Case Analysis Of Asset-backed Securitization Applied To The Bill Market

In recent years,the bill market has developed rapidly,and the scale of bills has expanded exponentially.From the establishment of bill exchanges to the rise of electronic bills,and from the gradual emergence of bill derivatives to the securitization of bills,this shows that bills are in financial markets.It plays a pivotal role.Today's bills are not only a payment tool,but have gradually become investment and financing tools,so they have become an object of interest for experts and scholars.Asset securitization has developed rapidly in the past decade,and asset securitization in China has gradually developed.Under the supervision of credit scale,the bill business has begun to develop towards the innovation of bills.Beginning in 2015,the term securitization of bill assets began to spread in the financial sector.In 2016,bill asset-backed securities officially appeared in front of investors.Since 2016,the amount of securitization of bill assets has gradually increased and gradually developed.The mode of securitization of bill assets is still not much different from traditional asset securitization,but it has a great impact on the bill market.As a new type of business in the bill market,the securitization and development sustainability of bill asset securitization is a closely watched issue for investors.This article will mainly focus on the case of “rongJu 1” bill asset securitization products,from asset securities.In the middle of the asset portfolio,bankruptcy isolation,credit enhancement,and cash flow analysis,the paper analyzes the risk in the securitization of bill assets,and the asset securitization in the bill market also has the problem of basic asset compliance.Problems such as insufficient effective assets and small scale of development,and some suggestions and countermeasures are given.For the current stage of securitization of bill assets,the transfer form of bill assets should be regulated,the bill proceeds should be replaced by bill assets,and then the new model should be tried in the source of bills to “ticket pledge + credit exposure”.The model taps more of the bill assets,and should be further improved at the credit enhancement and supervision level to promote the compliance operation of the securitization of bill assets.The research found that the current development scale of the asset securitization of bills is still at a relatively small stage,but many of the successfulasset-backed special plans have received the issuance quota of tens of billions,but the current quota usage rate is relatively low.If the bill assets can be used reasonably,huge bill asset-backed securities will be generated in the near future,which will generate a large amount of funds for the financial market.The significance of studying the securitization of bill assets is to analyze its rationality and compliance,and to study its development characteristics and development prospects,as well as the impact of bills on asset securitization on the bill market.Through research,it is found that the current asset securitization products of bills are still relatively compliant.Basically,they meet the requirements by comparing the principles of asset securitization.However,the current development is also subject to many laws and regulations.If these restrictions can be resolved,The future development trend will be very obvious,and the development prospects are considerable.