The Study On Theory And Practice Of Asset Securitization

Asset securitization is a kind of major financing technology of emerging in the tide of financial innovation. It is, in the recent 30 years, one of the most inportant and abiding financial innovations and financial instruments in the field of finance. With the deepening of the economic system reform in china and the acceleration of international economic process of integration, we should fully utilize the finance innovative instrument of asset securitization. It not only helps to reduce the slow assets rate of the financial institution in china, and improves their own competition, but also is favorable to the reform of the investment and financing system and the adjustment of economic structure in china. It will tamp the financial foundation and complete the financial system.The study on asset securitization in this paper can not only enrich the modern economic theory but also offer the effective theoretical direction for the process of asset securitization in china. It promotes the further study in this field. It includes nine chapters altogether in the paper.On chapter 1, the basis of the selected title, the present study and studying frames are introduced. The innovation and some conclusion of the paper are pointed out.On chapter 2, asset securitization is summed up. The conception of asset securitization is defined. The history and development of asset securitization are introduced. The purpose of the chapter is the analysis of the required environment of asset securitization. It produces and develops the foreshadow research for the follow-up chapter.On chapter 3, the procedure and theory of asset securitization are analysed. The chapter is one of the key part of the paper. Firstly, the introduction of the characteristic of asset securitization, the ideal asset Suitable for the characteristic of asset securitization, the operation subject of asset securitization and their roles in corresponding basic fundamental link are put forward. Secondly, the asset securitization impact on enterprise's capital structure is analysed. Finally, the asset securitization challenge to the structure theory of the capital is studied.On chapter 4, the credit theory of asset securitization is studied. It includes the function on the credit rank of asset securitization, the purpose and form the credit upgrades, the procedure of credit rating. After the study of the present assessing credit method of assetsecuritization. The suitable credit assessing method of asset securitization in china is put forward.On chapter 5, the return and risk of the asset securitization are analysed. It includes the analysis of macroscopical return, micro return and each participant, and also the risk of asset securitization. The macroscopical return means mainly the enhancement of the financial system efficiency. The micro return refers to the comparative advantage asset securitization financing. Participatant return is the return of the originator, investor and intermediary. Risk analysis refers to the impact on systematic risk of the finance.On chapter 6, law and accountant of asset securitization is studied. After introduction of the legal provisions and relevant supervision in the U.S.A., the legal defect of asset securitization in our country at present is pointed out. Such as "company law", "Assurance Law", operation seperately between bank and securities, the defect of accounting system. The corresponding countermeasure is put forward.On chapter 7, the bad asset in china is considered. In this chapter and chapter eight, the practice of the asset securitization in china is analysed. Asset securitization shoud be carried out in the bad credit asset securitization in china. Asset securitization can only play a restricted role in dealing with the slow asset. It can vitalize and flow the slow asset, but can not vitalize the low quality asset. So the key to the question is the choice to the slow asset and the way of securitization.On chapter 8, the mortgage-backed securities (MBS) is considered. Firstly, the home MBS is s...