| The main problem of economy is how to optimize the allocation of limited resources. The core function of finance system is exactly to optimize the resource allocation therefore motivates the development of economy. Compared with the economic reform and its great achievements, China's financial reform started late and the restructuring of finance system is lag. Overall, China's commercial banks still account for a major status in financial system, the scale of indirect financing system represented by commercial banks is much larger than the scale of direct financing system represented by capital market. Although lots of commercial banks achieved "docking" with capital market by restructuring and listing, the liquidity of instruments in banking deposit and lending market is far from achieving effective "docking" with the liquidity of innovation instruments in capital market, and the credit risk of indirect financing system till accumulates, precipitates and concentrates in commercial banks which leaves hidden danger in China's financial systems. Asset securitization is a modem financial innovation to resolve the danger which can merge the liquidity between indirect financing system and direct financing system. Asset securitization developed first in the world's most modern financial system of the United States as the times require. After 40 years of development, Asset securitization has become one of the key financial instruments in bond market in well-developed financial system and plays a very important role in optimizing resource allocation.From Sanya real estate investment securities in 1992 to first mortgage backed securities with the pilot significance issued by China Construction Bank ("CCB") and China Development Bank ("CDB") in 2005, the study and practice of asset securitization in China has made many constructive results. However, the mortgage backed securities trading was limited activity, which lead to no investors shows interest to mortgage backed securities. Further impacted by credit crunch, China mainland even temporarily stopped any practice on asset securitization. So far asset securitization only takes minor position on domestic security market with its resources allocation function undervalued. The result of asset securitization in China is substituting the poor liquidity's assets for the poor liquidity's bonds, which does not actually achieve the goal of "liquidity" across the market on a large scale. Serious lack of liquidity is the main constraint in China's development of securitization. Therefore, in order to transform the lack of liquidity credit assets in indirect financing system to liquid bonds in direct financing system, improving the liquidity of asset securitization is necessary.Improving the liquidity of asset securitization in practice depends on theoretical research results. However, the importance of the liquidity of asset securitization is not realized deeply in general domestic research at present, and there is not systemic research contra poses the liquidity of asset securitization. Simultaneously, scattered domestic researches present characteristics of researches only on the local ignoring the overall. Research only on the local ignoring synergetic nature of system is insufficient for asset securitization which is a systemic finance project with the internal synergetic nature of system, and the whole study of the liquidity should base on the view of systemic synergy. Asset securitization could be regarded as an open system which bases on the liquidity of finance assets and consists of a few sub-systems which are originators, intermediaries, market, regulatory and institutional arrangements departments. Renowned professor of theoretical physics Haken present open systems far from equilibrium under certain conditions could form an orderly structure synergistically.In synergetic perspective, whether the operation of asset securitization is successful depends on synergetic effect between these sub-systems, but synergetic effect between sub-systems of asset securitization concentrated reflects the liquidity of asset securitization. This paper based on existing research results in the perspective of systemic synergy by using synergetic, systematic, finance and some other correlation theories focus on the topic of the liquidity of asset securitization deeply discus from following aspects:(1)Study on the system synergy nature of asset securitization liquidity. Based on asset securitization's systematic and synergetic analysis, verifies the exact nature of systematic and synergy of asset securitization liquidity, reveals the importance of enhancing the asset securitization's system synergy which promoting the scale and cycling development of asset securitization, states market basement, instrument innovation and risk management are the three main factors of asset securitization liquidity's system synergy, and builds up the model in theory of asset securitization liquidity under synergetic view which is a creative frame in theory for relating research as a final conclusion in order to solve the problem of how to recognize and understand asset securitization liquidity.(2) Study on the factors of asset securitization liquidity's system synergy. This essay studies the connotation, composition and impact on asset securitization liquidity's system synergy of market basement, instrument innovation and risk management, points out that enhancing the asset securitization's system synergy need synergy both between and within the three main factors, studies how the synergy both between and within the three main factors should be under the liquidity objectives, and solve the problem of how to enhance asset securitization liquidity's system synergy.(3) Measurement of asset securitization liquidity under synergetic view. Through application of fuzzy comprehensive evaluation method and grey relevance method, this essay sets up general measurement indexes and evaluation model of asset securitization system targeted upon improvement of liquidity, using Matlab tests the validity of the model, and makes a preliminary study on comprehensive evaluation model of asset securitization liquidity's system synergy.Through the above research, this essay realized the following innovation:(1)Try to study on asset securitization liquidity with the theory of system synergy. Based on system synergy perspective, this essay argues that asset securitization liquidity system is an open self-organization system far from equilibrium, the emergence of asset-backed securities was the result of asset securitization system from disordered state to orderly state mutations which accord with the general law of non-equilibrium phase change under synergetic, and makes comprehensive study on asset securitization liquidity using theory of system synergy. Study on financial or asset securitization using system synergy theory is unusual. This essay proposed a new perspective and introduced a new theory path for asset securitization liquidity study.(2)Try to reveal the system synergy nature of asset securitization liquidity. Based on asset securitization's systematic and synergetic analysis and system synergy perspective, this essay argues the system synergy nature of three levels of asset securitization liquidity, verifies the exact nature of systematic and synergy of asset securitization liquidity, studies how the synergy both between and within the three levels of asset securitization liquidity should be under the liquidity objectives, and makes the first attempt to build a synergy evolution model of asset securitization liquidity under system synergy perspective. This essay provides a new analysis framework for study on asset securitization liquidity.(3)Try to set up comprehensive evaluation model of the system synergy of asset securitization's liquidity. Based on the study on three main factors of asset securitization liquidity's system synergy, this essay sets up a comprehensive evaluation model of asset securitization's system synergy, provides a new tool for comprehensive evaluation the overall effect of three main factors of asset securitization liquidity.
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