S Company Case Study Of Fund Subsidy Securitization Of Beneficial Right Of Trust

Enterprise asset securitization in our country since 2013 scale operation,the underlying asset types is very rich,however,for future tuition fee income,such as scenic spot ticket sales,fund incentives such as cash flow volatility exist a certain part of the charge of remuneration in terms of assets,it is difficult to directly in line with the underlying asset specific,predictable compliance requirements,and the channel and the bridge with the introduction of trust funds,the beneficiary covering the underlying assets to cash flow is solved the above problems.Taking the beneficial right securitization of S company's fund subsidy trust as a case,this paper studies each key link of asset securitization in detail and summarizes the enlightenment and reference significance of the case,so as to provide some reference value for solving such problems in practice.Firstly,this paper reviews the current theoretical research results of asset securitization by literature research method.Then it summarizes the asset securitization of beneficial right of trust,introduces its basic concept and core elements,and summarizes the development of beneficial right securitization of trust.Securitization in S company's case study,this paper introduces the basic situation of S company and the background of the implementation of securitization,the special plan of the underlying asset fund subsidies are analyzed under defined,points out that the fund incentives on the distribution of time and amount there is uncertainty,asset specialization degree and the predictability of cash flow is not enough,a single special plan structure is difficult to meet compliance requirements,thus constructs the nested trust loans securitization transaction structure,and the overall scheme design and project risk and its preventive measures for the comprehensive analysis,put forward the company S securitization case enlightenment.In general,the dual SPV structure design of "trust + special plan" and the complementary internal and external credit enhancement mechanism are important guarantees for the successful issuance of securitized products.The financing of S company provides new ideas for the securitized financing of enterprises.