| Asset-Backed Securitization is one of the most essential financial tools for financial innovation in the international financial field for the recent 30 years, and its special function offers it huge advantage in the international financial market and makes it being considered as the main direction for development in the international capital market. For the western academia, it has been formed into a comprehensive theoretical system and applied into reality; while in China, the asset-backed securitization financing is only in its cradle and is still not fully analyzed and practiced in the real market.Based on the case study of China International Marine Containers (Group) Co. Ltd, a domestic listing company, this article will analyze from the perspectives of the structure, the operational process, the operational efficiency,the special advantages and the viability in Chinese market of the asset-backed securitization financing. Asset-Backed Securitization (ABS) means that to pull out either the banks' or corporate illiquid assets from others to form as an asset pool, and through structural reorganization and under the guarantee of expected stable income stream, it becomes one of the financing ways in the international capital market.Compared with the traditional financing business, securitization brought up at least 4 perspectives of innovation. First of all, securitization transfers the illiquid assets, like creditor's rights and mortgage rights etc., into the liquid security rights so that innovate the legal liability tool. Second, it effectively limits the creditor's risk into the capital range of securitization so that it is able to avoid the liability obligation by using the whole assets and to realize the credibility insulation. Third, securitization combines multiple exchanges, and there are several principal market participators in this structural exchange process. Fourth, securitization integrated the financing agencies and the market agencies validly and efficiently, and therefore generates new financing organizations and services. ABS can increase the usage efficiency of the corporate capital through the transformation of capital property ownership, but for the corporate investors, the investment risk will not depend on the corporate itself, but the risk of asset itself. From the angle of the corporate, ABS has the following advantages: it provides a brand new financing instrument; it brings the corporate the effect of reducing the asset cost; it makes an effective assets-liabilities management for the corporate; it becomes an economical way of financing for medium to small sized corporate. In present, China needs substantive fund to devote for the speedy development of deomestic economy, but the traditional way of attracting fund and the current financial organization as well as the financing channel cannot satisfy the huge demand for China's development. How to explore the new financing channel, how to magnify the financing fund and how to increase the fund quality are the bottleneck question for the current economic development. This new financing channel will arouse a dynamic capital market and become a viable choice for financing. As China's reform goes deeper, the concepts of market economy and finance quickly get acknowledgement and the market legal system gets more complete and consummate, all of which set up a good start for popularize ABS.In general, after China entering WTO, ABS is significant to the development of market economy and the consolidation of high economic increase. Most importantly, although the mechanism for development of ABS is not very mature, the securitization is feasible to dissolve the non-performing loans and develop the mortgage market.Meanwhile,ABS is a complicated systematic work, so it needs complete rule of law, monitoring system, certain social economic financial environment, and the compatible consummate capital market.Each financial product is originated from demand, and its development needs the improvement o... |
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