| Commercial Banks face many risks in the process of management and operation, while the credit risk is one of the main risks. Before the appearance of Asset-Backed Securitization and Credit Derivatives, Commercial Banks can only hold the loan to the due date and fell back date after offering the loan. The main management modes are investigation before loan, supervision after loan, decreasing concentrative degree of the credit loan and so on. But the naissance of Asset-Backed Securitization and Credit Derivatives cause the flexibility of Credit risks management increasing greatly, which can transfer credit risks of the loan based on the management of itself asset portfolio. What's more, a great many of Non-bank financial institutions also obtain new investable channels, which boosts the breadth and depth of Financial Market. Based on it, research into the mechanism of Commercial Bank Credit Transfer detailed and comprehensive undoubtedly has the crucially academic and practical signification to enhance the Credit Risks Transfer ability of our Commercial Banks and promote the development of our Credit Risks Transfer Market.In view of most analysis into the Credit Risks Transfer Mechanism of Commercial Banks rests on the intuitionistic representation, which lacks scientifically academic analysis, the scientific study to the arisen background in this market and the investigation into the objective conditions which promote largely the financial system. In this paper, the market mechanism is the core and the research greatly bases on three aspects as below: (1) the main of Credit Risk Transfer Market Transactions and the interaction;(2)the Risks Transfer Mechanism of Credit Risk Transfer Instruments(Asset-Backed Securitization and Credit Derivatives); (3) The Supervision Mechanism of Credit Risks Transfer Market. The paper is divided into eight chapter and the main contents are as below.Chapter 1 is the introduction including the the background of this paper's topic and the theoretical and practical significance of this research, domestic and abroad research situation and simple review of the present research situation, the idea of this paper and the main contents of each chapter. Chapter 2 is the theoretical basis of the credit risk transfer research, including the content, characteristics and causes of the credit risk, the common methods of the credit risk measurement, the characteristic and the path of transfer of credit risk transfer, as well as the reviews of the relevance theory. Chapter 3 is the analysis of the principal part in credit risk transfer market, including the analysis in the development background, characteristics and development trend of the market, the game theory analysis of the transaction's motives of the main market players-commercial banks, and the analysis in the market behavior and its interaction of commercial banks and other participants (the recipient of credit risk) from the perspective of information asymmetry. Chapter 4 is the analysis of the financing credit risk transfer and its mechanisms, including the concept and the general characteristics of Asset securitization, the theoretical basis for the operation of asset securitization, the main participants and the general process of commercial banks' Asset securitization as well as the mechanism of risk transfer. Chapter 5 is the analysis of the non-financing credit risk transfer and its mechanisms, including the types of credit derivatives and the development of present situation and development trends of credit derivatives; the main participants in the credit derivatives market; the characteristics of credit derivatives; the main impact of credit derivatives on the micro-economic and the macro-economic, and finally elaborating the risk transfer mechanism of credit derivatives from two aspects which are the risk-sharing mechanisms and price discovery mechanism. Chapter 6 is the monitoring mechanism of the commercial banks' credit risk transfer, including the need for supervision, as well as the purpose and principles of supervision; the general regulatory measures of the world in credit risk transfer market, that is, capital regulation, restrictive clauses and information submitted as well as the supervision and guidance; the analysis in regulatory measures of some representation areas including the United States, Britain and Hong Kong. Chapter 7 is the Suggestions for China's commercial banks to improve the credit risk transfer, including the United States sub-mortgage crisis since 2007, and its the significance warning for China; potential problems of China's commercial banks dealing in credit risk transfer market, finally, to solve these problems, discussing how to effectively develop the the asset securitization market, how to positive promote the development of the derivatives market from two levels of macro-and micro and our regulatory authorities how to improve the regulatory mechanism of the credit risk transfer market behind on the Background of global financial crisis.Chapter 8 is the summary and the research prospect, including the review of full text research contents and the refinement of the innovation of this paper as well as pointed out possible problems in the theory and empirical research, finally forecasting the direction and focus in this research field.In this paper, the points of innovation are as following: Firstly the the Research mentality in this paper is choicing the market mechanism as the core factors, which is the basis of following analysis on CRT market, behavior and interaction of the main organizations involved in, as well as trading tools in the market which are the asset securitization and credit derivatives.Secondly, the research on the main participants in the market in this paper, is based on the information asymmetry perspective of credit risk transfer market.Thirdly, the research on the the tools in the transaction is following this Mentality: from the general discussion of assets securitization to explore the the role of asset securitization theory, and to explain its core mechanism -the risk of isolation system, based on above explanation to discover the mechanism of the asset securitization in the process of credit risk transfer; though the classification of credit derivatives and based on the principle of the transaction to discover the the mechanism of the credit derivatives in credit risk transfer from the risk-sharing mechanisms and price discovery mechanism.
|
PDF Full Text Request