Research On Asset Securitization Of State-owned Enterprises In China

Asset securitization is one of the most important financial innovations of the 20 th century.China's state-owned enterprises are mainly financed by debt financing.The debt ratio is high,and the principal and interest burden is heavy,which leads to the shortage of funds for benign development.On the other hand,for these state-owned enterprises,in their long-term historical development,they have accumulated a large number of assets and ancillary business which have poor liquidity but have a stable and predictable cash flow.Asset securitization helps to combine the two characteristics of state-owned enterprises,through a certain structural arrangements,the risk and income elements of the assets can be separated and reorganized,with some high-quality assets as a guarantee by a Special Purpose Carrier(SPV)Issued securities,getting cash by sell in the capital market,so the state-owned enterprises can solve the demand for funds to promote further development of themselves.This paper argues that although asset securitization has matured in the world,but the situation is different in different countries,China's national conditions are very different from those of western developed countries,and it is different from the state-owned enterprises.Asset securitization steps are complex,there are a number of main bodies involved,and they are lack of operation experiences in dealing with Asset securitization of state-owned assets.The overall operation of asset securitization relative to the operation of state-owned enterprises did not form a universal operation application of the mature mode.In view of the characteristics of state-owned enterprises,this paper focuses on the impact of changes of corporate debt ratio which will influences the design and operation of asset securitization,so this paper can provide reference for the specific business of securitization of state-owned assets.First of all,this paper holds that asset securitization is the main trend and the dominant path of state-owned enterprise reform in our country.Therefore,this paper analyzes the characteristics of domestic and foreign asset securitization theory and practice,focusing on the characteristics of state-owned asset securitization and corporate debt rate.The purpose of this paper is to analyze the characteristics and functions of asset securitization in state-owned enterprises,and use the combination of qualitative and data analysis to analyze the influencing factors and mechanism of asset securitization of state-owned enterprises.Secondly,this paper studies the risks and precautions that may arise from the operation of asset securitization according to the Enterprise Asset Securitization Mode and the characteristics of state-owned enterprises.And further discusses the main path and strategy of the reform of state-owned assets asset securitization,and tries to construct a set of effective policy suggestions which are beneficial to the securitization of state-owned assets.