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The Research on China’s Offshore Asset Securitization in Open Economy

Author: JiangHangXiang
Tutor: LiuHuiHuang
School: Hunan University
Course: International Trade
Keywords: offshore asset securitization risk and pricing credit enhancing special purpose vehicle
CLC: F832.51
Type: PhD thesis
Year: 2008
Downloads: 498
Quote: 0
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Abstract


Research on Offshore Asset Securitization under Opening Conditions Asset securitization, as one of the most important innovation of international financial since the 1970s, has been developing rapidly. Offshore asset securitization, as the special form of assets securitization, has also got more rapidly development in the 1990s and aroused widespread concern in western countries. China started the practice of offshore asset securitization in the late 1990s, but it’s still in the stage of exploration case by case. In theoretical research, though the domestic scholars have made extensive and in-depth study and discussion on the issue of asset securitization, they neglected the research on offshore asset securitization. This dissertation is based on this actual situation and theoretical research background.The international offshore asset securitization(hereinafter is called OAS) development originated from the comparative advantages of OAS’s structural finance, the changing environment of the international economic and financial as well as the rapid development of asset securitization since the 1970’s. Based on defining the concept of OAS, this dissertation first makes an analysis on the reasons and practical significance of OAS. OAS, as the re-expansion of domestic assets allocation, and as the organizer of conducting transaction in the globe, its characteristics of non-standardized, flexible transaction rules and conducting codes are beneficial to reduce transaction costs. And since the 1970s, along with the tide of global financial innovation and the rapid development of financial globalization and liberalization, asset securitization and offshore asset securitization are promoted to develop effectively.The transaction structure and characteristics of OAS determined its great risks, and pricing is the core issue of its risk control process. On the basis of the classified analysis of offshore asset securitization risk, this dissertation explains the theoretical logics of OAS pricing, from the aspect of the characteristics of the financial commodity, cash flow and discount. Combining the risk and pricing, the basic pricing model of offshore asset securitization is proposed.The rapid development of economic and financial globalization accelerates the internationalization of finance and the innovation of international financing modes and pushes the fast development of asset securitization and OAS. In the late of the 1990s, in order to facilitate international financing and to innovate the international financing modes, China began the practicing exploration of OAS and has possessed the infrastructure and technology for developing OAS. However, the legal and taxation system, market system and market monitoring institution are immature and imperfect in China. To further develop OAS still confronts great barriers, which will be expounded in Chapter 4.Product design and mode selection are the major problems in the development of offshore asset securitization in China. This dissertation proposes that, in terms of product design, according to the principles of primary asset selection, the OAS in China should make the select mortgage, infrastructure asset charging and export receivables in the overseas capital market as the first consideration. Through the implementation of this asset securitization, the problem of inadequate liquidity in domestic banks and the shortage of infrastructure funds and import and export enterprises’working capital will be solved. Furthermore, the successful demonstration effect of offshore mode can stimulate domestic asset securitization development, and deepen the financial system reform in China. As to the choice and design of organization mode, the dissertation, based on the principle of OAS, puts forward 4 possible modes of OAS in China through analyzing some typical organization modes of OAS in some nations (regions) such as USA, Hong Kong, Australia.In accordance with the organization modes and the reality in China, the paper demonstrates the basic structural modes consisting of core layer, compacting layer and supporting layer. It should be noticed that the government-oriented pushing mode would be established to exerting the function of government and NGOs.The key issue of developing OAS in China is credit enhancing. Combining the credit rating and enhancing, this dissertation analyzes the function and methods of credit enhancing and discusses cost-profit structure, and cost-restricting conditions. It constructs the decision model of external credit enhancing and the optimal strategy of OAS credit enhancing. Based on the above analysis, the credit enhancing mode of China is constructed in terms of organizations, functions and tools of credit enhancement, etc. This dissertation proposes the primary structures of offshore asset securitization credit enhancing. Special government-dominating credit enhancing organization should be established, and simultaneously mobilizing the forces of civil institutions to form the complementary credit guarantee system. In this way, both the government organizations and NGOs can execute their duties and provide credit enhancing for offshore asset securitization. Meanwhile, it is necessary to explore sufficient credit enhancing means and ways either exerting the internal advantages or employing external credit enhancing.Finally, the dissertation investigates three concrete problems for developing OAS in China. The three issues are the constructing and locating of special-purpose vector (SPV), the perfecting of the legal and taxation system and improvement of the supervision system. On the basis of comparative analyzing the institution difference of different offshore financial center during the process of operating OAS, this dissertation discusses the locating of offshore financial center and the construction of SPV as well as some problems of taxation, law and supervision in the process of OAS in compliance with the reality in China. Some useful measures on how to promote offshore asset securitization in China are suggested in the paper. They are to construct government-dominating pushing approach, and to make Hong Kong prior to Shanghai as the location of China’s offshore financial center and asset securitization special purpose vehicle as well as entrusted agencies. Secondly, we must accelerate tax and legal reform to offer corresponding tax and legal support for the development of OAS. In addition, we must speed up supervising system reform, and improve the supervision and control system. It is important to definite the custody entity and its power. To strengthen the monitoring SPV in the process of offshore asset securitization, it is essential that the foreign exchange and foreign loans be managed in conformity with particularity of securitization transaction.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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