Case Study Of HYC Trust Earnings Rights Asset Support Project

The concept of asset securitization was first proposed in the United States.From the late 1960s to the early 1970s,it was the budding period of asset securitization.It has been nearly 50 years since the first asset securitization transaction was completed in 1970.Over the past 50 years,asset securitization has developed rapidly.Now it is not only an important part of the financial market of developed countries,but also the focus of research in developing countries.At present,asset securitization has not been widely used in China,mainly because China’s financial environment and system are significantly different from other countries.In fact,many people in China do not understand asset securitization.With the advancement of world economic integration,the exchanges between countries have become more frequent,the market in China has become more and more open,and the demand for the development of asset securitization has become more and more urgent.Therefore,the analysis of HYC Trust income rights asset support special In the case of planning,I hope to study the application of asset securitization in China through the discussion of this case,and provide ideas for the development of asset securitization.The paper first introduces the meaning of asset securitization,and deeply interprets its principle.It adopts a comparative analysis method to sort out and summarize the domestic and foreign literature on asset securitization,and sorts out the theory and evidence of asset securitization at home and abroad.Research and organize a variety of asset securitization models that appear on the market in China.It is found that the asset securitization model in recent years has been characterized by more diversified base assets,continuous innovation in product structure,and continuous expansion of distribution institutions.In order to summarize the lessons that can be learned from the actual issuance of asset securitization,I have introduced the HYC Trust income rights asset support special plan in detail,including the idea of transaction structure design,the collection of basic asset cash flow and related accounts.Management,the credit support of the transaction structure,and the prevention and mitigation of possible risks.At the same time,using the combination of qualitative analysis and quantitative analysis,through the comparison between the theoretical research of asset securitization at home and abroad and the actual operation of this special plan,the following aspects are analyzed:First,the law of HYC special plan Structural problems,that is,the core functions of asset securitization cannot be realized and the bankruptcy is isolated;Second,the design of the HYC transaction structure:under the premise of legal compliance and the interests of stakeholders interested in asset securitization,The financial environment,flexible design of the transaction structure,in order to promote the smooth issuance of asset securitization,that is,the transaction structure is flexible;third,accounting tax treatment issues:information disclosure,SPV merger and the determination of real sales or guarantee financing;The establishment and improvement of the relevant service system for asset securitization;5.The financing cost and investor qualification of the HYC Trust Plan.In response to the problem,three ideas were put forward:First,improve the legal system;Second,the reduction and exemption of securitization tax;Third,develop the bond market.Strive to provide some reference for small and medium-sized private enterprises to issue asset securitization products through practical experience.