Study On The Application Of Asset Securitization In Our Country

Because of the impact of unit-banking system, financial regulation,, financial risk and so on, the asset securitization emerged in late 1960's in America. As the most important financial innovation and fastest development financial instrument in the financial domain, asset securitization changes the traditionally finance operational model. The essence of assets securitization is, by some structrual arrangement, turn the properties which are scare liquidity but can produce predictable and stable cash flow to the securities which are able to be sold and circulate in the capital market. Being a new financing style, it's characteristics are structured , off-balanced, income conducted and low cost. Asset securitization can raise the liquidity of property,, strOngthen the business's management ability of accounting, perfect the structure of capital market, improve the operational efficiency of financial market , promote the division of labour of financial system. But, because of the problems of "study phrase hypothesis" and "disaster short-sight hypothesis", asset securitization also adds the risks of financial system.Through careful analysis, the author think it is necessary and possible to carry out asset securitization in china. There are also supply and demand to the asset-baceked securities in china. At present, the scale of housing mortgage loans and infrastructure item loans are considerable. Their cash flows are also comparatively stable. They are suit to be securitized, so they can supply the asset-backed securities to the investor. On the other hand, the investment fund grows rapidly and the personal savings are also very large, so the demand to ABS is very large. Moreover, under the pressure of keeping and raising value, the commercial bank, insurance company , social insurance fund are postively finding new investable chances. With the pace of direct-to-stock market being more quick, the agency investors are to be main demander of ABS. The reasons of necessity to carry out asset securitization include: one, be advantageous to push the development of state-owned enterprises; two, be advantageous to improve the management of financial department; three, be advantageous to speed up the growth and perfection of capital market; four, be advantageous to enlarge the demand and stimulate the growth of economics; five, be advantageous to adjust the structure of economics and promote the upgrade of industry. The possibility to carry out asset securitization includes: one, macroeconomical and microeconomical bases have been established; two, the fund source has been provided; three, there are comparatively mature agency and3individual investors; four, the medium agencies are more and more perfect and can supply service for asset securitization; five, there is miniature of successful case. At the same time, the author analyze the institutional obstacles in the process of asset securitization, for example, the set-up of special purpose vehicle, the confirmation of true sale, the execution of credit mortgage, the rule of accountant and tax, the environment of market and so on. Also, the author raise his suggestions to those obstacles.In the third part of the thesis, the author point out we should choose the housing mortgage as the breakthrough point in our country. Why? The author consider: the credit of bank's non-performing loans are very bad, they can't produce predictable and stable cash flows; the scale of bussiness's accounts receivable is not very large; the successful experience of infrastructure item loan securitization is rare. On the contrary, the housing mortgage is in line with the character of securitized asset. The housing mortgage loan securitization can not only collect fund for the realestate industry but also promote the economical growth of our country. At end of this part, The author compare the housing mortgage securitization in America Australia Canada and HongKong, sum up their experiences and the enlightenment to us.At last, the author work out a plan which be composed of the setting-up...