Research On Right To Earnings Asset Securitization Products

As an financial innovation tool,ABS plays an important role in China’s capital market from establishment to perfection and from perfection to prosperity.So far,the total financing scale of ABS in China has exceeded 14 trillion yuan.During the Fourteenth Five Year Plan period,asset securitization is an effective way to solve the financing difficulties of China’s economic entities,but the risks of related products are also constantly exposed.Therefore,while paying attention to the financing effect of asset securitization,we should pay more attention to the risks behind it,which is of great significance to the healthy development of asset securitization in China.This paper selects Tianfeng Securities——Sunshine City property fee asset securitization project as the case study object,analyzes the financing effect and existing risks of the case product,summarizes its success and shortcomings according to the research results,and obtains relevant suggestions.This paper analyzes through three parts: case introduction,case analysis and conclusions and suggestions.Firstly,it introduces the general situation,special plan structure and cash flow collection of property fee asset securitization in sunshine city;In the part of case analysis,this paper compares the cost difference between this asset securitization product and bank financing and equity financing in the same period,and find that asset securitization financing has certain advantages;Secondly,through Z-value research method and event research method,it is found that property fee asset securitization can bring certain positive effects to the company,but these effects are not lasting;Then,through the analysis of cash flow collection and safeguard measures in the operation of the special plan,it is found that there are some loopholes in the cash flow collection process and safeguard measures,such as too optimistic cash flow prediction,prone to liquidity risk,and the risk that the guarantee capacity of sunshine city may decline.In view of these problems,this paper analyzes the participants of asset securitization and the transaction structure of basic assets,deeply analyzes the risks of property fee asset securitization in Sunshine City,and summarizes its risk control measures in order to improve the financing effect of asset securitization.Finally,it summarizes the success and shortcomings of the issuance of property fee asset securitization products in sunshine city,and combines with the universal characteristics of usufruct asset securitization,it is suggested that the operation of income right asset securitization products should strictly control the quality of basic assets Optimize the collection of cash flow and reasonably arrange the repayment of principal and interest,establish and improve the mechanism,carefully predict the cash flow,improve the operation ability of financiers and credit enhancers,and increase external credit guarantee.Through this case study,this paper not only expands the research perspective of property fee asset securitization,but also puts forward relevant suggestions for China to better carry out the practice of usufruct asset securitization.