Reasons For The Failure Of ZMT Asset Securitization Issuance And Improvement Strategies

With the continuous improvement of the securities market and the change of national policies,China’s asset securitization has been developed rapidly since 2014 and entered the third stage,which is increasingly accepted and recognized by the market and investors.In November 2017,the People’s Bank of China,China Banking Regulatory Commission,China Securities Regulatory Commission and other departments issued the “Guidance on Regulating the Asset Management Business of Financial Institutions(draft for soliciting opinions),which restricts the channel business.Restrictions on channel businesses mean that traditional financing channels have been blocked,and enterprises must open up new financing channels to satisfy capital requirements.The number of asset securitization projects in the financial leasing industry has increased rapidly,which has become one of the main financing methods in the past two years.However,the successful issuance of financial leasing assets securitization products is not only affected by the macroeconomic aspects such as economic environment and financial leasing industry,but also limited by the rules and principles of asset securitization product design.This paper intends to analyze the reasons for the failure of the issuance of ZMT asset securitization project from the perspective of the portfolio manager,and summarize the experience in order to provide assistance and guidance for the asset securitization of the financial leasing industry.In this paper,based on the principle of asset securitization and product design rules,this paper analyzes the key links and elements of ZMT’s issue of asset securitization products,discusses the reasons for its failure,and proposes the corresponding optimization path..This paper believes that ZMT,as a private financial leasing company,chooses asset securitization as a financing method that meets the needs of enterprises in the context of macroeconomic policies such as restricted bank loan quotas and blocked channel business.However,in the process of securitization of ZMT assets,due to problems such as unclear corporate asset ownership,low private enterprise credit rating,and chaotic enterprise project risk management,the asset securitization product design rules could not be met,which directly led to product failure.However,the reasons are mainly: the enterprise,the internal management disorder,the unclear position and responsibility,the lack of risk management and control,the high operating debt ratio,the repayment pressure,it is difficult to guarantee the rights of investors;on the other hand,the market supervision rules Inconsistent,the status of private enterprises and state-owned enterprises is unequal,and the industry system is not perfect.Based on the comprehensive reasons analysis,this paper proposes that from the macro level,it is necessary to strengthen system construction and industry self-discipline to create a fair and good market environment;from the enterprise level,it is necessary to optimize internal management,improve operational management capabilities,strengthen project risk management,and achieve basic assets.Real sale and bankruptcy isolation.This paper is divided into five chapters.The first chapter introduces the research background and significance.The second chapter introduces the principle and basis of asset securitization,the research situation at home and abroad and the development status of asset securitization at home and abroad.The third chapter introduces the securitization of ZMT assets.The issue of the issuance process and the failure of the issue,the fourth chapter from the macro environment,industry environment,internal advantages and disadvantages analysis,using SWOT analysis method to analyze the reasons for the failure of ZMT asset securitization issuance,the fifth chapter focuses on the three key issues of the failure of the issue Make relevant recommendations.