A Study Of Credit Asset Securitization Based On The First Trust Asset Of Huayuan

Asset securitization is one of the most important financial innovation tools in recent years.It is a kind of off balance sheet financing business,whose financing assets are based on foreseeable future cash flow,by the means of bankruptcy isolation and credit enhancement to repackage underlying assets and issue securities in order to acquire the capital.Equity financing,bond financing and it are also known as the three financing tools.Because it can increase the liquidity of financial institutions,improve operational efficiency,and reduce financing costs,asset securitization has been favored by banks and major asset management institutions.It has a good effect on China's economic restructuring and financing,and it is an effective way of financing with a low cost of financing and is used worldwide It has practical significance to broadening financing channels,developing financial markets and maintaining financial stability.At the same time,the securitization of credit assets can improve the structure of assets and liabilities,and disperse credit risk,and it is an important product of financial market in our country.Its feature of off balance sheet financing can solve the current financing difficulties of Chinese enterprises and banks and promote the development and growth of enterprises.By drawing lessons from the research results of domestic and foreign credit asset securitization,using the methods of literature research and case analysis,and combining theory and practice,this paper systematically summarizes and analyzes the theory of credit asset securitization at home and abroad as well as analysze Chinese economic environment and policy dynamics.Under the new policy of the examination and approval system turning into a filing system,this paper analyzes asset pool,credit enhancement,early repayment and interest rate sensitivity of the Huayuan credit asset securitization project,and makes pricing analysis from the perspective of liquidity and risk premium rates.The risks faced have legal system,interest rate system,credit system and liquidity,Finally,summarize the enlightenment of the Huayuan credit asset securitization project and discuss how to improve and further development of Chinese asset securitization,and make proposal from some aspects such as policy,credit and underlying asset.