Research On The Application Of Asset Securitization Financing In Southwest Jiaotong University Hope College

Education is different from other industries.On the one hand,it has the support and subsidy of the state finance,but on the other hand,because of the special status of the school,multiple supervision,asset constraints and other factors,once the school needs infrastructure,renewal of equipment,technology research and development and needs funds,there are many constraints and problems.Faced with the shortage of funds for running a school,Chinese colleges and universities in terms of self-financing are characterized by fewer channels,high cost and low efficiency,which restrict their development.In recent years,China’s asset securitization market has developed rapidly.Asset securitization products issued with future tuition and accommodation income as basic assets or underlying assets appear in the public perspective.However,as far as the current situation is concerned,there are relatively few asset securitization financing products in Colleges and universities,and the main body of market issuance is centralized.There are also some uncertainties and many unsolved problems.Therefore,it is of great significance to explore the practical application of asset securitization financing in Colleges and universities.Firstly,this paper combs the research results of University financing and asset securitization at home and abroad,and summarizes the development status of University financing and asset securitization in China.Then,it introduces the successful case of asset securitization financing in domestic universities,introduces its securities issuance,project participants,transaction structure and credit enhancement measures;then,it makes a systematic and detailed analysis of the case.Starting from the basic elements of asset securitization and problem-oriented,the case analysis in this paper analyses the performance and internal reasons of this case on the issue of asset securitization financing in Colleges and universities in turn.Firstly,through the analysis of the original stakeholders,basic debtors and the main business and financial situation of the guarantor participating in the special plan,the paper draws the conclusion that the financial situation of the cash flow source subjects in asset securitization financing is good and the solvency is strong.Secondly,by combining the forecasting analysis of cash flow in asset pool before issuance with the analysis of actual situation in the tracking period after issuance,it is found that there are still some quality risks in the basic assets and underlying assets of the case.Thirdly,through the analysis of the credit enhancement measures,it is pointed out that the credit enhancement effects of the security grading and stratification design,the pledge of accounts receivable and external guarantee are better,while the credit enhancement effects of the cash flow overcoverage and credit trigger mechanism are general.Fourthly,the paper analyses the precautionary measures in three aspects:the risk of basic assets and underlying assets,the risk of special plans and external risks,and concludes that the overall effect of risk precautionary measures is general.Fifthly,through the comparative analysis of the issuing interest rate of similar securities and the bank loan interest rate,it is determined that the issuing price of the securities in this case is reasonable,so as to achieve the goal and orientation of this financing.Finally,based on the analysis results,this paper summarizes the cases and puts forward some suggestions on strengthening the construction of financial supervision system,optimizing the quality of basic assets,improving the market pricing mechanism,improving the liquidity of asset securitization products,strengthening risk control and improving the information disclosure mechanism.It is hoped that this can provide reference and Enlightenment for colleges and universities in asset securitization financing in the future.