earticle

영어

This paper examines the effect of asset-backed securitization on corporate financial management with an actual case study, and investigates the structure and characteristics of securitization in corporate finance. From recent findings in the literature, I provide evidence that the securitization of assets is an important method for funding loans to businesses. Since its creation in the 1970s, the ABS market has increased dramatically for both corporations and financial institutions. Securitization is a technique by which a company sells financial assets to a new legal entity - a special purpose vehicle (SPV) - and the SPV finances the purchase through the issuance of new securities. Asset-backed securities (ABS) are backed by various types of assets, including accounts receivable, car loans, consumer debt, and credit card claims. The SPV is ‘bankruptcy remote’ from the company selling the assets because lenders to the asset seller have no claim to the assets backing the new securities. The new securities derive their credit-worthiness primarily from the assets of the SPV; hence they are known as asset backed securities (ABS). To finance the purchase of these assets, the SPV issues securities to investors in exchange for the value and any future cash flows of the assets. The corporation then obtains liquidity from the sale of the assets to the SPV. In a true sale, the SPV is bankruptcy-remote from the corporation, meaning that assets located in the SPV cannot be seized if the corporation is in default. The securitization of assets is the process by which loans, consumer installment contracts, leases, receivables, and other relatively illiquid assets with common features are packaged into interest bearing securities with marketable investment characteristics. From the issuer perspective, securitization offers several advantages, such as the creation of alternative and cheaper funding sources, and conversion of capital intensive assets to capital economizing assets. A company at risk of becoming bankrupt may have some fixed income assets that are highly credit-worthy. It may be able to legally securitize these assets and so obtain necessary funding. The ability to separate assets into bankruptcy remote corporations may result in the appropriation of wealth away from asset originator’s debt holders to the asset originator’s equity holder. From a corporate finance perspective, securitization generates fresh liquidity, which may be especially valuable for financially constrained firms, possibly leading to a lower cost of capital, in general, the securitization of assets enables asset originators to broaden funding sources and reduce funding costs. In addition, securitization leads to wealth effects for shareholders of issuing firms, and offers the firm expanded borrowing capacity, freeing the firm to pursue additional positive NPV projects. Securitization involves the pooling of loans or other receivables and then the funding of the pool with debt securities. The securitization of corporate assets mitigates liquidity constraints so that firms can make more efficient investments. Selling securities backed by valuable assets enables companies to obtain cash for investment or reduction of their working capital. By using the securitization of assets as a disposition alternative, issuers can take advantage of the risk sharing and transfer mechanism of the capital markets. Securitization of assets can be used as a tool to manage risk-based capital requirements. A number of benefits can be achieved through securitization. One of the most important benefits for an originator is that new funding sources can be found and the costs for financing thereby reduced. The capital will most certainly be utilized more efficiently and lending capacity will be improved. The capital rations will also be affected as regards credit institutions. The perceived benefits of securitization are: (1) the release of capital; (2) balance sheet management(i.e., for an originator that is a corporation, to maintain or improve its borrowing ratio); (3) the elimination of interest rate and maturity risks; and (4) the raising of cheaper funds that the originator could not raise in its own name. These include the need to economize capital by expunging the balance sheet of higher risk weighted assets; the benefits emanating from securitization, such as off-balance sheet servicing income, gains from the sale of assets, and the recognition into income of excess servicing flows. Attempts to expand ABS market by developing a new financing goods exploiting ABS system and by extending the scope of underlying assets are needed.

한국어

기업의 내재가치 및 신용상태와 절연되어, 기업의 전체가치가 아닌 특정 범위의 보유자산의 현금흐름 가치에 기초하는 증권 발행을 통하여 자금조달을 하는 기법이 자산유동화 제도이다. 본 연구는 기업의 자금조달방법으로서의 자산유동화의 개념, 의의, 특성 및 장점을 전체 금융시장에서의 자산유동화 운영체제 및 기업의 자금조달 의사결정 측면에서 체계적 분석을 시도하였다. 또한 자산유동화 자금조달기법의 구성요소 및 참가당사자인 자산소유자, 특별목적기구로서의 유동화전문회사, 자산유동화증권, 자산관리자 등의 개념, 기능, 역할, 특성 및 감독당국의 정책적 고려점 등에 대하여 검토한 후, 실제사례에 적용하여 고찰하였다. 기업의 회사채 및 주식발행을 통한 자금조달과 비교하여 자본조달비용의 하락, 기업재무구조의 건전성 제고, 금융시장의 시장효율성 제고를 통한 경제전체의 후생(welfare) 수준을 높일 수 있는 자산유동화 제도는 전문경영인의 재무의사결정시 적극 고려될 수 있을 것이며, 본 연구는 향후 우리나라 자산유동화법상의 자산유동화제도 개선을 위한 논점발견에 기초가 될 수 있을 것으로 기대한다.