The Discussion Of Commercial Forests Asset Backed Security

Currently, there are some problems in the forest development, such as ,the long forestry capital investment cycle and the big gap. While there is more serious problem. In commercial forest , and the problem is national forest funds tends to the community forest. In the long run ,the problem will impede the development of the commercial forest . Therefore ,it is important to solve the capital of commercial forest., and asset backed security of commercial forest can effectively solve this issue to some extent. This paper focuses on asset backed security of commercial forests, which can be divided into the following four parts:A) the theory of asset backed security of commercial forestsChapter 1,2 belong to the theoretical part of the asset backed security. At first ,it describe the background of asset backed security, which thinks the forest classification management theory providing the preconditions for the social capital into the commercial forest. Based on the above theory, it describes the meaning,principles and processes of asset backed security. The asset backed security is to issue securities to raise funds by the support of the expected cash, and the basic principles are cash flow, asset restructuring, bankruptcy Isolation and credit enhancement theories. The core body is the special purpose vehicle.B)necessity and feasibility analysis of asset backed security of commercial forestThis section described the motivation for asset backed security of commercial forest both from necessity and feasibility .The capital gap ,the uneven capital distribution between community forest and the commercial forest ,plus the positive role of asset backed security make up the necessity analysis. The conditions of asset backed security, commercial forests meeting the conditions of asset backed security, adequate market funds, sophisticated institutional investors and domestic success constitute the feasibility analysis .C) the asset backed security design of commercial forestThis section is divided into three parts: 1.model construction and model selection,2. the choice of the commercial forest assets pool object,3.the design of commercial forests asset backed security in Ji Lin forest industry enterprises.Through the study of foreign asset backed security, it constructed the model of the asset backed security, which include the construction of the main body and the design of the process .Based on capital asset pricing model and discounted cash flow model, It design a discounted cash flow model at risk return of commercial forest assets pool.On the base of the theory of asset backed security, it pose the commercial forest assets pool including commercial forest products assets, Carbon asset and health and physical assets .And it introduce the background ,explain the reason of the choice of asset backed security pool ,and compare the advantages and disadvantages of the asset pool assessment. Finally, on the basis of the above design ,it design a program of commercial forests asset backed security in Ji Lin forest industry enterprises.D) the analysis of risks and problems, policy recommendationsThis section first analyzes the risks, including the cash flow risk of instability, natural risk, property risk, tax risk and credit risk rating agencies, and further Proposed preventive measures. Then according to the special nature of commercial forests, it analyzes its problems, including government support system, legal, accounting and tax issues. The last chapter summarized a relevant policy recommendations under the above problem.