| Asset-backed securitization is an important financial innovation beginning in America from the 70s of the 20th century. Because of its smart design, flexible style, Asset-backed securitization got the unprecedented development in the nearly thirty years. In America, the scale of the Asset-backed securitization market has exceeded the scale of company bond market and national bond market, and has been the biggest part of the bond market. Then this kind of financing style is applied widely in Europe, Asian and other regions. Asset-backed securitization has become an important trend of the development of the global finance.From the reformation and opening, the capital market in China has got a certain development. It has changed the one way financing style just only through finance medi-organizations and got the innovation in many facet of finance market. This change accelerated our economy greatly. But the function of the capital market is limited, and its efficiency is not satisfying. In such background, this paper analyses the particular financing structure of Asset-backed securitization, figures this kind of financing style will help to perfect the function of the capital market and improve the efficiency. There are four parts in this paper. The first part summarizes the theory bases of Asset-backed securitization. At first the paper explains the basic conception of Asset-backed securitization, based on concerning research outcome. Asset-backed securitization means the owner of the asset make to finance based on the calculable and stable future income of part of their assets through some special process. The second, this part figures the characteristic of Asset-backed securitization and analyses the difference between Asset-backed securitization and other financing styles based on the characteristic.The second part analyses the profit and risk of Asset-backed securitization. Through the analysis we can find that, Asset-backed securitization is good to the participants, it widens the financing channels for the capital demander and lows down the financing cost, then supplies the efficient style of the balance sheet management, it offers a kind of high credit, high fluid and high profit investment facility, it enhances the income of the investment banks, the credit estimate agencies and other finance medi-organizations and improve their service efficiency. Furthermore, Asset-backed securitization also brings outstanding macro economy impacts, mainly embodies in improving resource collocation efficiency of capital market and optimizing finance structure. But if we can not control the risk of the financing process of Asset-backed securitization, it will bring to fail in financing, and will come to social credit risk. This credit risk is bad to the development of the finance market and even the development of macro economy. These risks in the process of Asset-backed securitization include: the risk of the anticipation of asset pool future income, the risk of the low efficiency of the capital market, and the risk of the SPV's bankruptcy. The third part and the forth part are the cores of this paper. The third part discusses the feasibility of developing Asset-backed securitization in China. At first this part figures the necessity of the developing Asset-backed securitization for us. Currently the banks' capital abundance rate is too low, the rate of the transformation from saving to investment is low, the finance structure is far out of balance. Asset-backed securitization can ameliorate this situation in certain degree. So it is necessary for us to fulfill the Asset-backed securitization. Second, this part analyses the advantageous condition and the problem faced when we put Asset-backed securitization into practice. In the advantageous condition, we have the success experience of Guangdong- Zhuhai Freeway Company, China Ocean Shipping Company and China International Marine Containers Ltd.' s off-shore Asset-backed securitization. In 2001, the issue and fulfill of Trust Law clears the lega...
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