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Asset Securitization Research Problems

Author: LiuHuan
Tutor: LuXiangJun
School: Jilin University of Finance and Economics
Course: Accounting
Keywords: Asset securitization Asset management bad asset securitization enterpriseasset securitization
CLC: F830.42
Type: Master's thesis
Year: 2009
Downloads: 42
Quote: 0
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Abstract


The wave of asset securitization originated in the United States governmenttosupport and participate in the mortgage of the secondary market. In1970, thegovernment is affiliated with the American government national mortgage associationissued the first time with a mortgage as a security mortgage-backed securities createdthe securitization precedent. In the1990s, asset securitization began to enter into theAsian capital market. In1994, Hong Kong issued350million hk dollar of mortgagebonds. By1996, further extended asset securitization to Indonesia, Thailand, Malaysiaand Japan and other Asian countries. May23,1997in chongqing, China and Asiagovernment guarantees and ml (China) holding company signed the first Chinese tofoundation of the city cooperation agreement. From four big asset management sincethe company was established, securitization also is included in the asset managementbusiness approach, but for whatever reason didn’t use them. Until on26June2003,huarong asset management companies borrow some of the principle of assetsecuritization, with bad assets generated cash flow as the foundation, issued1billionyuan of priority trust benefit authority card; In bad assets treatment, assetsecuritization to a step.Our government and academic circles to the long-term asset securitizationargument. However, the actual effect of asset securitization is not satisfied. From1992hainan "real estate investment volumes" the start of the project, to2005for thefirst time pilot asset securitization in our country through14years of wind and rain.The securitization of products from the issuance and trading of perspective, assetsecuritization market in our country develops slowly, end in October2007Shanghaipudong development bank and industry and commerce bank of the second batch ofpilot securitization, China’s issuance of asset-backed securities scale only for21.3billion RMB, and a serious shortage of liquidity.At present, our country’s securitization has two kinds: one kind is initiated by thebank asset securitization, through the trusts asset-backed securities issued credit, in market of the bond between the bank transaction; The other is by a securitiescompany special management plan in the form of enterprise launched asset-backedsecurities, in deep Shanghai stock exchange the block trading market for trading. Thispaper argues that only the former is a real asset securitization, and will discuss rangelimited to the former. This is mainly based on the following two reasons. First, theenterprise asset backed securities through the specialized asset management planlaunched the form, and specialized asset management plan do not have independentlegal status. The core of asset securitization is to use Special Purpose intermediary(Special Purpose Vehicle, SPV) will be the originator of the securitization of assetsand other assets in isolation. SPV must be independent legal entity. However, thespecial asset management plan is not independent legal entity. Specialized assetmanagement plan is not as legal person accept assets, more do not have the legalperson status as the beneficiary certificates issued subject. Therefore, our countryenterprise asset securitization and international transportation of asset securitizationconcept is not compatibility. Second, the enterprise asset backed securities belong tothe block trading range, which make its liquidity have been affected. Thecharacteristics of the product of asset securitization, namely the marketability lies inits. Lost the marketability, investors in investment will affect greatly, the vitality ofasset securitization also exist.

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CLC: > Economic > Fiscal, monetary > Finance, banking > Finance, banking theory > Banking > Bank Accounting
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