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Research on Asset Securitization Financing of China State-owned Enterprises

Author: ZhouZuo
Tutor: XuChuanZuo
School: Jilin University
Course: Industrial Economics
Keywords: State-owned Enterprise Enterprise Asset Securitization Asset Securitization Financing
CLC: F832.51
Type: Master's thesis
Year: 2009
Downloads: 269
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Abstract


Looking back three decades of reform and opening up, with the gradual establishment of the market economic system and modern enterprise system , China’s state-owned enterprises have made further reform, but it has not been able to resolve the financial difficulties of state-owned enterprises, the loss of state assets and low efficiency, non-performing assets management and disposal problems effectively. The asset securitization business applied to companies as a financing tool is a new topic. This article holds that China’s state-owned enterprises can make active use of the asset securitization business innovative financing techniques, to solve the problem of shortage of capital, to improve their capital structure, to improve the stock of liquid assets of enterprises, and then to gradually expand the integration capabilities of state-owned enterprises , it plays its due role for China’s economic development and social progress.With the environment above,this thesis analyses the particular financing structure of asset securitization. The main aim of the study is to find out an efficient tool to solve the state-owned enterprises financing puzzle in China. Asset securitization can be considered as a financing instrument to complement the classical financing. It can not only increase assets’liquidity but also Perfect Chinese capital market.Applying theoretical study this dissertation studies why businessneteprrises utilize asset securitization and how to use it based on analyzing the basic Principle and operation Procedure generalization of asset securitization. At first, the conception of asset securitization is defined. Secondly, this thesis analyses the financing character and effect of asset securitization,a new type of financing instrument. Thirdly, the thesis makes a comprehensive research on the law and economic condition of asset securitization in China. Finally, this thesis analyses financing effect and operation procedure of account receivable securitization based on CIMC case analysis. This thesis concentrates on the feasibility and running model of asset securitization as a financing tool used by domestic state-owned enterprises. Nowadays, there are few studies on how state-owned enterprises use asset securitization. It is essential to put asset securitization financing into practice in China. Moreover, the elementary condition of this approach has been achieved. Form a new perspective of asset securitization being a dominant instrument of state-owned enterprises financing, this thesis aims that corporate financing decision must include not only classical financing but also asset securitization financing. It is indicated that the breakthrough point of Chinese state-owned enterprises asset securitization is account receivable securitization and find out its running model.With the research on the above issues,the basic conclusions of the thesis are Put forward. (1)Asset securitization opens up cooperate funding source, brings more companies into the capital market by breaking through the restriction of traditional financing instruments. (2)Asset securitization provides a continual liquidity supplement, mitigates the extent of information asymmetry and moral hazard,brings economic benefit for all participants. (3)Asset securitization is a off-balance-sheet financing manner,the unique techniques, such as asset packaging , true sale, bankruptcy-remote , credit enhancement, reduces the financing risk, improves the corporate capital structure, provides the efficient methods to actively manage the cash flow, make use of leverage for corporate. (4)Asset securitization financing provides an efficient tool to solve the corporate financing puzzle in our transitions period, so it is very necessary to put corporate asset securitization financing into practice in China. Moreover, the elementary condition to implement corporate asset securitization has been there. In the east-south area of China, the trade receivables and infrastructure fees can be first securitized by issuing asset-backed commercial paper, the suitable investors may be domestic insurance company, social security funds, and the relevant law and policy should be established or consummated as soon as possible.

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