胡　坚，梁雨露，陈慧琳，彭　毅1

（浙江财经大学公共管理学院，浙江310018）

摘　要：PPP项目资产证券化为PPP项目运营周期长、收益低、退出机制欠缺等问题提供了良好的解决方式，对盘活PPP项目资产、调动社会资本积极性等具有重要意义。识别PPP项目资产证券化的障碍因素，有利于有针对性地提出解决对策，进而推动PPP项目资产证券化的实施。本文通过文献分析与专家访谈，总结出PPP项目资产证券化的障碍因素，并将其分类整理，制成问卷；邀请PPP项目资产证券化的相关专家人员进行问卷调查，评价各项障碍因素的重要性。分析结果表明当前PPP项目资产证券化面临市场化增信工具比较缺乏、交易机制亟待完善以及资产证券化产品市场自身的深度和广度不足等主要问题。文章最后有针对性地提出解决方案，期望能为我国PPP项目资产证券化的发展提供借鉴。

关键词：PPP项目；资产证券化；障碍因素；对策

中图分类号：F283文献标识码：A

Analysis of Obstacle Factors of PPP Asset Securitization(www.daowen.com)

HU Jiɑn，LIANG Yulu，CHEN Huilin，PENG Yi

（School of Public Administration，Zhejiang University of Finance&Economics，Zhejiang 310018，P.R.China）

Abstract：PPP asset securitization provides a good approach to solve problems of PPP projects，such as a long operation cycle，low income，and lack of exitmechanism.It is of great significance to activate PPP project assets and mobilize social capital enthusiasm.Identification of obstacle factors of PPP asset securitization is the basis of providing effective countermeasures in order to promote PPP asset securitization.The obstacle factors were summarized based on literature analysis and expert interview，which were further used for questionnaire survey.Relevant experts and practitioners of PPP asset securitization were invited，to evaluate the significance of these factors.The findings demonstrate that themain obstacles include the lack of market-based credit enhancement tools，the urgent need to improve the tradingmechanism，and the lack of depth and breadth of the asset securitization productmarket.We put forward corresponding countermeasures，in the paper to provide references for promoting PPP asset securitization.

Keywords：PPP projects；asset securitization；obstacle factors；countermeasures