| The promulgation of 《Automobile Development Policy》 in 2004 designs a role of economic mainstay for auto industry and announces that will be finished before 2010. And then, it needs more capital for investment and stronger requirement for consumption. However, there are some barriers.The writer observes an innovation of asset securitization (AS). It has so much advantage that spreads all over the world. The article tries to utilize AS tool for solution.Firstly, the article introduces the system theory of AS and some auto loan ABS product overseas, e.g. USA, KoreaSecondly, the article analyzes the effect of auto consumption credit AS and provides the aims: to widen the channel of financing and satisfy the capital requirement of auto industry;to reduce the system risk of bank and enlarge the size of auto credit;to enrich the financing tools in capital market for investors.Then, the article does the environment analysis. It evaluates the quality and scale of auto loan, analyzes the demand and supply of auto loan ABS product, studies the maturity score of agency market, investigates the legal and institutional system and estimates the technical environment. It concludes that the market has been feasible for operation.The article suggests a pass-through model for preliminary action. It simulates an assets pool and designs the feasible auto credit AS model and also an information disclosure scheme. It also attaches much emphasis on the analysis of the assets pool cash flow and securities income/cost.Finally, there are some suggestions for a better implement. |
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