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SME Credit Asset Securitization Research On The Perspective Of Crt

Posted on:2015-12-04Degree:DoctorType:Dissertation
Country:ChinaCandidate:G YangFull Text:PDF
GTID:1109330467465677Subject:Industrial Economics
Abstract/Summary:PDF Full Text Request
Small and medium-sized enterprise isan important force in promoting national economy development, constructing the system of market economy and promoting economic stability, especially to ensure moderate growth of the national economy, relieve employment pressure, and optimize economic structure,which playan important rolein the current. Indeed, the development of small and medium-sized enterprises in China is subjected to financing constraints, the problem has become a persistent ailment of china economic development, and it affects the sustainable and healthy development of the economy. Especially after the financial crisis in2008, this contradiction between the increasingfinancing demand of small and medium-sized enterpriseand unbalanced allocation of financial resourcesbecome more pointedly exposed.To solve the problem of financing difficulties of small and medium-sized enterprises, the central bank made it clear that government would actively promote the securitization of credit assets of small and medium-sized enterprises in2011; the state council executive meetings decided to further expand the pilot securitization of credit assets, revitalized the funds for the development of small and medium-sized enterprises, etc in2013. in foreign countries, Europe as the main market of small and medium-sized enterprises securitization of credit assets, from2000to2007, had small and medium-sized enterprise mortgage securities190billion euros. Our country issued the first single small and medium-sized enterprise credit asset securitization productsby zheshang bank in2008. The practicing results show that improving the liquidity of assets, the release of the capital and banks can get more funds to support small and medium-sized enterprise development, providing a wide range of sustainable financial support for small and medium-sized enterprises, andto help reduce the cost of small and medium-sized enterprise loanthrough the small and medium-sized enterprises securitization of credit assets. However, compared with large enterprises small and medium-sized enterprise loan, is "non-quality assets", the uncertainty of risk is more complex, objectively speaking,we put forward higher requirements about the issue of small and medium-sized enterprise credit asset-backed securities institutions of risk control. Being different from traditional small and medium-sized enterprise credit asset securitization products issued by financial institutionsin2013the Internet financial institutions represented by alibaba launched the first domestic by securities firms as the originator of micro, small and medium enterprises and electronic retailing of individual entrepreneurs unsecured credit asset securitization products, the single product which bypassing the banking system makes the internet as a platform, adopting the use of big data and cloud computing technology to identify and judge the credit risk of loan, this kind of risk may be different from the traditional banking institutions of credit risk transfer, and presents different characteristics. Therefore,the ways to project a set of effective risk control system based on its characteristicsis the key to the implementation of small and medium-sized enterprise credit assets securitization.Based on the above understanding, this article adopts the method of combining theoretical analysis with empirical analysis to compare the small and medium-sized enterprises, and compares with the present situation of the securitization of credit assets, market environment, legal arrangement, development modelat home and abroad, the future development of our country thought clearly, sums up the small and medium-sized enterprises securitization of credit assets risk characteristics and put forward corresponding risk-control measures; On the basis of discussion on small and medium-sized enterprise credit assets securitization of credit risk transfer to the impact of the financial system, and confirm the foregoing analysis conclusions on the basis of case studies; Finally we propose the policy suggestions of small and medium-sized enterprise development and risk control of credit asset securitizations in our country.The full text of seven chapters:The first chapter of this paper, ideas, research, innovation and the possible lack of make a statement. The second chapter of this paper, the basic theory of asset securitization involves commercial bank risk management and credit risk transfer theory theory did comb.Chapters III and IV discusses the innovative thinking of SME development credit asset securitization and risk control. The third chapter compares the current development of domestic and foreign credit asset securitization, detailing the twists and turns of our credit asset securitization of development, from the way SPV (special purpose vehicle) organizational structure and process forms the basis of assets, asset securitization development mode selection, the process of asset securitization legal arrangements and asset securitization market trading volume and other aspects detailed comparison of the similarities and differences between domestic and foreign; analyzes the credit asset securitization market environment and legal system, points out the construction of China’s financial market started late, the foundations weak,will inevitably lead to problems in the process of securitization of credit assets to run, we want to face lack of innovation development process of China’s financial existence by launching the drawbacks of credit assets securitization business; Finally, based on asymmetric information and moral hazard perspective analysis of asset securitization of credit problems and causes.Chapter IV SME securitization of credit assets from legal system innovation, organizational innovation SME credit asset securitization participants, forming strategic alliances, SME credit asset securitization product innovation, explore the market to break the inherent structure of the transaction mode four two aspects of innovative thinking, risk identification and credit asset securitization of SME products, conducting risk and risk metrics are analyzed.The fifth chapter analyzes the mechanism and impact of SME credit asset securitization credit risk transfer. Firstly, the reason banks have been able to help asset securitization credit risk is transferred to the investor at the main pool is dependent on asset portfolio, SPV risk isolation and structural transformation; followed from three angles analyzed in these products securitization process risk amplification effect, including in particular credit risk in the banking part of the mathematical method of amplifying a resolution. By running the historical data for European SMEs mortgage-backed securities (European SME CLO) analysis reveals SME credit risk of the occurrence of credit asset-backed securities laws utilization of domestic bank derivatives trading panel data regression observed by banks involved in derivatives trading whether it will lead to expansion of bank credit, increasing the level of risk, and improve the level of return; explore the domestic implementation of SME credit asset securitization of SME credit risk transfer caused the financial system to bring a combination of two analytical conclusions.The sixth chapter is based on the analysis of the previous section, in order to analyze the case in the form of Zhejiang were the first bank in2008SME credit asset securitization products (Zhejiang Yuan Phase hereinafter), Topix Information Management-Ali Baba’s special plan small micro-enterprise credit asset-backed securities (known as TOPIX Information Management under Alibaba special asset management plan), this chapter focuses on the situation from a pool of underlying assets, loan portfolio analysis of the former. Secondly, a further period of Zhejiang Yuan for example to analyze the credit risk transfer characteristics of the product, which is part of the product evaluation report draws on detailed data analysis of the situation of the credit risk in the banking system and the inter-departmental transfer agency, so the theory get the test of practice, and further deepened the thesis topic.Chapter VII of the conclusions and policy suggestions. This chapter summarizes the analysis on the basis of the above chapters, affirmed the country build a good credit risk transfer market environment, the government developed a policy to support the transfer of credit risk, carried out in recent years, including SMEs, including the securitization of credit assets credit risk transfer experimental work has shown the market for credit risk transfer instruments and the huge demand for our products continues to sumup the pilot experience and continue to improve financial market environment. After seeing the huge market prospects, we must also face the credit transfer problems in the development of tools, how to build a sound credit risk transfer market is a long way. This chapter CRT establish a sound legal system, strengthen top-level design, risk control, the cultivation of a vibrant system of credit risk transfer markets, and constantly improve the product pricing and terms of credit enhancement technology and accelerating the pace of innovation CRT market regulation proposed relevant policy recommendations.
Keywords/Search Tags:SME securitization, credit risk transfer and risk control
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