Study Pricing Of Asset-backed Security Based On The First Issue Of Ruize

As an important participant in the financial market,the auto financing company plays an important role in promoting the innovation of China’s financial market.With Chinese auto production steadily rising,compared to the years of innovation,high ranks the top of the world situation in contrast to related industry the development of the auto financing company suffered a lack of funding difficulties.Among them,single financing channels and high financing costs have become the biggest obstacles to the development of the automotive finance industry.Diversification of financing channels,access to long-term low interest rates of funds has become an urgent issue for auto financing companies.With the infiltration application of asset securitization in all walks of life,by taking the mortgage-backed securitization of an auto financing company to revitalize the stock of assets to obtain funds,the priority by subprime securities to provide credit support to reduce the cost of financing,securities effectively solves the auto financing company,financial difficulties faced in the process of development.This article through to the domestic and foreign theory and case study and research,carry on the omni-directional study on asset securitization,and the application of asset securitization to the automobile financial industry to solve the automobile financial industry the realistic difficult carried on the detailed research and argumentation,demonstrates the asset securitization was applied to the financial industry,financial industry can effectively relieve the car the tight money.Then combined with my own practice,the paper analyzes and introduces in detail the securitization products of personal auto mortgage loan in the first phase of rize of chery huiyin automotive finance co.,LTD.Through to the red jersey a period the issue of asset securitization product background,motivation,asset pool into the pool of assets securitization,layered structure elements such as in-depth analysis,screening of asset securitization into the pool of assets,hierarchical design,recycling and the distribution of funds management,the payment of the principal and interest of research.In the red jersey issue mortgage of personal car pooling of assets after fully understand the underlying assets,the biggest problem encountered in the process of practice,asset securitization product pricing are analyzed.Through the random model of red jersey issue of mortgage securitization product priority levels A1 securities,priority A2 securities and priority level A1 and A2 priority level of securities spreads simulated research,then,on the basis of the results,with a red jersey issue personal auto mortgage priority levels A1 securities and priority A2 securities issuance of interest rates,as well as the securities issued the priority level A1 and A2 priority level of securities compare the price,and on the basis of comparison,the results of the analysis of differences,points out that the red jersey issue of asset securitization products issue pricing problems.Finally,on the basis of the research of the whole paper,I made a summary of my internship and the writing of the paper,and constantly reflected on the summary to improve myself.Finally,some Suggestions are given for the following research directions.Combined with my own thinking and foreign experience,I put forward my own views on the development of domestic asset securitization.