The Case Study Of The Assets Securitization Of AVICE Electromechanical Systems Co.,td

Asset securitization is a financial innovation in the United States in the seventy’s of the last century.It has been developed rapidly from its emergency.It has been applied to many industries in the world and it has an unprecedented impact on the world’s financial sector.Our country took the initial exploration of asset securitization since the beginning of 1990 s.Successively in 2005,2012 conducted two rounds of pilot,due to the deterioration of the international economic environment and the lag of corresponding legal system,the asset securitization of enterprise come to a standstill.March 15,2013,the Commission formally issued securities companies asset securitization business management regulations,which means that the securities company’s asset securitization business from the pilot to conventional,it regard the enterprise receivables,credit assets,trust beneficiary,basic facility revenue and other property rights,commercial paper,bonds,stocks and other negotiable securities,commercial property and other real estate property as basic assets that can be securited,So as to expand the scope of investment targets and indicate the arrival of asset securitization business new opportunities.However,with the gradual establishment of market economy system and modern enterprise system,China’s reform of state-owned enterprises further deepen,but still failed to effectively solve the problem of financing difficulties of state-owned enterprises,the loss of state-owned assets and the low efficiency of management and disposal of non-performing assets.It is a brand new topic that the asset securitization is a kind of enterprise asset securitization which is formed by the asset securitization.As the most important part of the China’s state-owned enterprises,the military enterprises accelerate the process of asset securitization is significant for the further impetus to the military industry group,and optimize the allocation of military assets.This paper analyzed the basic theory of asset securitization,including the concept,characteristics,types and the main participants and general process.On the basis of above,the asset securition of AVICE Electromechanical Systems Co.,Ltd was selected as a case study.Through the comparison of the motivation and the end result,the process of asset securitization was evaluated.In order to provide a reference for the specific application of asset securitization in our country.This paper adopt the method of combining normative research and case analysis.In the normative research,this paper analyzes the basic theory of asset securitization,including the basic assets,the principle of cash flow,asset reorganization,risk isolation and credit enhancement,etc.,and pointed out the concept,characteristics and classification of Asset Securitization.In case analysis,through the interpretation of the asset securitization process,from participants,process,motivation and effect,cost and benefit,we get the conclusion that the successful use of asset securitization need to be high quality assets,suitable model and perfect capital market as premise so as to deepen the understanding of asset securitization,and strive to provide examples for the study of asset securitization in China.This paper includes five parts.The first part is the introduction of the background and significance of this paper.Combinating the problem of asset securitization,and domestic and foreign literature,the research results of asset securitization has been explained.In addition,this part introducted the overall framework of this paper.The second part is the theoretical overview.This paper expounds the related theory of asset securitization,and introduces its general introduction.The third part is a case study.On the basis of the above analysis,this part introduces the basic situation of the case.The fourth part is case analysis.In this part,the motivation and effect,mode,cost and benefit of the asset securition of AVICE Electromechanical Systems Co.,Ltd have been analyzed and evaluated.The fifth part is the conclusion and revelation of the case.On the basis of the analysis above,this part summarizes the case,and draws the general conclusions which are applicable to enterprise asset securitization.