| With the continuous improvement of China’s economic strength,the important position of the automobile industry has become increasingly prominent,which has become a driving force to promote China’s sustained economic growth.It is great significance that the healthy development of the automobile market not only brought the opportunity to the related manufacturing industry chain,but also indirectly led to the vigorous development of the relevant modern service industry,which is typical of the automotive finance industry.In recent years,compared to the previous tendency,China’s auto financial market expansion significantly,the types of product and the quality of services also have a greater degree of improvement.Firstly,thesis reviews the relevant literatures in the field of automobile finance,and defines its core concept,origin and development based on the deep analysis of China’s auto financing market.When mentioned to the United States,Germany and Japan,the automobile financial status and model in developed counties has been analyzed,the China’s auto finance industry development constraints also been compared with above countries.Additionally,thesis introduces the profitable model and the main business of the SAIC-GMAC Automotive Finance Company,Ltd.(SAIC-GMAC)in the form of case analysis,and analyzes the innovative financing channels of the asset backed securitization(ABS).First of all,the background of its release "Rong Teng 2016",the process of asset securitization and the composition of fund pool were analyzed,also the detailed analysis of its credit enhancement measures and credit rating.Thesis reveals that the risks of SAIC-GMAC are lack of participants,the weakness of risk transfer ability,the relationship with SPV and without external credit enhancement.Finally,the improvements of its ABS are offered:(1)to improve the pre-loan and post-loan management;(2)to distribute variety of mortgage models into pool;(3)to seek external credit enhancement;(4)to improve the construction of social security system. |
