Research On Information Disclosure System Of Enterprise Asset Backed Securitization In China

As a financial innovation,the enterprise asset backed securitization is actually to securitize stock assets,and the final product is called asset-backed securities.The most significant feature is that the issuance of asset-backed securities is not supported by the main credit of the issuer,but by the cash flow generated by the underlying assets.This feature also determines the particularity of the information disclosure system of enterprise asset backed securitization compared with traditional securities.In addition,China's credit asset backed securitization also has many differences in basic assets,regulatory departments and other aspects,which also determines that China's existing credit asset backed securitization information disclosure system can not meet the development of enterprise asset backed securitization.In the securities market,information disclosure system is an important legal system to solve information asymmetry,relieve and prevent financial risks and protect investors' rights and interests.In fact,the information disclosure system has been developed very well.However,for the new financial innovative product,enterprise asset securitization,it is difficult to apply the existing information disclosure rules due to the different nature of the product,resulting in some anomies in the capital market.Therefore,it is particularly necessary to construct and perfect the information disclosure system specially suitable for enterprise asset securitization products as soon as possible.Through summarizing the experience of developed countries outside,together with the present situation of our country at present,the development of the enterprise asset securitization products,can induce enterprise asset securitization in our country at present mainly exist the following problems in information disclosure,first,the lack of unified enterprise asset securitization information disclosure laws and regulations,the existing legislation effectiveness is insufficient,the condition of the bull regulation and supervision department too much;Secondly,the credit risk system still needs to be improved.Third,the lack of legal liability system of information disclosure;Fourth,information disclosure and confidentiality obligations conflict.Specific problems include the legal scope of the subject of information disclosure obligation is too narrow,the lack of detailed information disclosure rules of basic assets,the lack of information disclosure requirements for the underlying asset debtors,and the insufficient degree of electronic information disclosure.Thus,in order to improve the system of information disclosure of enterprise backed asset securitization in our country,to better promote the benign development of enterprise asset backed securitization,it is necessary in other country,on the basis of mature experience,based on the situation of our country,from the macroscopic and microscopic two aspects consummates our country enterprise asset backed securitization information disclosure system,to build the legal system of information disclosure of enterprise asset backed securitization,perfect the corresponding supervision system,to perfect our country from the concrete system design,information disclosure of enterprise asset backed securitization,to form a unified enterprise asset backed securitization information disclosure system.The content of this paper is divided into three parts: introduction,text and summary.The introduction focuses on the core content and the value of the research.The body of the first chapter mainly to the enterprise asset securitization and give a brief introduction of the basic concept of information disclosure system,and introduces in detail the operation of the enterprise asset securitization process and the structure of enterprise asset securitization information disclosure system,including each participation main body as the center of gravity of the horizontal structure ofinformation disclosure and underlying assets as the center of gravity of the longitudinal structure of information disclosure.The second chapter mainly discusses the necessity of establishing the information disclosure system of enterprise asset securitization.In the third chapter,the author mainly bases on the practical experience of the development of asset securitization information disclosure system outside China and discusses the reference value for the construction of asset securitization information disclosure system in China.Then,by summarizing the current situation of asset securitization in China,the author further analyzes the main deficiencies in the development process of asset securitization information disclosure system in China.The fourth chapter of the text mainly based on the overseas advanced experience and the current situation of China's development and existing problems,from the macro environment and micro specific system aspects of the construction of targeted countermeasures and Suggestions.