Practice And Study On Pattern Of Securitization Of China’s National Student Assistance Loan Asset

This thesis takes the reopening of the securitization of credit assets as itsbreakthrough point and the most effective financial tool in1990s--the developmentof asset securitization as the background. In the light of the particular need to deepeneconomic system reform in China’s social and economic development, it analyses thetortuous history of China asset securitization pilot experience and the development ofhigher education and the national student loan. The thesis gives a thorough discussionof the operation mode and practice mechanism of national student loan securitizationbased on international vision with special focuses on the analysis of the constructionof national student loan securitization theory with Chinese characteristic, and itsimplementation flow and basic functions,According to the asset securitization and other related theories, the thesisexplores the mode of operation of the securities assets and the practice in China,reviews the development course of student loan in China from the perspective oftheoretic and practical level, demonstrates the necessity on securitization of China’sNational Student Assistance Loan asset (advantages and disadvantages) and exploresseveral key elements of the construction of the national student loan modelsecuritization:(1) The characteristics of national student loan--the national publicwelfare, credit assets, the particularity of lender groups, predictability of future cashflows, the intensifying and strengthening of the lender credit construction, and thecomparability of foreign loans.(2) The effective loan recovery and managementsystem. The market-oriented national student loan management mechanism should beconstructed with the function and management responsibilities at all levels (central,provincial&county) of education funding management, and also with the referenceof USA loan recovery mechanism.(3) The constraints of originators’ and investors’behaviors. The thesis discusses the three advantages of the national student loanoriginator demand and distribution restrictions in satisfaction, and the importance and the main coverage of attracting all aspects of institutional investors in the financialmarket.(4) The restrictions of distributing places.(5) The operation flow design ofnational student loan securitization.In consideration of the fact that the National Student Loan Securitization is stillon the planning stage and the related data and information can be acquired, I choosethe method of Static Discount Cash Flow Discount and set different theoretical βvalues for the capital assets model. As a result, the pricing measure of NationalStudent Loan Securitization is preliminarily presented through an analysis of differentrisk circum-stances.On this basis, relevant recommendations for National Student LoanSecuritization are put forward:(1) The improvement of relevant policies, laws andregulations system.(2) The specification for student loan standard management.(3)The organization of the system of information disclosure with the financialinstitutions in its core.(4) The improvement of college students’ repayment mode inChina.(5) The prevention of the risk of the national student loan securitization.(6)The perfection of asset securitization credit model and system. In this thesis takes thenational "educational services and supervision of information system construction" inthe realization of national student information management operation mechanism andbasic content as a solid evidence, discusses that the controllability of national studentloan borrowers’" first credit of whole life" is one of the cores of risk control of assetsecuritization of National Student Assistance Loan.