Research On Financing Of Enterprise Asset-Backed Securitization

Asset-backed Securitization is one of the most important and fastest growing financial tools in the word of financial field. It originated in USA, and promoted in the worldwide for nearly thirty years. It is helpful for Chinese enterprises to expand their financing channels and solve the financing problem. ABS can optimize enterprises'stock assets realize financing plan without add to Assets or liabilities. The special trade structure and technology of ABS realizes the bankruptcy isolation between enterprises and investors. It makes enterprises and investors break through the relationship of equity financing or debt financing, meets the financing and investing demand in the greater scope, optimizes the allocation of resources.Compared with the developed countries, due to the unique financial system and economic environment, our country is falling behind whether in theory or in practice. And the study of ABS is narrow, mainly concentrating on credit asset securitization and bad asset securitization, less on enterprise ABS. How to learn from foreign advanced experience and combine with the reality of our country, and to promote ABS in our country is the subject of the government financial institutions and academics. So, the thesis studies the development of ABS, hope to provide some useful ideas to help develop ABS.The thesis firstly reviews the current research at home and abroad, drawing the point of this thesis is how to choose operating mode and pricing mode. Then introduces the general principles and basic processes the Characteristics and advantages of ABS, to provide theoretical basis for below. And then, it analyzes the selection of based assets and the establishment of SPV, and put forward the feasible mode of ABS under the analysis of Special-Asset Management Plan. In addition, through the comparison of different pricing modes, adopting their good points and avoid his shortcomings, put forward the Binary Tree of interest rates, and used in the projects of Wuzhong, Ningjian and Tiandian, analyzing the rationality of pricing. At last, points out the shortcomings in legal, accounting, taxation, market environment and regulatory environment of ABS, and propose the countermeasure and the suggestion.