Research On Financial Control Of Asset Securitization

Asset securitization is the most prospective financial reform in the world in recent 30 years. It is also a kind of complex financial means. It is the reorganizing of the securitized asset and risk through time and space and also the rationalization and management technology on cash flow. Enterprises finance basic of asset securitization is an isolated asset in prospect of producing stable cash flow, which credit is based on the enterprises' partial asset rather than the total asset. Asset securitization financing not only rationalizes the existing asset of the enterprises, but also assist to fulfill financing objectives without increasing the enterprises' asset liability. Meanwhile, its unique trade structure and skills help to realize bankrupt isolation between enterprises and investors. This situation enables enterprises and investors to break through the direct and indirect investment relationship, formed by equity financing and debt financing, therefore meets the needs of financing and investing to a greater degree so as to rationalize financial resources. Consequently, Asset securitization differs from traditional equity financing and debt financing from the following aspects: credit basis, financing cost, financing risk, financing efficiency, investor's profit sources, restraint and control of the enterprises, and adaptable conditions. It has become the third mainstream financing means in global capital market.The first two chapters of the thesis start from sifting out researches on asset securitization at home and abroad, considering the latest adaptation of asset securitization of our country, elaborate the theoretical basis and reality significance of the author, and propose a brand new research structure on optimizing capital structure from the financial point of view. Since the essential starting point of financial affairs is capital flow, the author stresses on capital flow and time and space, researches in the order of risk-price-income-capital structure and prictice in China, at the same time combines the models and tools of modern economics and finance.The third chapter of the thesis firstly discusses participants and trade flow of asset securitization. It then analyzes the causes and nature of risk. After that it raises anti-risk methods. Finally it brings forth a new idea of VaR method, which is the method of controlling and calculating asset pool asset risk. Measuring and controlling risk is the prerequisite of pricing and profit analysis.The fourth chapter of the author summaries the general financial product pricing prerequisite and starts from analyzing elements that influence asset securitization pricing, followed by further analysis of early reimbursement of asset securitization. It then provides several common models of asset securitization pricing, and analyzes and comments on each individual model. Asset securitization profit is based on the comprchensive consideration of risk and pricing in chapter five. The author studies asset securitization profit using quantitative and qualitative analysis. The author figures out the constitution of asset securitization income and the forming reason with qualitative analysis, and the main part participating cash flow with quantitative analysis, getting the essencial condition of asset securitization at the same time.The ultimate significance of asset securitization lies in positive influence of capital structure. The optimizing of capital structure is the most important goal of asset securitization and it is also an effective way of demonstrating the efficiency of asset securitization. First observating the asset securitization influnce to capitial structure under the MM theory, then analyzes the effects of asset securitization on capital structure optimizing from both quantitative and qualitative points of view in chapter six.Chapter seven and chapter eight are regarding application. It brings forth a new idea of the possibility and significance of applying asset securitization to forest industry and delimitates the commcial forest as the main part of the forestry assest securitization. It also designs a model and flowchart for forest industrial asset securitization. Combinning China's condition, the author gives a suggestion that set up forestry industrial fund as SPV of forestry asset securitization. Finally it takes an example of the fact that the country operates the policy to encourage banks to support securities to make a case study of asset securitization in chapter eight. The author takes a new method to use Game Theory to research the choices of asset pool asset, providing the theoridical reference for National Development Bank, and puts forward his proposal for China's asset securitization.