China Has Implemented A Strategic Study Of Asset Securitization

Asset securification is called the most important financial innovation since 1970's. It originated from the supporting securities for housing mortgage in USA. After its swift and violent development in the past more than twenty years, it has already expanded into numerous fields, such as automobiles, vessels, accounts receivables of loan and fee collection for basic facilities. It entered the European market in 1980's and experienced a vigorous development. It entered the Asian market in 1990's and it is regarded as a very attractive new financial instrument. All these facts have demonstrated that the securitiflcation of assets has become an irrevocable big trend on the international capital market.The so-called securitification of assets refers to a process in which the original rights and interests holders' (the sellers) of non-circulating stocked assets or foreseeable incomes in the future are structured and transformed into marketable and circulating financial products on the capital market.Although the securitiflcation of assets as a kind of non-debt financing has been developed and utilized in many countries, it is just started in our country and needs further understanding and study.The research purpose of this thesis is to put forward the implementation strategy of carrying out the securitiflcation of assets in our country through a systematic and in-depth revelation of the securitification of assets, and to design a detailed implementation proposal with the urban basic facilities as a cutting-in point. Therefore, the internal operating mechanism such as the generation background, characteristics, structures and techniques of the securitification of assets as well as the external macroeconomic environment, laws, taxes, accounting, grade evaluation, risks and benefits have been elaborately analyzed and discussed during the composition process of this article and this thesis has formed a general theoretical basis for studying the securitification of assets. On such basis, the securitifications of assets in US, UK and Japan have been compared and analyzed in order to conduct a positive study of carrying out the securitification of assets in China and to bring forward the implementation strategy for securification of assets in our country. The major content in this chapter is as follows:First of all, a discussion is held from five aspects respectively, the securitification of assets is advantageous to deepen the structural reform of investment and financing of our country; the securitification of assets is advantageous to increase hot spots for consumption; the securitification of assets is advantageous to activate ill capital; the securitification of assets is advantageous to adjust the economic structure; and the securitification of assets is advantageous to safely and efficiently enter the international capital market. The strategic implication of carrying out the securitification of assets in China is summed up.Secondly, the ways for conducting the securitification of assets in our country are designed. The current feasibility basis for carrying out the securitification of assets in our country is analyzed; the difficulties for the implementation are pointed out; and the viewpoint that the securitification of assets in our country shall be implemented to the mortgage loan forresident housing, the fee collection for basic facilities and the accounts receivable resulted from exportation of these three kinds of capital as cutting-in points first and then from step by step earring out in a fall scale after having accumulated some experience is emphatically raised.Finally, the policy suggestions for implementing the securitification of assets in our country are put forward, including those suggestions as to how to overcome and reduce regulatory obstacles, technical obstacles and environmental obstacles.Aimed at the "bottleneck" phenomena that has occurred in the urban basic facilities in our country and the problem of severe shortage that is existing in investment and financing as well...