Dissertation > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market

Research on Financing of Enterprise Asset-Backed Securitization

Author AiMingXia
Tutor MaCaiHua
School Jiangsu University of Science and Technology
Course Accounting
Keywords Asset Securitization Bankruptcy remoteness Pricing Model Binary Tree
CLC F832.51
Type Master's thesis
Year 2011
Downloads 234
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Asset securitization is the world in recent years in the financial sector is the most significant and fastest-growing financial innovation tools. It originated in the United States, and worldwide promotion, has developed 30 years abroad, can provide useful help to solve the financing problem for Chinese enterprises, it is an effective complement to broaden the financing channels. The enterprise asset securitization financing both companies have stock of asset optimization and configuration, but also without increasing the financing plan liabilities or assets premise. And the enterprise asset securitization unique transaction structure and technology to achieve bankruptcy isolation between the enterprises and investors, businesses and investors can break through direct investment in the equity financing or debt financing with investment in a larger context met within the finance and investment demand, to achieve the optimal allocation of resources. Compared with developed countries, because of the unique financial system and economic environment, both in theoretical research and practical application, are still in the relatively backward stage, and the relatively narrow scope of the study, mainly concentrated in the securitization of credit assets and two types of securitization of non-performing assets, enterprise asset securitization involves much. How to learn from the advanced experience of foreign countries, and combined with the reality of our country and promote the asset securitization in China's development, the subject of today's government departments, financial institutions, and academia and other sectors concerned about and worked. Therefore, our current development of asset securitization, and hope to provide some useful ideas for Chinese enterprises to carry out asset securitization. This paper first reviews the research status of asset securitization, draw the focus of this study is the choice of asset securitization model and pricing model. Then the characteristics and advantages of the general principles and basic process of asset securitization, securitization of corporate assets, the theoretical basis is provided below. Then choose on the basis of assets and the establishment of the SPV analysis, based on the study of existing special asset management plan, put forward a viable mode of enterprise asset securitization. In addition, through the comparative analysis of the securitized asset pricing model, weaknesses, raised interest rates a binary tree model. Repurchase shall select Jiangsu Wuzhong BT project, Nantong day electricity sales of assets, Nanjing Urban Construction of sewage treatment fees assets three securitization projects, the use of a binary tree model for pricing and analysis of the reasonableness of its pricing. Finally, it is pointed out that the enterprise asset securitization applications environment, pointed out shortcomings in the legal, accounting, tax, market environment and regulatory environment, and come up with strategies and recommendations.

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