城镇化中的资产证 券化应用研究-工商管理专业论文.docxVIP

T H E R E S EA R C H O F A S S E TS S E C U R I T IZA T I O N I N U R B A N I Z A T IO N ABSTRACT With the process of urbanization, capital inadequacy has long been a “bottleneck” harming China’s urban infrastructure funding. Typical financing instruments, such as bank loan, have found it hard to satisfy the infrastructure funding needs due to the limitations in such aspects as technical characteristics and legislative factors. This, in turn, caused government loan problems a concern domestically and abroad. The introduction of asset securitization has fundamentally put a profound impact on China’s infrastructure, in order to broaden the infrastructure financing channels and methods. Asset securitization as a financial innovation, is currently the most advanced technology innovation．Asset securitization is the transformation of less liquid assets, such as the stock of urban infrastructure, into a security - -- that is, an instrument issued and traded to raise capital for infrastructure. This financing tool, as a more efficient and productive way of financing, improves the asset allocation process in capital market. The objective of this paper is to discuss the feasibility of asset-backed securitization in China’s urban infrastructure in several aspects. First of all, I provide a literature review on the fundamental theories and development progress of securitization in China. Then I move on to the feasibility analysis of urban infrastructure securitization, posit the appropriateness of underlying asset pool for securitization in China and then come to a conclusion that urban infrastructure securitization might be an appropriate asset pool based on asset scale, technical characteristics, asset conditions and legislative factors. Then I illustrate cases of existing asset securitization in China; evaluate the risks and obstacles involved in China’s securitization and make some solutions to these obstacles identified by revealing China’s current legal and political iss