China Sme Asset Securitization Of Financing Research

Securitization is one of the most important fruit appeared in thetrends of worldwide financing innovation since 1970s. It is different fromstock and bond the direct financing way and the bank indirect financingway, Securitization provide a effectively, low cost financing way for thesmall and medium-sized enterprise which is difficult to earn finances inthe capital market.This article from the securitization took a new financing way to thesmall and medium-sized enterprise, studied the small and medium-sizedenterprise to finance the difficult present situation as well as the small andmedium-sized enterprise carries on the securitization the agent and theincome, and analyzed securitization operation pattern of the small andmedium-sized enterprise which suited our country national's condition.First has analyzed the small and medium-sized enterprise contributionand the level not symmetric financing condition which corresponds withit, pointed out the securitization and the traditional financing waycompares the superiority which has, thought Our country Small andmedium-sized enterprise should carry on the securitization to obtain thefund which the survival and the development needs. Second carries on thecomprehensive introduction to the securitization correlation theories andthe flow, then carries on the analysis to the securitization agent from exterior and internal two aspects, and analyzes its internal agent using theeconomical explanations, Proposed about the economics explained ofsecuritization of small and medium-sized enterprise in the increaseenterprise wealth, reduces the proxy cost, reduces aspect of informationcost, certificate property value and so on, simultaneously to participatesin the securitization concrete operation each benefit main body carryingon the income analysis, and the risk which possibly meets to thesecuritization process in carries on the analysis, pointed out our country'ssmall and medium-sized enterprise has the power, has the condition tocarry on securitization financing. Carries on the analysis to the overseasmature operation experience and the standard operation pattern, refers toour country's existing system, legal, accountant, the tax revenue reality,pointed out the innate property of our country's small and medium-sizedenterprise which is suit the securitization, and from the securitizationprocess of property shift way, the SPV design, the credit increases, creditrating, negotiable securities issue and transaction carries on the design toour country small and medium-sized enterprise property securitizationpattern, replied our country small and medium-sized enterprise how tocarry on securitization this topic.