Conception On The Development Of Chinese Asset Securitization System

With the advance of global capital market抯 securitization, more and more attention has been focused on asset securitization as a rising financial instrument. Owing to highly developed economy, our country is in great demand of large amount of construction funds. The importation of asset securitization technology will certainly broaden present financial channels and solve the difficulties of fund shortage, which can promote the further development of capital market. However, in the course of actual operation, we must make clear that the development of asset securitization Can抰 be accomplished in one move, but gradually become mature with reform of the whole financial system and improvement of money market抯 basic facilities. Therefore, observation and re-orientation of general conditions of Chinese asset securitization will be an aid to healthy development of asset securitization in accordance with its rigorous structural standard. This thesis is composed of four parts. Part I begins with basic theories and introduces concept sYstem, nature, basic types of securities of asset secuntization and its financial innovation. Besides, it reviews the brief developing history of asset secuntization from the angle of chronological order, region distribution, etc. Part II highlights the importance of ~憇tructural standard?to asset securitization, and emphasizes that as an act of structured finance, the successful transaction of asset secuntization results from conforming to technological requirement of each link within structural standard. Based on part II, part Ill analyzes the general conditions of Chinese asset securitization. On the one hand, it affirms the positive effect of the importation of asset securitization technology; on the other hand, it points out that the general operation conditions has not yet become ripe, and negates two kinds of present bank asset securitization to be carried out. Part IV re-plans asset securitization system on the basic of structural standard according to Chinese actual conditions and structural features typical of structured finance. It puts forward a preliminary scheme as follows: profit right project of national basic facilities and payment project of high-quality trade will be regarded as the key asset types of present asset securitization; besides, means of transnational asset securitizaticn will be adopted to avoid all kinds of obstacles. At the same time, consideration must be given to both the construction of basic environmental system of asset securitization and the accelerating development of home loan mortgage market, thus gets ready for full implement of asset securitiization in China.