1, the underlying assets are different.

The basic assets of credit asset securitization are the credit assets and financing lease assets of banks and other financial institutions.

The basic assets of enterprise asset securitization mainly include property rights (enterprise accounts receivable, lease creditor's rights, credit assets, trust beneficiary rights, etc. ), movable property and real estate income rights (infrastructure, commercial property, etc.). ), and other property or property rights recognized by China Securities Regulatory Commission.

2. Different regulatory agencies

The regulator of credit asset securitization is China Banking Regulatory Commission, namely "CBRC".

The regulators of enterprise asset securitization are China Securities Regulatory Commission and China Asset Management Association (Fund Industry Association).

3. Different Transfers and trading places.

Credit asset-backed securities are issued and traded in the national inter-bank bond market.

Enterprise asset-backed securities can be traded and transferred in stock exchanges, the national share transfer system for small and medium-sized enterprises, the inter-agency quotation and service system for private placement products, the over-the-counter market of securities companies and other securities trading places recognized by the China Securities Regulatory Commission.

4. Different investors

The investors of credit asset securitization are mainly investment institutions and financial institutions. Within the scope permitted by laws, administrative regulations and the relevant provisions of the CBRC and other supervisory and administrative institutions, government bonds and financial bonds can be bought and sold, and asset-backed securities can also be invested.

Enterprise asset securitization is aimed at qualified investors who meet the conditions stipulated in the Interim Measures for the Supervision and Administration of Private Investment Funds.

Second, enterprise asset securitization.

(1) Overview

Enterprise asset securitization is a special asset management business in which a securities company takes a special asset management plan (hereinafter referred to as the "special plan") as a special purpose carrier, acts as a plan manager to issue asset-backed beneficiary certificates (hereinafter referred to as the "beneficiary certificates") to investors, purchases basic assets that can generate stable cash flow with entrusted funds according to the agreement, and distributes the income from basic assets to the holders of beneficiary certificates. Enterprise asset securitization is a financing method of enterprise's future income right or existing creditor's right securitization with special plan as the carrier, and it is a direction of financing mode reform.

(2) content

As a non-financial institution, enterprise asset securitization sells its illiquid assets that can generate cash flow in the future to SPV or trust after restructuring and credit enhancement, and then SPV issues asset-backed securities to investors in the financial market. Enterprise asset securitization is suitable for creditor's rights or income rights assets of large companies or institutional customers, such as hydropower assets, road and bridge port charging rights, financial leasing assets, etc. It is no exaggeration to say that this business leads the innovation of investment banking theory and business to a certain extent, is an effective means to solve the investment and financing problems, and is also a good form of corporate financing.

The market prospect of enterprise asset securitization products mainly depends on two factors: one is the financing demand of enterprises, and the other is the investment demand of securities investors.

(3) Classification

According to the form of assets held by enterprises, enterprise asset securitization can be divided into:

1 is the securitization of physical assets. Even if the physical assets owned by an enterprise are converted into securities assets, it also includes securities issued on the basis of physical assets and intangible assets.

2. It is the securitization of credit assets, which mainly reorganizes accounts receivable that lack liquidity but have future cash flow into assets, and issues securities on this basis.

3. Securitization of securities assets, that is, taking the existing securities or portfolio of securities as the basic assets of the enterprise, and then issuing securities based on its cash flow or variables related to cash flow.

(4) Significance

1, enterprise asset securitization is conducive to broadening financing channels and optimizing capital structure.

Limited by the actual situation of China's economic development, most enterprises in China take loans as the main channel. Liabilities account for the largest proportion in the capital structure of enterprises. There are many restrictions on granting loans. Once a company defaults, it will attract the attention of banks to the whole industry, and the loan amount will be greatly reduced. Under the influence of the current economic crisis, it is difficult for enterprises to obtain enough loans. Furthermore, loans account for a large proportion in the capital structure of enterprises, which is not conducive to the flexibility of enterprise management. Enterprise asset securitization can not only alleviate the financing difficulties of enterprises in new ways, but also improve the capital structure of enterprises, revitalize assets and increase turnover rate.

2. The securitization of enterprise assets is conducive to enhancing the liquidity of assets.

The implementation of asset securitization by enterprises can transform illiquid assets into highly liquid assets, which not only activates the financial market, but also enhances the liquidity of their own assets. Asset securitization provides a way to obtain funds outside the traditional financing channels. Enterprises can replenish working capital and invest at the same time, which improves the liquidity of enterprise assets.

3. Enterprise asset securitization is conducive to obtaining low-cost financing.

The financing cost of enterprises through asset securitization in the market is much lower than that of banks or other capital markets. The credit rating of securities issued by enterprises through asset securitization is higher than other long-term credit instruments, so the interest paid by enterprises to investors is lower, which plays a role in reducing financing costs. Traditional loan financing needs to pay higher interest, which will increase the business burden of enterprises and is not conducive to their business development.

4. Enterprise asset securitization can reduce the risk of enterprise assets.

The adoption of asset securitization by enterprises can not only obtain low-cost financing, but also reduce the risk assets of enterprises. Traditional financing methods such as debt will increase the risk assets of enterprises and increase the burden of enterprises. Asset securitization is beneficial for enterprises to remove risky assets from the balance sheet, improve various financial ratios and improve the efficiency of capital utilization.

Second, securitization of credit assets.

(1) Overview

Securitization of credit assets refers to the reorganization of credit assets with poor liquidity with future cash flows (such as bank loans and enterprise accounts receivable). ) form an asset pool and issue securities on this basis. Broadly speaking, credit asset securitization refers to the securitization based on credit assets, including mortgage loans, auto loans, consumer credit, credit card accounts, corporate loans and other credit asset securitization; The securitization of credit assets mentioned by CDB is a narrow concept, that is, the securitization of corporate loans.

The credit assets of banks are monetary assets with a certain amount value and interest-bearing characteristics, so it is also possible to turn them into securitization financial instruments. In the actual business activities of banks, there are often situations such as short deposit term and long loan term, or there is the possibility that the demand for asset business expansion is faster than that for liability business, which leads to new business needs such as liquidity arrangement and asset-liability management. Since the late 1970s, there has been a trend of securitization of credit assets in developed market countries, especially in the United States. The general practice is that banks (also known as original owners) directly or indirectly form a group of assets (also known as asset pools) that they want to convert into liquidity, and then standardize (that is, decompose) them, securitize them and sell them to the market.

From the global situation, there are three representative models of credit asset securitization: one is the American model, also known as off-balance-sheet business model, the other is the European model, also known as on-balance-sheet business model, and the third is the Australian model, also known as quasi-off-balance-sheet model. The main difference between these three models lies in whether the securitization assets are separated from the original owner's balance sheet, and whether the asset securitization activities are directly operated or carried out through certain carriers or intermediaries.

(B) financing model

Traditional financing modes include direct financing mode and indirect financing mode, and asset securitization is an innovative financing mode between them.

Direct financing is a form of financing in which borrowers issue bonds to investors to obtain funds directly. For borrowers, this model reduces trading links and directly faces the market, which can reduce financing costs or obtain financing when loans are not available, but it is risky for investors, and the risk assessment and management mainly depends on borrowers themselves. Indirect financing is a way of financing through banks as credit intermediaries, that is, investors deposit money in banks and banks issue loans to borrowers. In this process, banks are responsible for the evaluation of loan projects and post-loan management, and bear the credit risk of loan default. The cost of raising funds in this model is low, and the risks faced by investors are small, but banks have concentrated a lot of risks. Securitization of credit assets means that banks issue loans to borrowers and then turn these loans into asset-backed securities for sale to investors. In this mode, banks do not bear the credit risk of loans, but investors do, and banks are responsible for loan evaluation and post-loan management, which can fully combine the bank's credit management ability with the market's risk-taking ability and improve financing efficiency.

(C) the significance and purpose of implementing securitization of credit assets

1, macro significance

(1) Implement the "National Nine Articles" and enrich the investment varieties in the capital market. The State Council's Opinions on Promoting the Reform, Opening-up and Stable Development of the Capital Market (Guo Fa [2004] No.3) clearly stated: "Strengthen the development of low-risk fixed-income securities products, provide investors with alternative securities investment varieties, and actively explore and develop asset securitization varieties." CDB securitizes high-quality medium and long-term infrastructure loans to form fixed-income products with stable cash flow, which provides investors with a channel to participate in the major national "two basic projects" and share the benefits brought by rapid economic development.

(2) Increase the proportion of direct financing and optimize the financing structure of the financial market. At present, the proportion of bank loans in China's financial system is too high. Through securitization of credit assets, loans can be converted into securities and directly refinanced in the market, thus dispersing the credit risk of the banking system and optimizing the financing structure of the financial market.

(3) Realize the connection between the credit system and the securities market, and improve the efficiency of financial resource allocation. Through the securitization of credit assets, we can realize the integration of credit system and securities market, give full play to the price discovery function and supervision and restraint mechanism of market mechanism, and improve the allocation efficiency of financial resources.

2. Micro purpose

(1) Introduce external market restraint mechanism to improve the operational efficiency of banks. Securitization of credit assets has introduced a strengthened external market restraint mechanism for the banking system. Through strict information disclosure and market-oriented asset pricing, the transparency of credit business has been improved, which can urge banks to strengthen risk management and improve operational efficiency.

(2) Broaden the financing channels of development finance and support the construction of economic bottlenecks. Credit asset securitization can revitalize existing credit assets, guide social funds to invest in the construction of economic development bottlenecks such as coal, electricity and oil transportation, broaden the financing channels of development finance, and improve the efficiency of capital utilization.

(3) Optimize the asset structure of CDB to provide market export for development finance. As a policy wholesale bank, CDB's credit assets objectively have the characteristics of long-term, large amount and concentration. Through the securitization of credit assets, we can optimize the asset structure of CDB, rationally allocate the risks and benefits of policy financial assets by using market mechanism, provide market exports for development finance, and promote a virtuous circle of development finance.