특수목적법인의 구조화 금융에 관한 연구

If the goal is to be the world's largest Bank, developing asset would be available by raising large fund from the market, which can lead the world's largest Financial Institution. But it is meaningless, we know well it is more important the structure of asset and debt which can create profit. The major reason of asset reorganization by enterprises lies on the bond credit upgrading. It means that it is not easy for the parties of transaction to monitor, supervise and verify the uncertainty of default and the ability of contract execution of counter party on swap or forward in which many spare time remains until the due delivery date in the capital market. Even if a company establish the relevant asset as collateral to guarantee the fulfillment of an obligation, when there is no precedent of value evaluation, the adverse selection cost would inevitably increase. So companies reduce the uncertainty on asset value evaluation by dividing their asset as collateral of asset backed security. This study is to analyze the profit structure in which the special purpose organization receives the payment by issuing Asset-Backed Securities to investors(or beneficiaries) based on cash flow created from collateral asset. Also it reviewed legally the problem generated in that senior securities of which grading is higher than the average credit rating of collateral asset, can be issued through the stratification of issued securities with different priority and the grouping of asset.