Shanghai GM2015 Asset Securitization Case Study

Auto loan asset securitization is an auto finance companies can effectively solve the financing problems of financial instruments.The company may be less liquid assets securitized auto loans sold to achieve financing,so that the company can get enough cash flow to support the development of automobile loan business to adapt to the rapid development of China's auto financing market,the various car finance companies are actively looking for long-term stable source of financing.Shanghai General Motors finance company most industry leading enterprises in 2008 the first to issue a mortgage-backed securities of the car,opened up China's automobile finance company through the credit asset securitization,financing road.However,until 2014,only six auto finance company car tentative issued mortgage-backed securities.The reason is China automotive securitization of financial assets is still in the exploratory stage,all aspects of the conditions is not yet mature.2015,the People's Bank of China launched the Financial Asset Securitization car registration system,Shanghai GM was the first release of the 2015 financial Proton cars of the first mortgage-backed securities,the issuance amount of 40 billion yuan,the highest amount of release a auto loans mortgage-backed securities.Theoffering not only enrich the company's financing structure,auto finance companies solve bottlenecks in the development of practical significance.In this paper,in the form of case studies,mainly introduces the background,purpose and significance,the article describes the structure of research ideas and research methods and disadvantages of this article.The second chapter is the introduction to the case in this department first introduced under the 2015 financial background issued the first phase(based on Shanghai GM's current financial situation and the development of auto finance macro developments),and then describes in detail the financial RongTeng Section 2015 progress in the process of issuing a period.The third chapter is a case study based on the analysis of the first part of the original pool of assets selected,take the main comparative analysis.The main RongTeng 2015 ABS comparative analysis of the financial and domestic car its first mortgage-backed securities 2008 ABS original asset pool situation.The second part is the pricing analysis mainly uses net cash flow earnings method is mainly known future cash flows of securities using Excel IRR function to find the monthly cash flow rate of return,and then calculate the actual cash flow rate of return through monthly cash flow rate of return.Third part of the cost-effectiveness analysis and risk analysis,benefit analysis is mainly to improve the financial structure of Shanghai GM financial analysis.According to Shanghai GM's financial data analysis to support the positive impact of mortgage securities to improve the company's financial structure.Risk analysis is mainly to analyze the internal and external operation risk environmental risk.Finally,through case analysis,feasibility related decisions.