| In 2008,pilot projects for China's Micro-credit Companies began.During the period,the Micro-credit Companies developed fast both in quantity and the number of employees However,because of the Micro-credit Companies ' limited financing channels and the fund shortage,in the long term it seems that they are not ready to support sustianability.As a result, Micro-credit Companies ' financing tools need to be innovated immediately.Therefore,this paper based on the Jintong Micro-credit Company financing with the asset securitization,combining with the relevant theory of asset securitization and corporate finance,try to refine highlights and the insufficiency in this case in order to provide reference in the future. After introducing the basic information of asset securitization and the case of Jintong micro credit asset securitization,this paper focuses on the the financing motivation, feasibility analysis and financing efficiency as well as comparing with other similiar projects in order to summarize the features of the case.According to the analysis, business expansion and the lack of financing channels force the company to carry out asset securitization financing. Excellent loan assets are the core of asset securitization. Cycling purchase transaction structure is the key success of the project. Increasing trust securities guarantees the successful issuance.Besides,the asset securitization financing not only successfully reduces the financing cost, but also revitalizes the stock of assets, increaseing liquidity and optimizing the structure of assets and liabilities. However, there are still some problems in this case including concentration, the remained risk and illiquidity. Finally, the paper puts forward the suggestions of issuing a collection of asset securitization model, building venture capital pool, strengthening supervision of the dynamic asset pool,innovativing microfinance company asset securitization legal system and expanding the scope of the investors. |
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