Research On Credit Assets Securitization

Asset Securitization has been one of the most important financial innovations since the 1970s. It transfers the asset that is lack of liquidity into liquid securities through structuring a series of trades in order to obtain capital and improve the structure of assets and liabilities. After 30 years development, Asset Securitization has become one of the most important financial means.With the deepening of the reform of financial regime, the speeding up of the process of China's entry into WTO and corresponding arrival of competition among commercial banks between China and other countries, it has become the urgent task of China's financial theory circle to explore and build effective approach to solve the problem of "Three Characters", particularly the liquidity problem and to reference and introduce some new asset managerial style and managerial ideology. At the same time, it demands state-owned commercial banks to reform and innovate boldly their assets managerial action including managerial style, content and object while some issues like widening the channel of raising money have got increasingly important.This thesis consists of four chapters:Chapter 1 aims to give the basic analyssis of asset securitization theory. This part firstly gives the definition of loan securitization according to definitions of asset securitization in some countries and our country. Then the paper introduces characters ,basic rules and operation principle of asset securitization. At last this section analysizes the income and risk of loan asset securitization.Chapter 2 : Experience and Reference from abroad. This part introduces the experience of many countries such as the United States, England, France, Germany, Japan and Hong Kong who successfully solve their problems by means of securitization and refines something profitable to our securitization from them.Chapter 3: present conditions of our loan securitization. This section analysizes present condition of the Chinese banking sector. Now the Chinese banking sector confronts with many serious problems. By means of securitization, to some extent, banks could realize their goals of reform and alleviate pressure from home and abroad. This part discusses the strategy meaning and the feasibility of loan securitization in many ways. It concludes that loan securitization can be carried out in out country.Chapter 4 offers a framework of how to design asset securitization. This part firstly analysizes the trade model of credit asset securitization. By combining with analysis ofthe above, I educe the best credit asset securitization model for China-mortgage-backed asset scuritization(MBS). Regarding MBS as the example, I design asset securitization and put forward some other proposals on credit asset securitization.