The Research On Financing Of Corporate Asset Securitization

As one of the derivative financial instruments, asset securitization has been recently a hot topic in domestic financial theory and practice realm. It was originated, developed in USA then expanded world-widely. Specially, with the development of finance innovation technology, asset securitization has been merge with derivative financial instruments, which make their external forms complicated. And the derivative financial instruments become an appraisal index of development level of financial market.Compared with other countries in the world, the research and practice of the asset securitization of our country all lag behind them. And the range research is narrower, which concentrates on credit asset securitization and bad asset securitization mainly. From the angle of corporate, this paper attempt to research the asset securitization as a new instrument of financing. The financing basis of corporate asset securitization is the isolated asset which can stably generate cash in the future, and the credit is based on the securitized asset, not the whole asset of corporate. Asset securitization can not only optimally collocate the existing stock asset, but also provide incremental funds without increasing the total asset or debt. Meanwhile, the special transaction structure and techniques can realize the bankruptcy-remote between the investor and the corporate, meet the demand of financing and investing largely, and realize the optimal collocate of resource.At first, the paper has reviewed the relevant documents about the asset securitization, then defined the meaning of corporate asset securitization. Secondly, it has analyzed the general principle of corporate asset securitization and point out the asset securitization can optimize the structure of corporate capital, which proved by the mathematics model and relative theory in the paper. This paper also has discussed the mode that our country implemented corporate asset securitization. Finally, it analyzed the realistic problem of implementing asset securitisation in our country and offer the suggestion correlated.