The Asset-backed Secruitization Financing Plan Design Of Dl Co-generation Of Heat And Power Plant

The MBS(Mortgage-Backed Securitization)was born in United States in 1970 s,after more than 40 years of development and exploration,asset securitization has become one of the most important financing tools commonly used internationally.Asset securitization started late in China,China Construction Bank and China Development Bank issued the first experimental credit asset securitization in 2005,the asset securitization has been making slow progress after that.The Shanghai and Shenzhen Stock Exchanges and the NAFMII(National Association of Financial Market Institutional Investors)respectively published the guidance of asset-backed securities issuing,asset securitization has officially launched in Chinese capital market.After more than two years of development,assets securitization has grows rapidly in China and make Chinese capital market become the largest asset securitization market in Asia.The classes of asset securitization is getting more diversifying.Only credit asset at first,now there are so many different assets can be securitization,like Microfinance,Car loans,MBS,CMBS,Reits,using fee of infrastructures,Financial leasing,Factoring,supply chain financing.Asset securitization has permeated every aspect of our lives.Bank loans are often the preferred choice for corporate financing,in most cases,companies need to provide some fixed assets(like certificate of land's using,Production equipment)as collateral,but the asset securitization financing breaks the rules.The essence of asset securitization is to improve the liquidity of corporate assets,liquidated the future cash flow,improving the efficiency of the use of funds.Asset securitization is not only provide a new investment variety for the capital market,it also provide a new way for corporate financing and improved current corporate financing difficulties in a certain extent.The income of infrastructures is relatively stable,and it fit with the assets securitization in a naturally way.There is still a huge developing space for the assets securitization of infrastructures.This paper is based on an actual case of the author once did,and there are some modifications were made on the basis of the original scheme,it elaborates the whole pattern of the asset-backed securities issuing.This paper has certain reference significance for the infrastructure operating companies to conduct asset securitization financing.