can provide long-term stable funds for public projects.

[0174] Wide application, replicable implementation: stable asset securitization is applicable to various types of public projects, covering operational public projects, non-operational public projects, single public projects, combined public projects, and involving at least basic public services, municipal public construction projects, projects with public characteristics, and public resource projects. The security market is a mature and popular capital market, and public projects can be implemented by relying on the security market. Therefore, the stable asset securitization method can be replicated and implemented in various countries or regions.

Claims

1. A method of financing backed by a balanced asset, characterized by, The process includes the following steps: Step (1): defining the project boundary of a specific public project, or establishing a public project company with the public project as a specific asset, setting the public project status result, and completing the investment construction, normal operation or service, and achieving the public project status result; Step (2): developing public project status stability control measures, setting up a status control fund, establishing a public project status control mechanism, and conducting public project status credit enhancement; Step (3): conducting public project status stability identification and project evaluation to make the public project a stable project with public project status stability, and reaching the evaluation conclusion that the public project is a stable project with time-varying equivalent status result and time-varying equivalent stable asset value; Step (4): stable project assets are stable assets, and stable asset evaluation is conducted to assess the time-varying equivalent stable asset value of the time-varying stable asset price; Step (5): taking stable assets as a constraint, setting up a stable project stock company, or changing a specific public project limited company into a stable project stock company, and developing a company charter in line with the characteristics of the stable project stock company; Step (6): preparing for the listing of stable asset securitization, designing a stable asset securitization listing plan, developing a stable asset valuation system, developing a stable asset value credit enhancement plan, and developing a stable asset securitization prospectus; Step (7): applying for stable asset securitization listing, passing the audit of the securities regulatory authority, and issuing stocks and equity financing of the stable project stock company; Step (8): stable project stock company stocks are listed on the stable asset securitization trading market, the stable asset valuation system is implemented, the stable asset value credit enhancement is implemented, the time-varying stable asset price is taken as a reference factor affecting stock price, and stock trading is conducted.

2. The method for financing with the support of the assets according to claim 1, characterized in that, The public project status result is the specific basic function effect of the public project, or the public project status result is the function effect of the public project subsystem, or the public project status result includes the basic function effect of the public project and the function effect of the public project subsystem.

3. The method for financing with the support of the assets according to claim 1, characterized in that, The public project status credit enhancement is a measure to improve the public project status guarantee capability, which improves the credit of the public project status stability from at least one of the following aspects: providing specific funds, strengthening government policies, setting up specific systems, adding contracts, and isolating risks.

4. The method for financing with the support of the assets according to claim 1, characterized in that, The public project status stability at least has the following characteristics: completing the investment construction of the public project, conducting normal operation or service, achieving the public project status result, having guarantee funds for the public project status stability, and having control measures and mechanisms to support the public project status result stability.

5. The method for financing with the support of the assets according to claim 1, characterized in that, The time-varying stable asset price is the replacement cost of stable assets in a certain period of time, ignoring asset accrual depreciation, or the time-varying stable asset price is the asset evaluation price based on the replacement cost of stable assets in a certain period of time.

6. The method for financing with the support of the assets according to claim 1, characterized in that, The stable asset valuation system comprises a stable project evaluation system and a stable asset evaluation system, and the stable project evaluation system at least comprises evaluation content, evaluation time and evaluation mode of the stable project, and the stable asset evaluation system at least comprises an evaluation method, evaluation time and an evaluation implementation mode of the stable asset.

7. The method for financing with the support of the assets according to claim 1, characterized in that, The stable asset value credit enhancement is a credit enhancement for the time-effectiveness stable asset price of the stable asset value, and in a specific time or under specific conditions, the time-effectiveness stable asset price is taken as a company market value standard to convert the company stock price, the stock conversion price is obtained by dividing the time-effectiveness stable asset price by the stock share, and the stock conversion price is taken as a stock subscription price by a specific fund pool or a specific investor to purchase all or part of the company stock at a marked price.

8. The method for financing with the support of the assets according to claim 1, characterized in that, The stable asset securitization transaction market is a platform for providing listing and stock transaction of the stable asset securitization stock, and is also a platform for implementing the stable asset valuation system, implementing the stable asset value credit enhancement and providing market support for the time-effectiveness stable asset price.

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