Research On The Operation Mechanism Of Assets Securitization In Chinese Enterprises

The policy of filing system and negative list management applying to securities brokerage special asset management plan is put forward by China Securities Regulatory Commission(CSRC) in 2014.CSRC also issued a new provision of securities assets business this year. These policies are very helpful for the development of the domestic enterprise asset securitization and enterprise asset securitization business has entered into the phase of rapid development. However, the current operation mechanism of domestic enterprise asset securitization is imperfect. There are many problems in operation, which limits the development of enterprise asset securitization of our country.This paper mainly researches the enterprise asset securitization operation mechanism. There are five parts in this paper. The first part is introduction, which mainly introduces the background and significance of the research and reviews some Journals. The second part introduces the basic operation process of enterprise asset securitization and analyzes the market background, necessity and current situation of asset securitization development in our country. The third and the fourth part are the core of this paper. The third part makes a detailed analysis of the operation points in each link of enterprise asset securitization operation mechanism and introduces the practice in China. In the fourth part, we will analyze each link of the enterprise asset securitization operation mechanism in detail combined with the example of CITIC sail special asset management plan which is the first real estate rental property securitization product in China. Also, we will choose a very classic case of USA—environment emissions asset-backed securities of Potomac Edison company as a contrast to find out the innovation and deficiency of enterprise asset securitization operation mechanism of our country. Combining the analysis of the enterprise asset securitization operation mechanism in the third and the fourth part, we will find out some problems in enterprise asset securitization operation mechanism of our country and propose some suggestions to improve in the last part.This paper mainly combines the theoretical analysis and case analysis to analyze each link of the enterprise asset securitization operation mechanism. Also, we select a classic case of USA and a domestic case to compare. We find that innovation of enterprise asset securitization product in our country mainly focuses on concrete links in operation mechanism. However, due to the development of enterprise asset securitization in our country is late, the relevant laws is not yet perfect, the operation mechanism, especially the product structure design process, still has many loopholes, such as the choice of the underlying assets is limited, the requirements of the trust law and the design principle of SPV conflicts, etc. Through the analysis of this paper, we hope that we will help to improve the enterprise asset securitization operation mechanism of our country and offer some help to improve the product innovation.