Researching On Our Financial Asset Management Corporations' Disposal Measures Of The NPAS With Asset Securitization

What is the Assets Securitization? It is a course of financing, in which the assets that lacks of liquidity and that can bring cash flow in future will be changed into securities that can be sold and circulated in the financial market through structural reorganization and credit. The Assets Securitization has been not only an innovative tool of finance for more than 40 years but also so far as a major device adapted to dissolve financial risks in the capital market. The asset management corporation's operational goal is to preserve the asset value and maximize the recovery value, so it is necessary to take the measure of and make good use of the Assets Securitization to maximize the recovery value.This text involves six parts. In Part One, we give an introduction to the basic theories of the Assets Securitization, e.g. the definition, the mechanism, the procedure and analyzing the income and the risk between the promoter and the investor. In Part Two, we can see from the Assets Securitization's process of development, we can summary the enlightenment for China. In Part Three, in light of the AMC's experience, we can see the necessity and feasibility of the Assets Securitization and this context gives a systematical analysis of the risk in the Assets Securitization and suitable measures adapted to dissolve the risk. In Part Four, we introduce and analyze the Assets Securitization's case of China Huarong Asset Management Corporation. In Part Five, we will know what the key issues are in the operation of the Assets Securitization the AMC has to face up to. In Part Six, we conclude the cases above and put forward the policy.I.The basic theory of the Assets SecuritizationThe Assets Securitization is that the assets with certain characteristic will be changed into securities that can be circulated in the capital market by restructuring, upgraded credit, debt-off, etc. It is available to achieve finance, disperse risk and raise assets mobility. The Assets Securitization is a complex operation, involving promoter, carrier with special purpose, credit increasing and rating organization, securities assure organization and investor, etc. And that can be beneficial to promoter and investor as much as the loss.II.The development of the Assets Securitization and the reference to...