Analysis Of The Bad-Asset Securitization Program Of XX Asset Management Company

Asset Securitization is one of the most important improvement financial innovations and financial tool in the international finance field in last three decades. Using Securitization, the bad asset can realize the efficient and low-costing treatment. So Securitization is one of the main ways to treat the bad asset in every county.According the experiences in west countries and the native policy, law and market circumstances, XX Company, the analytical main body in this thesis,designs a scheme of bad Asset Securitization-the trust layered project oftreating bad assets. This thesis consists of six parts:Part one introduces the domestic and oversea actuality of asset Securitization.Part two presents the theory foundation of this project, including the notion, generation and development, essence and core, basic frame and functions of the asset Securitization. Bad asset Securitization is a financing course to gather the bad assets together, which lack floating ability, but have anticipating stable cash current, to become an assets pool, and then via constructive recomposition, become stock which can be sold and circulated in financial market.Part three and part four are the main body of this thesis. The third part is to analyze the feasibility of the project. Firstly, it introduces the causes and frame of the bad assets in this company; secondly, it compares the current treating mode to demonstrate the necessary of Securitization; finally, it objectively analyzes the feasibility of this project and the problems about the law, market, and technology, and also provides solutions.Part four introduces the course of designing the project, the basic frame and flow, the great effects of the application of this project; and technologically analyzing the project, including selecting and pricing the assets bag (including an analysis of example) , financial guide line and risky analyzing, law, accountant treatment, tax, admittance of investor, and so on.Part five: According to XX company project of bad asset Securitization, it discusses the securitization treatment of reclaiming truck assets and stock changing from credit, and then designs simple Securitization project.Part six lists the effects to financial and asset market by the application of bad asset Securitization.According to the author's three years experience, the thesis provides the particular solutions about completing law procedures, developing the market, taking on the tax, and accountant treatment, and designs a mathematic mode for pricing assets. At the same time, the thesis discusses the securitization treatment of reclaiming truck assets and stock changing from credit, and then designs a pertinence and feasible securitization project. These make the thesis more innovative and practicable.