Case Analysis On Zhaoyuan 2015-2 Asset Securitization

Asset securitization is a process during which the promoter entrusts assets that are lack of liquidity but can produce stable and foreseeable cash flow in the future to ad hoc Trust (Special Purpose Vehicle, SPV). The SPV sold them in securities for fund. Asset securitization first started in the end of the 1970s in American housing financial market. China began the study in the 1990s. As a crucial financial innovation tool, asset securitization plays an important role in the process of finance development, among which credit asset securitization is iconic.Although we have made obvious success and breakthroughs in piloting the asset securitization, the practice is still facing a series of obstacles and bottlenecks. This dissertation will focus on the system of asset securitization financing, and will treat the credit card installment loan for cars as specified assets. On basis of these situations, we analyzed the relative advantages and problems in the process of asset securitization, through an inspection on the structure of assets pool, the flow of asset securitization cash, and the relations between the participants. The result of this analysis will constructively propose to asset securitization, which hopefully to boost the current trend.The article will be divided into five parts. The first part will introduce the backgrounds, researching worth, breakthroughs and the structure of the article. The second part will detail the cases, in which will include the participants, trade procedure, and securities issuing. The third part will analyze the cases, the analysis will be divided into five parts:foundation assets in the assets pool, analysis of securities, cash flow in the process of asset securitization, coordinating mechanism, and the influences during the securitization. The forth part includes the problem during the securitization. The fifth part will make reasonable suggestions of asset securitization.