Research On Asset Securitization Management Model Of Small And Medium Sized Enterprises

Small and medium-sized enterprises (SMEs) are important forces to build market economy system, promote technological innovation,optimize economic structure and promote economic stability. However,due to the lack of government macro-control and the defects of SMEs,financing has become a bottleneck restricting the development of smes.With the gradual deepening of China's financial market, a stable financial environment is particularly important, asset securitization is a way to achieve financial stability and promote financial development, has very important practical significance to the development of smes.The practice results show that using this tool of foreign mature asset securitization, and promote China's small and medium-sized enterprises through the refinancing of illiquid assets, will form the future income right of cash flow into the asset pool, through the design and rating model,finally traded financing, help reduce financing cost. Because of the complexity of small and medium-sized enterprises and the implementation of the defects, put forward higher requirements on the main issue of the organization's risk control objective, how to formulate the relevant supervision and management system based on the risk characteristics, is the key to promote the implementation of asset securitization of small and medium-sized enterprises to promote the.This paper based on management, economics, finance and finance management theory, adopting the analysis method of expected loss model and empirical, in-depth study on the management of asset securitization of small and medium sized enterprises. This paper illustrates the impact of risk transfer on the scale and income of bank credit by nonstandard model of small and medium enterprise asset securitization, and reveals the influence of the loss of credit risk of bank credit assets. On this basis,the development direction and policy management suggestions of SMEs asset securitization in China are put forward. The main innovations of this paper are as follows:First, breaking the previous on asset securitization of small and medium-sized enterprises to research, enterprise asset securitization based perspective, in-depth and meticulous research design for small and medium-sized enterprise asset securitization management mode,operation mechanism, asset pool. Demonstrates the reality of bank credit assets can not realize the transfer of credit risk and credit expansion, only through the enterprise foundation of asset securitization of credit enhancement, in order to predict the future cash flow of the asset securitization, and the new model to predict future cash flows provided.Second, try to construct the expected loss model, the selection of domestic financial products and trust of non standard Asset Securitization Product data, analysis of bank credit risk transfer will lead to increased levels of bank risk and income level improvement issues using the panel model, so that the credit asset securitization of small and medium-sized enterprises there is a big risk, will have a negative correlation effect the influence on the stability of the financial system.Third, based on the empirical analysis of the credit assets of small and medium-sized enterprises, demonstrates the credit asset securitization does not realize the "asset segregation" risk transfer. The underlying assets of enterprise asset securitization to generate future cash flow benefits to achieve "true, disintermediation" to address the post presence risk problem. This innovative model of enterprise asset securitization is an innovative path for SMEs financing, and demonstrates the feasibility of asset securitization in small and medium-sized enterprises in detail.Asset securitization as a means of financing of small and medium-sized enterprises should standardize information disclosure,improve laws and regulations of supervision, strictly control the risk and guarantee the safety of investors in the practice of the management process, and a reasonable choice of securitization mode, improve the transparency of securities products, it will put forward relevant countermeasures and suggestions for future design and implementation of securitization products and management.