Research On China Asset Securitization

As a new financing technique, Asset securitization built pool with assets set that lack liquidity but future predictable cash flow, and in the support of the cash flow, it issuances of asset-backed securities in the capital markets through the reorganization of assets, the risk of isolation, credit enhancement and other technical means. Asset securitization is a financial innovation tool used in the enterprises of our country financing, it can provide useful help to solve the difficult problem of financing of industry. It can become the supplement of our country enterprise financing system, and it can promote rapid development of enterprises.Basic assets cash flow analysis is the core principle of Asset securitization, it include asset reorganization principle, risk isolation principle, credit enhancement principle. Enterprise asset securitization is a complex financial engineering, the participants include the original rights of people, special purpose vehicle, underwriters, and custodian institution, credit rating institution, credit enhancement institution, investors, service providers and the original debtor. Because asset securitization risk and accrual basis is different, the effect of capital structure is different, so compared with traditional means of financing it has lower cost of financing and high financing efficiency.The paper analyses the development present situation of our country enterprise asset securitization according special project case of "PuJianShouYi", it points out that the problem about the development of asset securitization. And then it put forwards the policy recommendations about our country enterprise asset securitization. It includes that We should increase the support in cross-border securitization Asset Securitization; We should improve relevant laws and regulations; We should improve credit assets securitization of asset securitization; We should improve the standard credit rating of the asset securitization; We should complete the accounting and tax system; We should improve asset liquidity of securities products; We should strengthen the cultivation of talents and technology introduction.,The asset securitization is an important enterprise financing tool as soon as possible, it needs to be matched with the corresponding market environment and system environment, and our country is still not mature and perfect enough in this two aspects. We should improve and perfect the asset securitization market and institutional environment, so as to promote China’s asset securitization to restart. China’s market environment, legal environment, investment environment is ripe day by day, the enterprise’s core business ability rises ceaselessly, the applications of Asset securitization financing will have very wide development perspective.