The Study On The Supervision Of Trust Asset-backed Securities' Issue

Trust asset-backed securities, is a kind of asset-backed securities, which issued by Special-Purpose Trust in the asset Securitization. Trust asset-backed securities is also a kind of trust needs, which refers to trust share of beneficial interests in the form of trust beneficial certificate.Trust asset-backed securities as a new financial product is different from traditional securities. It pens a new channel between direct financing and indirect financing. It is an outcome of asset securitization system and the trust system, so it has a unique distribution processes and transaction structure. The concept of balance between safety and competition, efficiency and cost, and the principles of legitimate supervision, moderate supervision, and efficient supervision should be followed in the course of risks supervision. We pay attention to the supervision to achieve the economic efficiency of corporate finance, but also to the protection of the interests of the investors and the order of the market economy.We should learn experiences from those countries whose asset securitization system are grown up. They mainly prefer to establish an uniform supervision pattern, focus on information disclosure system. They use the internal control systems and industry self-regulatory mechanism for supporting means, to achieve the purpose of guarding against financial risks. China has just begun to build asset securitization system. The asset securitization system is not perfect. We have strict limits on the trust asset-backed securities' issue. The information disclosure system is not perfect. The internal control systems and industry self-regulatory mechanism can't correspond with each other. These objections limit the development of the asset securitization system. So we should learn from the advanced experiences to improve our information disclosure system, the internal control systems and industry self-regulatory mechanism with the concept of balance between safety and competition, efficiency and cost. We will establish an uniform supervision pattern in the issue of trust asset-backed securities to protect the interests of the investors.