Τιτλοποίηση απαιτήσεων
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Keywords
Τιτλοποίηση ; Securitization ; Εκχώρηση απαιτήσεων ; Εταιρείες Ειδικού Σκοπού ; ΟμολογίεςAbstract
The ongoing need to cover operating expenses as well as the desire for growth have led businesses to seek necessary funding through external or internal sources of capital. One form of financing through internal sources of capital is by utilizing the process of securitization. The process of securitization is established under law 3156/2003 and regulated by article 10 and 11 of said law. The definition of the process as well as its purpose in our modern economic environment are thoroughly described throughout this master thesis. Furthermore, this thesis includes a historic account of the institution as well as a thorough legal and economic comparison to other forms of financing.In order to provide a thorough analysis of the institution of securitization and all its different stages, a detailed account of the involved parties and the type of transfers they deal with (e.g. factoring of receivables, securitisations and securities lending) is given. Moreover, the role credit rating agencies play in the evaluation of financial products crucial to the function of the process of securitization is also analyzed. We also examine the role of state organizations regarding the supervision of the institution of securitization and the extend of such surveillance. To conclude, the obligation of the transferor entity to disclose information regarding its transactions is cited along with real-life examples of the securitization process as they have taken place in Greece. In conclusion, the objective of this master thesis is to emphasise the importance of the process of securitization as a means of financing businesses, which do not resort to traditional loaning as it overburdens them financially by creating enormous financial commitments. Through the process of securitization businesses have the ability to internally finance their operations by utilizing their portfolio assets. These portfolio assets can directly set in motion a flow of money through their sale and conveyance, hence ensuring the required liquidity. This process incurs no further obligations for businesses as the assets after their final transfer are isolated economically and legally from the funded business and the latter ceases to be involved in the process.
Postgraduate Studies Programme
Δίκαιο και ΟικονομίαDepartment
Σχολή Οικονομικών, Επιχειρηματικών και Διεθνών Σπουδών. Τμήμα Οργάνωσης και Διοίκησης ΕπιχειρήσεωνNumber of pages
92Language
GreekCollections
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Attribution-NonCommercial-NoDerivatives 4.0 Διεθνές
Attribution-NonCommercial-NoDerivatives 4.0 Διεθνές