Asset Securitization And The Application In China

Asset Securitization is one of the most important financial innovations in the international finance field in the last three decades, the rapid, broad scope of speed that it develops makes people focus attention. From the mortgage loan of real estate to the development of the market of consumer credit, from bank trade improvement management to enterprise, extend financing channels, show the advantage of asset securitization invariably. It has round each kind of superintendence for financial trade successfully with the perfect design arrangement of trade structure, flows to participate in the different aspects mobility and steady cash that has offered asset, lower risk and cost and realization scale the various benefits such as economy, have promoted financial market to not intermediary direction development.This paper attempt all-sidedly introduction asset securitization the basic principle and running process and concept, explain its intension simultaneously from institutional economics angle, and discuss emphatically in which the two most key essential factors, the measure problem of profit and risk. Additionally, for asset securitization in the specific problem that our country is faced with for popularizing application, the practice experience of the author of referring to abroad and the superintendence environment of combination our country are put forward concerning suggestion and countermeasure. Article divides into 5 parts totally:The first minute have elaborated asset securitization in detail the financing characteristic and concept, have introduced the research present situation and its theoretical foundation abroad for asset securitization, and for asset securitization the general running process explain;Asset securitization as the financial innovation of profound a meaning, it is very important that the research in its institution changes course take affect for the reference of our country, in second part the author attempt from institutional economics angle for asset securitization is its institution foundation and institution deep the anatomy of level, include supply and demand etc. aspect, have analyzed asset securitization emphatically with the visual angle of theory of property right the cost and profit;Asset securitization the most key purpose realize securitization risk essential factor and theprofit of asset split and reshuffle, therefore profit and risk measure decide a asset securitization greatly the success or failure of project, the paper part of 3rd and 4th is the main part of paper, value, quantitative analysis and the comparison for its different aspects profit are evaluated with risk produce reason and measure method and how to avoid etc. content difference discuss;The part of 5th is on the foundation in above research, is analyzed under the present institution environment of our country, implementing asset securitization the option of obstacle and asset and trade form problem, and for corresponding macroscopic supplemental measure have made preliminary discuss.There are two innovations in this paper, the author utilizes trade cost theoretical, institution changes theoretical theory of property right in institutional economics in the analysis for that finance derives product, better annotation asset securitization the economic intension; Combining Chinese actual condition, the author has given the securitization for option to asset and its trade pattern, accordingly, raise its operability greatly.