Study On The Business Development Of Enterprise Asset Securitization For Securities Companies

Enterprise asset securitization refers to the special business of special asset management. Through thisspecial business, securities companies take special asset management plan (hereinafter referred to as the“special plan”) as the special purpose vehicle. As program managers, they issue beneficiary certificatesbased on asset (hereinafter referred to as the “beneficiary certificate”) to investors, use entrusted money tobuy original rights and interests holders’ underlying assets that can generate stable cash flow, and distributethe income that comes from these underlying assets to beneficiary certificate holders.This special businessis a way of financing that takes special plan as the carrier to securitize enterprise’s future earnings orcreditor’s rights. It is one of the directions of the changing way of financing. It is no exaggeration to saythat the business leds the innovation of the theory and business of investment banks to a certain extent. It isan effective measure to solve financing difficulties, and it is also a good form of financing for enterprises.In the section of “introduction”, this paper introduces the research background, the research purposeand significance, the domestic research status (literature review), the research ideas and methods, the basiccontent and framework structure, as well as the innovation points.In the section of “theoretical analysis of enterprise asset securitization”, this article introduces theconcept, the operation principle and the basic process of enterprise asset securitization. From the aspects ofthe development of real economy, capital market, enterprises and securities companies themselves, thispaper applies the theory of microeconomics, macroeconomics, financial management, investment banking,systematically analyzes of the special value of securities companies to carry out enterprise assetsecuritization, i.e., enterprise asset securitization for securities companies to carry out is not only to servethe real economy, capital market development and the needs of the development of enterprises, but also toserve the needs of the development of the securities companies themselves. Then, by using the theory ofenterprise strategy management and marketing, this article systematically analyzes of the feasibility ofenterprise asset securitization for securities companies to carry out and its broad market prospects.In the section of “the difficulties and problems of securities companies being faced with to carry outenterprise asset securitization”, this article, following the research path from overall to individual as well as from general to specific, respectively analyzed the difficulties and problems that securities companies arefaced with to carry out enterprise asset securitization at macroscopic, mesoscopic and microscopic level.This article points out that the securities companies are faced with a series of common problems, such assystem construction, the protection of investors’ interests, risk management, etc. As a result of the latebeginning of enterprise asset securitization in our country, securities companies to carry out the business ofit are congenitally deficient in the level of theoretical research and the degree of practice experienceaccumulation. In addition, due to the expansion of the business being bonded to capital market environmentand attached intermediary services, the perfect degree of capital market and the quality of intermediaryservice are also the constraints of the business. They have become the specific problems that securitiescompanies to carry out the business being faced with in our country. As a representative investmentbanking institution in the regional financial market, ZY securities company is faced with many specificproblems in the process of advancing the business innovation like enterprise asset securitization, such asthe choice of securitizable assets, professional talent reserves, communication and coordination betweendepartments, etc.In the section of “the ideas and strategies for securities companies to carry out the business ofenterprise asset securitization”, this article, following the research path from overall to individual as well asfrom general to specific, respectively proposes the ideas and strategies to solve these difficulties andproblems at macroscopic, mesoscopic and microscopic level. Firstly, in view of the common difficultiesand problems of securities companies to carry out this business, this article puts forward the general ideasand strategies to solve these problems, such as analyzing internal and external influencing factors andpositioning business, designing route and schemes, making risk control measures, implementing schemes,evaluating efficiency and effect. Secondly, in view of the special difficulties and problems of securitiescompanies to carry out this business in China, this article puts forward that “strengthening research,accumulating practice experience, improving capital market, standardizing intermediary service” should bethe focus to promote the business of enterprise asset securitization for securities companies. Lastly,considering that ZY securities company has already meet the basic condition for enterprise assetsecuritization and is faced with specific problems in the expansion of this business, this article suggests thatZY securities company should position it’s securitization business on the asset of elevated bridge, according to its own situation combining to the characteristics of enterprise asset securitization.In the “conclusion” section, this paper points out that enterprise asset securitization is a complicatedand systematic project and it can not be built in a day. In China, securities companies still have a long wayto go to develop this business. Both theoretical researchers and practical operators still have a long way togo in advancing the process of enterprise asset securitization.