Research On Taxation In China 's Asset Securitization

Asset securitization, it is to point to the sponsors will be held by the financial institutions or other enterprises, the lack of liquidity, but has the future cash flow income assets or asset portfolio, transfer to special purpose vehicle(SPV), through certain structural arrangement, the restructuring its risks and benefits, and then to asset or portfolio cash flow generated by the support, can create sales and circulation of financial instruments in financial markets or a structured finance arrangement of document of title.Asset securitization originated in the United States, in places such as Europe, Asia’s emerging market is developing rapidly.In contrast, asset securitization business in China started late, at present is still in its pilot stage.Asset securitization as an innovative financing mode, to reduce the cost of financing, optimizing the structure of corporate assets, improve asset liquidity and rich capital market investment products, promote the construction of multi-level capital market has a unique advantage.At present, China’s economic development into the new normal, supply side continue to promote the structural reform, need the introduction of asset securitization such new financial model, in terms of deposit quantity and optimizing structure, thus promote the development of real economy further adjustments.Of asset securitization, therefore, this innovative financial products, it is necessary on the basis of absorbing the successful experience of foreign, combined with the actual situation in our country, analyses existing problems in the development of asset securitization, promote the development of its better service to the real economy.Asset securitization business affected by many factors, including tax policy is particularly important.Asset securitization as a financing tool, its funding costs directly affect the enterprise the core role of the cost of financing, to determine the vitality of its development.Asset securitization transaction structure complex, involving tax and tax main body, imperfect tax policy with rights participation main body tax burden, reduced profit space, weakened the participation main body of investment incentives.Is precisely based on this, this article introduces the basic theory of asset securitization and tax basis, through comparing the asset securitization of western countries tax treatment, in-depth analysis and research the current status quo and existing problems of assets securitization tax policy, combining with China’s three main types of asset securitization case, put forward the corresponding proposals to improve tax policies.