[摘　要]　资产证券化对于解决高速公路融资结构不合理、建设资金短缺的问题具有重要意义，但是资产证券化的首要条件就是该高速公路的固定资产存量在未来具有稳定的可以预期的收益率。本文利用河南省高速公路相关数据，从供给与需求相结合的角度，建立河南高速公路固定资本存量收益率模型，并利用Granger Causality检验和协整检验证明其有稳定的、比较高的收益率，从而论证了河南高速公路资产证券化的合理性。

[关键词]　高速公路；资本收益率；资产证券化

Abstract: Asset securitization is of great significance to solve the problems such as the irrational highway structure， shortage of construction funds, but the primary condition of the asset securitization is that the stock of fixed assets in the future can be expected a stable rate of return. With the relevant data of the highway in Henan province, from the point of the combination of supply and demand, this paper establishes the model of the yield of fixed capital stock, and proves that there is a higher and stable rate of return, with Granger Causality test and Co-integration test. Thus, it demonstrates that asset securitization of Henan highway is reasonable.

Key words: highway; return on capital; asset securitization

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建筑经济，2009（9）：94-96