Research On The Design And Effectiveness Of Asset Securitization Plan For DR Company

At the present stage,the deepening reform of state-owned enterprises is an important means to realize China's economic transformation and development.Through the transformation from indirect financing to direct financing,asset securitization can not only reduce the financial leverage of state-owned enterprises,but also activate the state-owned assets,thus effectively supporting the deepening reform practice of state-owned enterprises.For the state-owned leasing companies,the securitization of the expected cash flow of the leased assets in the future can not only expand the financing channels and improve the financing structure,but also achieve rapid expansion by accelerating the capital return.Based on the introduction of research background and relevant theories,this paper takes DR financial leasing company as the case study object and discusses the design of the company's asset securitization scheme.Paper first on the background of the implementation of asset securitization,DR company conditions and reason are summarized,such as second,combining the reality of DR company,given a special plan scheme of asset securitization,and focus on the effect of the implementation of scheme,the evaluation of a variety of,and points out the main problems existing in the implementation process and the corresponding perfect measures.The research results showed that asset securitization can significantly improve the financial status and economic benefits of DR company: after asset securitization,the current ratio increased from 0.4 to 1.8,the quick ratio increased from 0.2 to 0.7,and the cash of investment activities increased by 51.51 times.Earnings per share rose from 0.468 to 0.637,and net profit increased by about 10 percentage points,achieving some results.At the same time,aiming at practical problems such as high cost,difficulty of credit enhancement and difficulty of risk control in DR company's asset securitization,this paper proposes countermeasures and Suggestions for DR company's asset securitization practice from the aspects of cost control,credit enhancement,and risk assessment system covering profit and cash flow indicators.This study not only has practical guiding significance for the operation practice of DR company,but also can provide experience reference for financing decision making of enterprises of financial leasing industry in the process of deepening the reform of state-owned enterprises.