The Consideration Of Assets-based Securitization In Space Industry And The Path Selection

Asset-backed securitization originated in the early 1960's from the United States,mainly used to describe the replacement existing loan by issuing securities,which provide a way to realize bank financing.After years of development of international asset securitization in the United States,the securitization has development to mortgage-backed securitization(MBS)and asset-backed securities(ABS)on the basis of assets.Asset-backed securitization business started since 2005 in China,after the plateau during 2008 to 2012,the asset securitization was grow blooming since 2013.Whether quantity nor amount of securities issue was break the records year after year.The boom growth of asset securitization,on the one hand,is due to the national policy guidance,which intended to tap the idle assets by supply-side reform;On the other hand,due to financial strain,many enterprises intended to seek a new way to enhance the cashflow.Over the past 60 years of remarkable development since its space industry was established in 1956,China has made great achievements in this sphere.Compared with other industry,space industry is still relatively lag behind from the point of economic structure and the market correlation.Meanwhile,due to the nature of company,the nature of the assets and business types of enterprises in space industry,the overall process of securitization is slowly.The average capitalization rate of group company in space industry is 20%.The fund raising by traditional way used Inefficient,unseasonal and unitary,which impede development of space industry.Therefore,as the implementation of asset-backed securitization business,the type of the underlying asset is more innovativeness,flexible,which provide the space industry a new way to solve the financing dilemma.The paper was researched based on the present environment of the space industry.First,Identify the underlying assets which can generate future cash flows by the research of policy guidance,economic environment,and the basic requirements of securitization,and build a basis asset pool by those qualified assets which is more suitable on remote sensing satellite,communications satellite and navigation satellite systems.Secondary,according to the influencing factors,constructing the path to realize the asset securitization through the quantitative assessment of the future cash flow,building foundation asset pool and designing the structure of transaction,which can be reference by the enterprise in space industry which intend to implement assets-backed securitization subsequently.Correspondingly,the paper puts forward developing countermeasure according to main problems of space industry in our country.The paper wish to make it possible for the space industry to seize opportunities of growing by implementing assets-backed securitization,so that achievements in space activities will serve and improve the well-being of mankind in a wider scope,realize the " civil-military integration" deeply.