Research On China's Asset Securitization

The U.S. subprime loan crisis not only give the U.S. economy the greatest degree of damage since the Second World, but also effect the whole world.Along with the growing negative impact of the U.S. sub-loan crisis,asset securitization has become the focus of the challenge-Shall we still continue to carry out asset securitization business? How to carry out asset securitization business better? They have become the questions that the theoretical circles and practical circles eager to concern and explore. The answers to these questions determine the fate of the asset securitization in the whole of the financial system, but also determine its future path of China. In this context of international economic, research on issues related to asset securitization for the development of China's asset securitization has a very important theoretical and practical significance.The asset securitization that originated in the 70s is considered as the most significant and the fastest financial innovation in the last 40 years. Compared with the United States, Europe and other developed market economy countries and emerging market economy countries in Asian, China's asset securitization started later, has not yet entered a substantive stage of development, there was a significant gap between the international level, it has also a huge potential asset securitization market in china is not in harmony. Asset securitization as an important financial innovation in China is still in the exploration stage. The securitization of credit assets is now in the second phase of the pilot, and due to credit enhancement, risk isolation and many other reasons, the development of ABS stopped after the first phase of the pilot.In addition to the negative impact of the U.S. sub-loan crisis, china's asset securitization is faced with the policy and system's double-bottleneck. China's path of asset securitization can be a long way to go.This article is designed to analyze deep related issues in the development of china's asset securitization by researching on the basic theory, international experience, the course of development and innovation in china' practice of asset securitization. Combined with China's national conditions and the successful experience from abroad, the article will give a number of useful policy recommendations and reform measures for healthy and continuous development of China's asset securitization.This article is divided into six parts:Partâ… , introduction. This part described the research background, and give a brief overview of the theory of asset securitization both at home and abroad. This part defined the research direction and line of thought, and pointed out the innovation and the lack of this article.Partâ…¡, the basic theory of the asset securitization. From the concept, connotation, mechanism, classification, participants, operational processes and structure of asset securitization, this part described in detail the basic principles of asset securitization.Partâ…¢, the history and the status quo of asset securitization. This part summed up successful experience of asset securitization in the United States, Europe and other developed market economy countries and emerging market economy countries in Asian. The practical experience of asset securitization in countries in the world not only gived china some useful reference, but also provided the choices of diversification for the development of china's asset securitization. Based on international experience, this part analyzed deep the practice of china's asset securitization, pointed out the main problems.Partâ…£, the legal and regulatory issues of china' asset securitization. This part analyzed deep and comprehensive the legal and regulatory issues of china' asset securitization.Partâ…¤, the accounting and tax issues of china' asset securitization. This part analyzed deep and comprehensive the accounting and tax issues of china' asset securitization.Partâ…¥, the pricing of china's asset securitization. This part introduced several major foreign pricing models of asset securitization, and analyzed the advantages and disadvantages of each model, and then, according to china's actual conditions, analyzed the factors that impacted on the pricing of china's asset securitization, and finally chose the pricing model of asset securitization for our country.Part VII, the future development of china's asset securitization. This part analyzed the great significance of development of asset securitization in China, and pointed out the necessity and sufficiency of the development of china's asset securitization at this stage. In order to solve the main obstacles in the development, the article put forward specific policy recommendations and reform measures.