Case OCT Group Corporation To Implement Asset Securitization Analysis

As a significant innovation of 20 th century international financial market,asset securitization has spread rapidly from the US to the whole world since it came into being.The financial technique has been widely applied due to its ability to vitalize social storage fund,motivate market vitality and lower systematic risk as a tool.The preliminary study on asset securitization of our country dates back to 1990 s.In 2005 and 2012,two rounds of asset securitization experimental work were respectively undertaken.However,owing to the macro economy in and abroad and the imperfection of supporting laws,the development of asset securitization in China,to some extent,suffered some interference.In March,2013,CSRC(China Securities Regulatory Commission)published Administrative Provisions of Asset Securitization Business of Security Companies,which could protect the implementation of Chinese listed companies' asset securitization business in norms and systems.Meanwhile,it symbolized the exploration of asset securitization has improved from experimental work to routine work.Overseas corporate asset securitization is already a mature financing and risk control tool,while the present researches on asset securitization in China,most of which are based on abroad scholars' researches and internal corporate cases,is not deep enough.In that,the paper is based on living examples,researching the issues of the relationship between the profitability,operation capacity and shareholder wealth of listed companies and undertaking asset securitization special item plans,which can supply cases for listed companies' asset securitization and also improve the development of asset securitization in market.The paper has utilized the combination of theoretical analysis and case analysis methods,researching the issues of listed companies' asset securitization.In the theoretical analysis part,basing on the researches of Chinese and overseas documents,the paper has analyzed the motivation,operation mechanism and risk control of listed companies and their influence on its corporate capital structure and ownership structure.In the case analysis part,the paper has put Happy Valley Theme Park's Access Certificate Specific Asset Management Plan in Shenzhen Overseas Chinese Town Enterprises Co.Ltd(OCT)as a case,starting the research from the plan design of OCT' s asset securitization special plan and under the guidance of relative theories,it elaborates the design background,motivation,concrete content and implementation effect and further analyzes the influence of undertaking asset securitization on corporate performance and shareholder wealth,and it also made a concrete evaluation about the plan.The paper has three major contributions.First of all,with the help of the living case of the securities market,it has analyzed the main motivation,features and economic consequences of listed companies' asset securitization and supplies a research case for the listed companies in China.Secondly,it has provided a theoretical foundation for the related departments' laws and regulations for listed companies.Lastly,it can also provide referential cases for other listed companies undertaking asset securitization.The paper consists of five parts.Part One is the introduction,which mainly introduces the research background,meaning,current research situation,research thought and methods and the basic structure.Part Two is the summary of related theories.It first discusses the meaning and features of asset securitization and then introduces the major modes of asset securitization financing and the basic procedure of the implementation of asset securitization.Part Three is the case introduction of OCT' s implementation of asset securitization.It mainly introduces the business circumstance,ownership structure and basic features of corporate asset securitization of OCT.Part Four is the motivation and effect analysis of OCT' s asset securitization financing,which is the case analysis part.It has utilized normative research method to analyze the features and motivation of asset securitization plan and based on the collected materials,analyzing the reason of successful implementation of OCT' s asset securitization for its corporate industrial structure,capital structure,corporate performance and shareholder wealth.Part Five is the research conclusion and policy suggestion.