PRZESŁANKI WYKORZYSTYWANIA SEKURYTYZAC JI AKTYWÓW W PROCESIE FINANSOWANIA PRZEDSIĘBIORSTW
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Date
2005
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Wydział Prawa i Administracji UAM
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RATIONALE FOR USING ASSET SECURITISATION AS A COMPANY FUNDING SOURCE
Abstract
The paper presents securitisation technology as a source of capital. Securitisation can be defined
as a process of converting cash flows arising from underlying assets due to the originator into
a smooth repayment stream, thus enabling the originator to raise asset-backed financing (funds).
Deals are normally structured by a transfer of receivables from the originator to a newly established
company known as a special purpose vehicle, designed to separate the receivables from the
insolvency risk of the originator, and referred to as a “true sale”.
In the US, securitisation is stable and mature. In Europe, the securitisation market is growing
rapidly, and in Poland it is still at an early stage of development, having to cope with number of
obstacles including legal and tax issues that hamper securitisation of all asset classes.
The rationale for securitisation varies widely from company to company. One of the most frequently
cited reasons for undertaking securitisation is a lower cost of funds, which is possible first
of all because of the segregation of receivables from the insolvency risk of the originator. Another
objective of securitisation may be the freeing of regulatory capital, balance sheet management,
funding diversification, transfer of risk or a strategic profile.
Market mechanisms in financial markets increasingly displace administrative solutions of allocating
scarce capital. Securitisation facilitates disintermediation in financial markets. The use
of asset securitisation is propelling the use of market mechanisms to allocate capital.
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Ruch Prawniczy, Ekonomiczny i Socjologiczny 67, 2005, z. 3, s. 191-199