A Study On Receivables Securitization In China

Asset securitization as an important innovation in international financial markets has been developed more than thirty years, it has been playing an important role in invigorating the financial markets and funding for the markets. Asset securitization has been introduced to our country for many years, but it developed slowly in the practical application. This paper studied of receivables securitization and focused on analyzing the financial effects and actual conditions of receivables securitization, it has some value of theory and application.After introducing the theory of assets securitization, including the content and principles of asset securitization, two kinds of operation mode of asset securitizing, this paper analyzed the financial effects of receivables securitization based on the theory of capital structure and cost of capital , did a empirical test based on the actual data from field research. This paper also analysis the actual conditions of receivables securitization from the different sides of enterprises,investors and the environment of market after analyzing the theoretical basis of receivables securitization, but there are some problems also been proposed, recommendation for these problems has been given in the paper. This paper simulated a receivables securitization process and studied the impact on enterprise value of securitization through analyzed the changes of share price. Finally, the paper discuss the actual operation and benefits after securitizing with the case of CIMC, through analyzing the case of receivables securitization which has been implemented successfully, this paper illustrated that receivables securitization in China at this stage is realistic, and it can solve the shortage of funds and optimize the capital structure.Features of this paper are mainly reflected in the following aspects: Firstly, did a empirical test for the financial effects of receivables securitization based on the actual data from field research; Secondly, simulated a receivables securitization process, and analyzed the impact on enterprise value of securitization.