Research On Securitization Of Our State-Owned Commercial Banks' Non-Performing Assets

It has realistic meanings for our country's state-owned commercial banks that probing into non-performing assets' securitization (NPAS). As a kind of new way which can transform non-performing assets into the markets completely, NPAS makes a large amount of non-performing assets flowing, solves the heavy burden effectively that state-owned commercial banks face at present, reduces the risk of the bank's credits, raises the capital adequacy and promotes the reform of the state-owned commercial banks. This paper analyses state-owned commercial banks' NPAS from theory and practice. In theory, regarding the particularities (compares with securitization of ordinary credit assets) of NPAS as the core, after introducing general meanings, history and features of NPAS, it proposes the particularities that are transaction structure, credit enhancement, true trade and risk. These are main problems that must be dealt with during NPAS. In practice, firstly it introduces the reasons and the current situations of state-owned commercial banks' non-performing assets, then analyses the necessities of implementing NPAS. After analyzing three cases of NPAS, which have been finished in our country, it proposes the operation model on NPAS that our country's state-owned commercial banks carry in the future. The model is that we set up independent special purpose vehicle. So it is necessary that making special regulations on NPAS. Finally it analyses the problems and solutions that our country faces during NPAS at present.