Research On Operations Management Issues Of Enterprise Asset Backed Securitization Of Future Income Rights

Asset Backed Securitizationoriginated in the international financial market and is the most dynamic and innovative financial instrument that has played a pivotal role in the capital market in the past 30 years.However,China has only gradually begun to explore and develop Asset Backed Securitizationbusiness since 2005.The Asset Backed Securitizationbusiness is still in its infancy and its business development is relatively tortuous.Especially in the course of business development,it has been affected by the financial crisis in 2008.Stagnation,However,in order to promote the development of Asset Backed Securitizationbusiness in 2014,various regulatory departments have continuously issued and revised policies and regulations and strengthened the business supervision system,reflecting the determination of regulatory departments to vigorously develop Asset Backed Securitizationbusiness.It shows that the regulatory authorities attach great importance to the breakthrough of business model and the innovation of financial instruments.Enterprise asset securitization products meet the internal development needs of small and medium-sized enterprises and become a necessary choice for enterprises to effectively reduce financing costs.It is an important supplementary means for enterprises to expand financing channels.At the same time,as a basic asset,the usufruct has unique attributes,its richness,complexity and relative independence have a broader research breakthrough in the legal level and the accounting and taxation level than the creditor’s rights.The enterprise assets securitization products issued by the SFC are slow to develop,the product types are relatively single,and the number and scale of products are relatively small compared to the securitization of credit assets.As the main body entrusted to the management of enterprise asset securitization products,the fund subsidiary shall,according to the Regulations on the Administration of Asset Securitization Business of subsidiary companies of securities companies and fund management companies issued by the CSRC,implement a post-issue record approval system when issuing and managing products,and clearly stipulate the management of basic assets according to the negative list.This management method makes enterprise asset securitization not only possess solid and detailed theoretical knowledge,but also constantly new in the practical business,ushering in new opportunities for innovative development.Under the new development opportunities of asset securitization in China,there are still many problems to be improved,including: establishing a legal and regulatory system applicable to the professional nature of asset securitization of enterprises,strengthening the coordination and market linkage of various regulatory departments and participating entities,and timely and effective containment of risk events.Establish a more perfect and perfect information disclosure system.Based on the premise of the diversification of basic assets,there are still difficulties that need to be broken through in the practical process.At the same time,although there are already three types of asset securitization models,in addition to the relatively mature development of credit asset securitization,there are still considerable obstacles to the legal,tax and accounting treatment of enterprise asset securitization and asset support bills.In view of the current situation,regulators and market participants should make joint efforts and coordinate development to promote the healthy,standardized and transparent development of the asset securitization market,so that capital market funds can be successfully introduced into the real economy,better serve small and medium-sized enterprises,and prevent financial system risks.In this paper,from the perspective of the trustee,we choose the waste incineration industry with franchise as the case of the asset securitization of revenue rights,through the analysis of the basic theory of enterprise asset securitization,structure design,operation management,risk analysis,accounting and so on.On this basis,it focuses on whether the basic assets have been transferred during the management of enterprise asset securitization operations,whether they have reached bankruptcy isolation through the design of the transaction structure,and how to determine the true response in the financial statements by analyzing the relationship between risk and cash flow.Finally,the problems in the operation management process are analyzed and relevant suggestions are put forward.In order to promote the standardization,standardization,specialized operation management of the enterprise assets securitization business,strengthen the risk prevention and fact monitoring of the basic assets,and promote the further clarification and refinement of the relevant accounting standards...