Enterprise Asset Securitization Financing Model And Risk Control Research

Enterprise asset securitization is a financing method to directly.The issuance of bonds or stocks is the direct financing of the content.The way of indirect financing for short-term bank loans,bank acceptances.For enterprises with poor credit status and small business scale,stocks and bonds are not available to them,and various types of funds can not see them,so the cost of private lending is too high.In this case,if we can operate the enterprise asset securitization,we can open up a new financing channel for these enterprises.Effectively to stimulate the development of asset securitization financing for enterprises,expand the overall economic efficiency and improve the stock of the economy have played a positive role,become a "new normal" under the ease China's slowdown in economic growth,alleviate the risks of financial institutions and financial enterprises effective way to increase the direct financing proportion in asset securitization the proportion and construction of diverse levels of capital market.The practice of asset securitization in the United States appeared earlier,but the general asset backed securities "ABS" is not in the beginning to appear,but backed securities "MBS" in the real estate mortgage loan to realize the asset securitization and then development.At present,Chinese asset securitization still in its infancy,this was showing signs of the global financial crisis triggered by the scare back financing tool,not only become a hot topic in the financial capital sector,2014 also significantly accelerated.In order to promote the development speed of our country's enterprise asset securitization,the State Council and the regulatory authorities repeatedly issued,by the end of 2014,the Commission and the CBRC have issued asset securitization filing system reform scheme,provides a better environment for asset securitization China better and faster development.China's exploration of the asset securitization,began in the last century in 90s.In 2008,affected by the subprime mortgage crisis,the risk of excessive development,China government gradually realized asset securitization may lead to the result,Chinese Banking Regulatory Commission to stop the approval of credit asset securitization products in November 2008.In May 2012,the people's Bank,the CBRC,the Ministry of finance China three departments jointly issued the "notice" on further expanding the pilot securitization of credit assets related matters,marking the China suspended four years of credit asset securitization pilot restart.The notice has further relaxed the scope of the loan assets and the access conditions of the banking financial institutions.After the restart the securitization of credit assets securitization,the scale of China's rapid recovery of the interrupt level before,and has maintained the momentum of development,the rapid development of the cause of this asset securitization in China has entered a new round of rapid growth stage.In this paper,the logical research method is used to analyze the emergence,structure and operation mode of asset securitization,and the definition of asset securitization is made in theory.Then use the qualitative and quantitative analysis,the asset securitization financing and traditional bonds and equity financing two comparison and analysis,it gets the former and the latter is the different effect of this discovery,the former has incomparable advantages,and in the implementation of enterprise asset securitization can bring low financing cost and improve financial situation,reduce the risk and enhance the ability of business operations and a series of positive effects to the enterprise.Combined with case analysis cases of domestic and overseas Chinese town "Happy Valley theme park admission certificate of special asset management plan" in-depth inquiry,the basic features of the asset backed securities such as risk,liquidity and efficiency are analyzed,also found the shortcomings of asset-backed securities,and pointed out that the asset securitization financing advantage and innovation.At the same time,it also explains the shortcomings,finally some suggestions are given.In this case can bring to the enterprise financing reform of our country's enlightenment and reference.According to the view of this article,the regulatory authorities should perfect the legal system and regulatory system of asset securitization in China on the streamlining of the approval process.Should comply with the securities company and the construction of enterprise asset securitization,credit rating,the nature of the SPV enhancement mechanism,and products allow enterprises to asset-backed securities properties with stronger liquidity should be jointly responsible for the regulatory agencies and securities companies.It is hoped that the conclusions and suggestions drawn from this study can provide some references for securities companies,regulators,business enterprises and investors.