Study On Enterprise Receivables Asset Securitization

In recent years,the policy on securitization has been continuously enriched,and the scale of asset-backed securities has continued to rise.Among them,asset-backed securities of receivables are at the forefront and are widely accepted by the market.However,there are many problems in securitization,such as low degree of governmental participation and so on.In terms of receivables securitization,it also faces its unique chal enges: First,the scale of underlying assets is relatively small or the qualification of the enterprise is weak,which leads to the inability to securitize.Second,there are problems of reverse pricing and underestimatated risks.This paper selects " Guangfa Asset Management——Minsheng Bank Anchi No.18 Huifu Asset Support Special Plan" as a case study of enterprise receivables securitization.Empirical approach and comparative analysis are used to this case study,which focus on the reasons of issuing,structure design,risks and pricing.Multi-initia tor securitization and warehousing cycle structure were firstly applied to this case,making company whose qualification is weak and amount of receivables which is small can issue ABS.However,there are still problems in the case such as low dispersion of underlying assets and so on.This paper uses the fundamentals of securitization and information asymmetry theory to analyze the rationality and inadequacies of structural design,and the risks caused by the latter.Aiming at pricing problem,this paper uses Monte Carlo simulation to calculate the price of the product.At the end of the article,the problems of receivables securitization were summed up,and corresponding recommendations were given in terms of underlying assets,structural design,bankruptcy isolation,credit enhancement and pricing.