A Study About Model, Pricing And Supervision Of Asset Securitization In China

The exploration of asset securitization in China began in the 1990 s.The first similar asset securitization product was issued in 1992.But until 2005 China issued the first real asset securitization product.From 2005 to 2007,it was the first stage,and the pilot scale was 15 billion yuan,but the actual issue was 18.77 billion yuan;in 2007,due to the financial crisis,China stopped the second phase of the securitization,and the pilot scale was 60 billion yuan,but the actual issue was 48.01 billion yuan;from 2012 to now,it is the third phase,and the first amount was 50 billion yuan.China is gradually entering the "new normal" state.In the face of complex situation and many challenges,the government puts forward that "the use of incremental,revitalizing the stock,the financial industry supports the economic restructuring and transformation and upgrading".Asset securitization is an effective tool and has the following four special significance to China: 1,to improve the efficiency of the use of stock assets,and to alleviate the serious shortage of liquidity;2,to promote China's investment and financing system reform and financing structure adjustment,and to coordinate the development of financial markets;3,decentralized financial risks,maintaining financial stability;4,to promote economic restructuring and industrial upgrading,enhance endogenous growth momentum.Based on the analysis and draw lessons from the experience of foreign asset securitization markets,this paper analyzes the product model,rating and pricing and supervision of asset securitization in China,and puts forward some suggestions on the basic theory of asset securitization.This paper mainly includes the following three parts: 1.Research prerequisite and foundation,including introduction,literature review and theoretical basis,and there are three chapters;2,Focusing on the core content,including asset securitization model,pricing,supervision and some functional empirical analysis,and there are a total of four chapters;3,countermeasures and suggestions,there is one chapter.This paper is divided into eight chapters,and the main contents are as follows:Chapter 1 "Introduction".This chapter first explains the research background and significance of asset securitization,especially expatiates on the special significance of asset securitization to China.Secondly,it defines the scope of asset securitization,clarifies the characteristics of asset securitization,and the difference with the traditional financing methods.Thirdly,according to the traditional theory,the asset securitization products are classified according to the different contents of the basic assets and the transaction structure,and defines the asset securitization products.Finally,it is a brief description of the research content and innovation.Chapter 2 "literature review and theoretical basis".This chapter is a prerequisite and basis for subsequent research and analysis.First of all,through the analysis of domestic and foreign literature,revealing the results,conclusions and shortcomings of the previous research on this issue,and summarizes the current situation of asset securitization research.Then,through the analysis of the basic principles,motivations and operating mechanism of asset securitization,this paper furthers analysis of production,development and operation of the theoretical basis for assets securitization.Chapter 3 "Comparative Study on Foreign Asset Securitization".In particular,the development of asset securitization in the United States,especially earlier,has accumulated many contradictions.This requires analysis and learn from foreign experience.From the first to four section of this chapter,according to the development process,the chapter discusses the products,mode of operation and supervision in the United States,Europe and Japan.And the fifth section points out the enlightenment from foreign practice.Chapter 4 "The three models of asset securitization products in China ".China's asset securitization market,according to the different regulatory authorities,divides into three models.The first section of this chapter is a comparative analysis of the three models;the second,third and fourth section analyze the three models one by one,and give a case description at the end of each section on the corresponding model.Chapter 5 "Asset Securitization Product Rating and Pricing".First,this chapter analyzes the prerequisite,the credit improvement.Secondly,discussing the credit rating.Finally,through the combination of theory and practice,the paper analyzes the final result of the above work---the pricing problem,and gives the suggestions for the actual situation in China through practical cases.Chapter 6 "Asset Securitization Supervision".First of all,this chapter discusses the regulatory contents of asset securitization.Secondly,from the international perspective,this paper discusses the provisions of the Basel Accord on asset securitization.Thirdly,from the domestic perspective,this paper analyzes the current situation and system of asset securitization in China.And finally it discusses the future trend of China's asset securitization supervision under the "new normal".Chapter 7 "Empirical Analysis of the Effect of Asset Securitization on Commercial Banks in China".The first section,the theoretical analysis of asset securitization function;the second section,through the 2012 China's asset securitization,makes an empirical analysis on the impact of credit asset securitization on the profitability of China's commercial banks.Chapter 8 "Countermeasures and Recommendations".First of all,in view of China's asset securitization process,putting forward a comprehensive strategy.Secondly,the author puts forward some suggestions on the model,rating and pricing of asset securitization,and the problem of supervision.The innovation of this paper:First,I think the securitization of credit assets should be the main body of asset securitization for a long time in China.First of all,the credit financing through the banking system in China occupies an absolute dominant position,which means there will be a big potential securitization market.Second,the securitization of credit assets is an effective way to solve the problem of continuous improvement of bank liquidity regulation standards from Basel Accord.Again,the quality of CLO is relative better than the other two models' basic asset quality.Finally,because our stateowned banks are the main body of the banking industry,this institutional advantage allows regulators to effectively control the relevant business risksSecond,improving and innovating the model of supervision.By comparing the foreign asset securitization supervision system,absorbing the international successful experience dialectically,and gradually improving the existing asset securitization supervision system,we achieve the unified supervision of asset securitization step by step.First of all,in view of China's industry supervision system,it is difficult to change in the short term.So we can try to set up a special asset securitization coordination and regulatory agencies to achieve the goal of setting up a unified supervision system in assets securitization industry.Secondly,the abovementioned regulatory department should introduce the relevant management measures,and gradually unify supervision system.And then,on the basis of the above two points become normal,one specialized asset securitization department should be setup.Finally,at the legal level,the special legislation about asset securitization and the relevant supporting laws and regulations should be introduced.Thirdly,using the data of CLO(Collateralised Loan Obligation)after the restart of securitization in China,this paper analyzes the impact of credit asset securitization on the profitability of China's banks and points out that the degree of asset securitization has no significant effect on the profitability of larger banks,but has a significant positive impact on the smaller banks.The shortcomings of this paper:First,there are various forms of asset securitization innovation,and this paper mainly studies the basic theory and practices of asset securitization.Asset securitization,as the most important financial innovation in the late twentieth Century,maintains the sustainable development of theory and practice.It is a pity for me that I did not put forward the innovation of theory and practice.I also hope that we can continue the research of this subject in my future study or work,so as to accumulate more research results,and to enrich this research.Second,this paper is based on qualitative research than quantitative research.One reason is due to the nature of my study.The other is that the form of asset securitization in China is very small,and the available data is scarce,which makes the quantitative research very difficult.Of course,the most important is that my research on asset securitization and my research ability are not enough.