| Since reform and opening-up, small and medium enterprises(SMEs)in China has gradually become an important force for economic development in one of the national income, employment, exports made a great contribution, in the national economy occupies an increasingly important position. Currently encountered in the development of SMEs is the biggest obstacle to financing problems, the traditional mode of financing has been far from being able to meet the financing needs of SMEs, there is an urgent need to provide new financing channels to alleviate the difficult situation of SMEs.Viewing Practical experience from developed countries, as a potential the mode of financing, the Asset-Backed Securitization plays an important role and has a great significance on the sustainable and stable development of enterprises. The introduction of Asset-Backed Securitization financing of this new approach to study the issue of innovative financing SMEs,suitable for the development of Chinese SMEs'asset securitization financing mode of operation of SMEs'asset securitization financing for the actual operation of the operational flow,such as assets Construction, establishment of SPV and the assets pricing and risk prevention, such as pricing, which help broaden the financing channels for SMEs in China to improve the financing structure and financing environment,and gain more financial support, the final breakthrough in the development of SMEs financing constraints difficult for the "bottleneck" for SMEs to improve the financing system, as well as the development of SMEs is an important theoretical and practical significance.This article first reviewed the domestic and international Asset-Backed Securitization research results related to the theory, introduced the development of Asset-Backed Securitization and related principles of the status, through the financing of China's SMEs features and the plight of in-depth analysis of Asset-Backed Securitization is to ease the financing of SMEs the plight of new ideas, and further analysis of necessity and feasibility of the implementation of Chinese SMEs'Asset-Backed Securitization financing.This paper focuses on the operation process of our SMEs'Asset-Backed Securitization, from the choice of the basic assets, SPV establishment ,related services by credit rating agencies, based on asset pricing and risk prevention and other aspects of the implementation details for our country to explore the SMEs financing mode of operation.Through research we know that: the context of the small and medium-sized government agencies responsible for the management of asset securitization financing the design and operation of SMEs will be more than accounts receivable, intellectual property, commercial bank loans to undergo a rigorous screening can be used as the basis for integration build a pool of assets of assets transferred to the SPV; SMEs'Asset-Backed Securitization financing should establish a trust-based SPV, and the use of priority/secondary means of internal credit enhancement for Asset-Backed Securitization credit enhancement to ensure the success of securities issued; in comparison a variety of asset valuation method, a reasonable Asset-Backed Securitization of SME financing in the pricing of basic assets; and through rational design of transaction structure and trading rules to reduce the financing risk.of SMEs.Secondly,this paper studies Zhejiang SME Loan Bank asset securitization transaction structure case, the basis for the choice of assets, SPV establishment and securities by the rating level and risk prevention, such as in-depth analysis, to verify our SME Asset-Backed Securitization financing operation mode.Finally, the existence of the current legal, tax and accounting system for SMEss in China,restrict the successful implementation of Asset-Backed Securitization,the end of the implementation of China's SMEs Asset-Backed Securitization-related countermeasures and suggestions, with a view of o exploring effective ways of financing be helpful for China's SMEs. |
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