| Asset securitization is one of the most important financial innovations in the world financial field in the past 30 years, but its development in China is still in its infancy. In April 2015 the people’s Bank of China announced credit asset-backed securities issued by the registration system for the examination and approval system, the regulatory authorities again decentralized, resulting in good development momentum of rapid expansion, stable operation and innovation after another of China’s asset securitization market,. Among them are rapid growth of the enterprise asset support special plan,increasingly rich basic asset types, and all kinds of asset securitization products continue to emerge.Asset securitization business of Securities Company refers to a specific underlying assets or portfolio cash flow solvency support, credit enhancement through a structured way. On these foundations, the securities companies set up special asset management plan and the issuance of asset-backed securities business activity. C Securities Company is equipped with its unique advantages, making the number of objectives of financing increase rapidly, while at the same time attract investors because of its higher fixed income bonds compared with the interest rates of national bonds. On the foundation of meeting the basic requirements of enterprise asset securitization, a securities company put forward explicit or implicit requirements, then through encouraging and guiding social capital into the encouraged industry, this approach can play an effective coordinative role in the implement of our economic policy. At the same time, the enterprise asset securitization can change the pattern of the enterprise for industries over reliant on the bank’s indirect financing, thus improve the proportion of direct financing in the financing channels, and promote the formation of multi-level capital market.C securities company asset securitization model is not lucrative, it exists some problems in the development process. Aiming at a series of risk of the platform based assets, credit rating, liquidity etc., this thesis puts forward related suggestions, including the optimization of basic assets, broadening the range of investors, diversifying of credit enhancement and improvement of the two level of market liquidity, clear accounting and tax treatment provisions etc. In the thorough analysis of the asset securitization business of C Securities Company, we can draw the following conclusions: the securities company asset securitization is regarded as a financing tool, it provides a new financing channel for small and medium-sized enterprises. It may be difficult for many small and medium-sized enterprises to issue bonds financing, or make loans from bank.However, if there is a good securitization of basic assets, you can use the tool of asset securitization to do financing. At the same time, it provides more fixed income products to investors; securities firms should focus on improving quality and risk control ability of the underlying asset, and the external environment is also very important, there is an urgent need to improve our credit system as soon as possible. The asset securitization law should be published in order to better promote the healthy development of the domestic asset securitization market. |
