State-owned Enterprise Asset Securitization

Asset securitization is product along the growth of market economy. As an economic phenomenon of financial deepening that accompanies market deepening, it’s both a form of wealth management of corporations themselves and an innovation of financial products and financial tools. In other words, it’s all about discounting the cash flow generated by a certain sum of asset managed by companies. The discount raises funds in the form of security in order to meet the investors’needs in the market. Thanks to securitization, the asset liquidity is boosted and the asset is grown in order to promote asset accretion.With the development of market economy, the enterprise through the issuance of stocks to raise money, enterprise inventory assets fold, incremental offerings, for the performance of the physical assets (real capital) and stock (securities, nominal capital) of separation, this also can call it "the narrow asset securitization," or, enterprise asset securitization of primary form; Based on this gradually derivative, form of asset securitization derivative levels, causing a system of "financial derivatives", and formed a "broad asset securitization" content, or enterprise asset securitization of the senior form.A lot of literatures have shown that the securitization of asset stems from U.S. government institutions (primarily FNMA, Ginnie Mae and弗迪迈克). The three institutions try to boost its liquidity by securitizing housing mortgage loan because of its foreseeable cash flow, thus boosting the investment needs and buying power of American people. It was further developed in Europe and the rest of the world.In the Chinese economy, the traditional enterprise management system of financial environment only plan with the credit behavior with, since the reform and opening up, China’s economic system to realize the transition of the market economic system, the enterprise system, financial system undergone a fundamental change, enterprise operation to "market value of the assets to maximize" as a target constraint. The stock assets discount rate profitability requirements enterprise to make full use of the capital market, break through the traditional financing, financing channels open enterprise development, using the new financial tools to improve liquidity, expansion capital scale, promote capital structure optimization and the corporate governance structure optimization. Therefore, the enterprise asset securitization is gradually the stock. State-owned enterprise shareholding system reform, make the traditional state-owned enterprises into "national capital enterprise", select "listing" to multiplex capital contribution of the new enterprise organization form, through the "stock fold, incremental offering" means to realize the state-owned assets on the configuration forms of securitization, marketization, thus bring capital "discount" and "market value of the" cognitive ability. The state-owned assets and other capital’s share to form fusion, performance for asset securitization, innovation the realization form of public ownership.Based on the above understanding, in this paper, the state-owned enterprise asset securitization of preliminary theoretical exploration, with the aid of financial deepening theory, capital structure theory, the theory of institutional changes on of state-owned enterprise of asset securitization and discussed, and contact of asset securitization practice state-owned enterprises, the main quoted in the Shanghai state-owned enterprises and the practice of asset securitization actual material, to carry out the review of asset securitization, summarizes the reform practice inspected for the achievements of securitization and existing problems of, and then put forward further improvement Suggestions for improvement.