Research On The Feasibility Of Warehouse Receipt Securitization

Asset securitization is called the most important financial innovation since 1970's. It originated from the supporting securities for housing mortgage in USA. After its swift and violent development in the past thirty years, it has already expanded into numerous fields, such as automobiles, vessels, accounts receivables of loan and fee collection for basic facilities. It entered the European market in 1980's and experienced a vigorous development. It entered the Asian market in 1990's and it is regarded as a very attractive new financial instrument. All these facts have demonstrated that the securitization of assets has become an irrevocable big trend on the international capital market. It is considered as one of the newest financial techniques. It is predicted as the highlight of financial development in future.In the thesis, the logistic methods of comparison research, the combination of quantitative analysis and qualitative analysis are used to bring forward the conception of Warehouse Receipt Securitization, referred to asset-backed securities (ABS) and Warehouse Receipt Finance, and to analyze and discuss the principle, dealing process and example of the Warehouse Receipt Securitization, in order to create new multi-win financial technique.The development background of global asset securitization has been introduced first; the significance of Warehouse Receipt Securitization has been dissertated from the points of deepening our Financial Reformation and innovating the supply chain operation mechanism. Then, the conception and implement of Warehouse Receipt Securitization has been proved in detail, comparing with the corporation bond and warehouse receipt finance.Third,"The feasibility of implementing Warehouse Receipt Securitization", the basic condition of macroscopical economics, potential investors, internationalization of our financial market, legal feasibility and the successful practices have been analyzed. Then, the value for sponsor, investor, logistics enterprise and the supply chain operation has been offered, so the multi-win of warehouse receipt securitization has been proved.In the fourth part, start with the route of warehouse receipt securitization, the process has been introduced, as follow: structure the asset– build the SPV -- credit enhancement– design securities– launch securities–manage and liquidate cash flow. An example has been taken for the detailed warehouse receipt securitization process.Finally, this thesis deals with some other issues that have emerged in the process of design of Warehouse Receipt Securitization, such as the economy, law, market and human resource etc.