Case Studies On The Securitization Of The Rights To Charge By A College

Asset securitization,as the most dynamic financial technology and tool in today's international capital market,has been widely applied in various financing areas.China's theoretical and applied research on asset securitization financing started late,especially in the field of education is still in its infancy.Due to the special nature of the school's main body and its large differences with enterprises,its asset securitization faces many difficulties and challenges.Domestic scholars have actively explored the securitization financing of school assets,and have taken the lead in successfully practicing the securitization of charging rights.The securitization of school charging rights is the process of issuing securities in the asset pool based on the tuition fees and accommodation fees.The wide range of basic assets,simple issuance and operation,and low financing costs are expected to become important financing channels for relieving the pressure of insufficient education funds.A college tuition and accommodation fee charging asset securitization as a successful case of the first single and double SPV structure education asset securitization in China has important case study value.Based on the domestic and international educational asset securitization theory and applied research results,this paper summarizes the practical experience of China's education asset securitization,and introduces the successful case of A college's charging rights securitization,in the basic assets,transaction structure,implementation process,risk.The control and other aspects have been deeply analyzed,and on this basis,the innovative advantages of A-college securitization in transaction structure and credit enhancement are summarized.By comparing the traditional financing methods,the economics of the case is analyzed.At the same time,it is also found that the A-college securitization has a short financing period,can only be issued once and cannot be issued on demand,and the hierarchical design form is more important than the essence and the securities flow.The lack of sexuality and the inconsistency of securities pricing standards,combined with the market and institutional status,analyzed the causes of the problem.Through the above analysis,the management enlightenment brought by the securitization case of A college is obtained,and the enrichment and expansion of basic assets,the exploration of dynamic issuance mode,the comprehensive application of internal and external credit enhancement methods,the promotion of cross-market circulation,and the improvement of relevant institutional arrangements are proposed.