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The Financing Effect of Securitization on The Development of Basic Industries in The West Region of China

Author: WangHuaBin
Tutor: WangJian；LiuYuan
School: University of Foreign Trade and Economic
Course: International financial
Keywords: Basic industries Asset securitization financing China's western region International capital markets Financing methods Basic Industries Financing instruments The amount of money The legal status of the SPV Future income
CLC: F830.91
Type: Master's thesis
Year: 2000
Downloads: 200
Quote: 1
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Abstract

(Abstract) Since the reform and opening up, China's economic development has made noteworthy achievements. However, beginning in the late 1980s, China's economy are two serious problems: First, the east and the west of severe economic imbalances; infrastructure and basic industries are seriously lagging behind, \The author believes that the key to solve these two problems is that the development of basic industries in the west. Western region development of basic industries not only be able to lay the foundation for our regional economic take-off, and the western region has a comparative advantage of the natural resource allocation, so its development can effectively alleviate the basic industry of China's economic development \The turn of the century, the countries of the western development strategy, the start of the regional economic growth center of gravity shifted to the western region, which has provided an opportunity for the western region to speed up the development of basic industries. However, the basic industries need huge capital investment features makes the development of the western region is facing a huge difficulty funding the construction of basic industries. This article aims to explore the latest financing instruments of the basic industries - basic industries asset securitization financing - practical significance for resolving the financing problems of western China basic industries. The first chapter from the basic industries in the financing structure of the status quo of China's western region of the urgency of the western basic industries to seek new financing instruments. The so-called basic industries, including infrastructure and basic industries, basic industries including petroleum, electric power, water and other energy industries, as well as iron and steel, chemicals and other raw materials industry. The basic industries first social capital \However, the traditional financing structure of China's western region of basic industries relying solely on state funding and policy financing simply can not meet the huge capital investment required for the development of basic industries. Although countries put forward the western development strategy that will give a western region in terms of fiscal, financial and other support, but stretched in government revenue, the banks' bad debt issues outstanding case, these support the far west of basic industries unable to meet huge sums of money gap. Therefore, for the western-based industry to seek new financing channels imminent. The second chapter describes the basic industries financing instruments - basic industries asset securitization financing the latest in the international capital markets, as well as a number of countries the successful experience of using this tool to finance its basic industries. Basic industries asset securitization financing refers to the underlying industrial projects future proceeds from the sale of products or services proceeds in income support and to issue asset-backed securities supported by credit enhancements, to obtain construction financing transaction process. The main tool for this kind of financing has been able to become just a few years after the advent of the financing of basic industries in developed countries, on the one hand because of asset securitization is a direct financing, funding channels lt; WP = gt; wide large-scale, capital requirements for the amount of money to meet the basic industries; On the other hand, the basic industries securitization financing to support the issuance of securities to the income of the project itself, which is equivalent to the early realization of the future income and put into the project construction in order to effectively alleviate the basic industries limited access to external financing. So, in-depth analysis of securitization financing of basic industries to solve the problems raised funds for construction of basic industries in China's western region will be of great benefit. This not only for China's western basic industries favorable conditions for the implementation of asset securitization financing, methods of operation, and should pay attention to the problems of a useful exploration and asset securitization for the development of basic industries of western China through the comparative method described Special financing role. The article pointed out that the the basic industries securitization financing in the international capital markets on the successful experience of the strong cooperation of the national financial, tax preferential policies, as well as the continuous development of the domestic capital market that allows Western basic industries with the implementation of the securitization financing external conditions Therefore, the western provinces and autonomous regions should seize the opportunity to pilot this kind of financing active in the electricity, telecommunications, oil and natural gas, hydro and other future income is relatively stable industry. Compared with the traditional basic industries financing, securitization financing for the development of basic industries in the western region has a special role in financing. First of all, the the basic industries securitization financing can to ensure that the number of funds at the same time, to improve the current financing structure of the western region, reduce the burden on the state financial. Second, the international capital markets to implement basic industries securitization financing the infrastructure projects in the absence of state guarantees, does not occur in foreign debt and non-recourse under the premise, since the early construction directly from the international capital markets to raise a lot of money so as to speed up the project construction speed. Again, the basic industries securitization financing can make companies do not surrender as the financing of ordinary shares as equity and management rights, do not like the BOT financing to allow the market conditions in exchange for the funds. The article concludes with a brief analysis of the defects of the current market and legal aspects of the implementation of the asset securitization financing of basic industries in the West China, and a number of solutions on these issues. Market imperfections is underdeveloped capital markets (especially the bond market), a limited number of institutional investors, the majority of individual investors lack of understanding of the securitization investment, so the western region must actively develop the region's capital markets, foster investment entities to ensure the smooth progress of the securitization financing of basic industries. Legal defects explain asset securitization financing structure in complex legal relations (for example, assignment of claims, SPV legal status, etc.) there are some shortcomings and deficiencies in the existing domestic legal system, which requires the interpretation of the legal amendments or so on to make a lot of work.

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