| Asset securitization is the most important and remarkable innovation in financial field in recent three decades ever since 1970's when it appeared in the USA .It's original pattern is Mortgage-backed Securitization and at first, the purpose of the invention of asset securitization was to provide liquidity to commercial banks. Then this technology was used broadly in non-mortgage credit assets and developed rapidly in European markets in 1980's,and entered into Asian markets in 1990's. Now, the development of Asset Securitization has exceeded its original conformation, it includes almost all of the businesses of investment banks. Recent years, Asset securitization springs up quietly in China. Asset securitization refers to the finance system arrangement that theoriginator sells rights in income-producing assets to a special purposevehicle (SPV). The SPV, in turn, issues securities to capital marketinvestors and uses the proceeds of the issuance to pay for the assets. Theinvestors, who are repaid from collections of the assets, buy the securitiesbased on their assessment of the value of the assets. Both of the originatorsand the investors can benefit from asset securitization. As a kind of structured finance, asset securitization is one of the mostinfluential financial innovations in the world in the late 30 years, and isbringing into play a more and more important role in the internationalfinancial market. Its most core device is the mechanism of bankruptcy riskremote. The Special Purpose Vehicle (SPV) is the core medium of AssetSecuritization, through which Securitization realizes bankruptcy-remote.So the SPV is the most characterization of asset securitization. SPV is the transferee of assets and also the issuer of asset-backedsecurities (ABS). Its two main conformations is special purpose company(SPC) and special purpose trust (SPT). As the "fire wall" of asset securitization, the establishment andoperation of SPV must be low-cost, so giving tax freedom and policysupport to SPV is very necessary. The core value of the SPV is risk-remote.That is to say, assets will be true sell to the SPV and the SPV is also abankruptcy-remote entity. By the concept and the general procedure of asset securitization, theresearch coverage and clue of the article are ascertained. Based upon theasset securitization procedure, the status, significance and function of SPVin asset securitization are expounded. And then the dissertation analyzesthe fundamental theory and operation mechanism of SPV. Besides, the taxand laws problems related with SPV are discussed. The end of thisdissertation provides some suggestions about the modes of SPV in China. The dissertation is composed of three parts, including foreword, textand tag. In the foreword, the dissertation points out that asset securitization canincrease the assets liquidity of commercial banks, disperse the operationrisk of banks, widen the finance channel of banks and to deal with theproblem of non-performing assets. In view of the realities of China'sbanking sector, which is heavily burdened by unfavorable assets andinadequate capital flow, it is realistic and feasible for Chinese commercialbanks to absorb the asset securitization concept and apply this financialinnovation tool in a creative manner. In China, there has been some cases on asset securitization, but it'snot the proper asset securitization, the main reason is that the criterion andregulations about SPV is not perfect. So it's necessary and important tostudy the setting-up of SPV in China. This is the research background ofmy dissertation. The second part is the text, it is divided into three chapters. In chapter one, the asset securitization's concept, operating procedure and structure are given. Upon the basis, it points out that the core mechanism of asset securitization is bankruptcy remote, another important mechanism is credit enhancement, these two mechanisms will be accomplished by SPV. And then it introduces some methods of credit enhancement. Chapter two presents the fundamental the... |
PDF Full Text Request