The Economics Analysis Of Assets Securilization

In recent years, great changes have been taken place in the global financial market; new financial product and techniques have come into force constantly, which put forward new challenges to the traditional financial activities and new requirements for the management of the financial authorities. Assets securitization, a financial innovation tool with the fastest development in recent global financial field, is the combination of securities techniques and financial engineering technology. From the dynamic and static sense, the so-called assets securitization is a process that constructing and changing the stock assets and the foreseeable future incomes of the original rights into financial products which are able to sale and circulate in the capital markets. It is not only a financial product innovation, but also an innovative financing structure. Assets securitization which is based on assets is an income-oriented way of financing, and the sponsors, issuers, services, investment banks, credit organization, and the credit rating agencies participate into the process of securitization. By providing two levels of credit, credit of asset itself and derivative credit, and technologies, such as bankruptcy remote and credit enhancement, the asset securitization converts the assets into the securities to meet all the different needs of the participants and to improve the efficiency and the development of the financial markets.On the study and practice of assets securitization, many domestic finance scholars have written works and made great achievements. Comparatively, the theories and the practices of assets securitization in foreign countries are both more deep and mature than those in China. Most of the domestic finance scholars, combining the financial condition in China, only described the phenomenon of assets securitization and discussed its function generally, which lacks an in-depth, particular and overall study on its essence and effects. In fact, each financial product is an economy activity. We can analyze its causes and effect from the economics angle, thus prove the rationality and necessity of its existence. Only reasoning from the theory of economics can we find the suitable financial market for its development and keep carrying out and promoting this financial product. Analyzing the theories and the practices is conducive to use the experiences of foreign assets securitization for reference successfully, and thus can promote the healthy development of China's assets securitization.The innovation of this passage is to define the concept of assets securitization with the theory of Karl Marx's interest-bearing capital and loan capital development, and at the same time, point out the in-depth system causes of assets securitization to reveal the changes arouse by its best system; from fluidity, to analyze the important role that asset securitization plays in improving the capital efficiency and resource allocation efficiency, as well as risks elusion; to analyze its value increment procedure; through the interpretation of assets securitization among the economics theories, to provide academic support for its operation, thus define the basic concept of assets securitization in economics and modern finance angle to express its essence. Through the analysis of the present legal, tax, accounting and credit system in China, put forward the countermeasures of carrying out assets securitization in China. The operation of assets securitization in China has just begun and needs exploration. It lacks not only experience, but also environment to carry it out. There is still a long way for its localization.