Construct China's Supervision System Of Asset Securitization

Since the 20th century securitization of financial assets as the most important vitality of innovation in financial markets, on one hand, which has provided a broad space for property law's development, also provides a new means and methods for the people of property on the market value of the re-use, promotes economic development and prosperity;On the other hand, finance innovation mode made more challenging for the market economic rule of law in the process.Broadest sense, asset securitization can be divided into Financial Asset Securitization and the Real Estate Securitization. In practice, generally deal with asset securitization, the strictly speaking refers to financial institutions or companies will keep all their assets into one kind securities form of a flow of sales and market phenomenon, mainly the mortgage securities into a representative, recently extend loans to financial institutions or corporate debt receivables and other operating assets.Strictly speaking, generally addressed when refers only to financial asset securitization.Since China currently only allows financial institutions to implement asset securitization, in short asset securitization will be turned into a narrow understanding which different from the real estate securitization.The outbreak of the U.S. sub-prime mortgage crisis has exposed the U.S. mortgage securitization market, which have serious problems, can not help but let us generate the advantages of asset securitization called into question: How is the asset securitization works? But whether in practice there is a greater potential risk? How to strengthen the supervision of the associated risks? As the asset securitization is a participation in the main large complex structures, a high degree of market-oriented financial innovation projects, the risk is more complicated, not only on the risk of operational processes, as well as the external environment caused by the securitization of credit risk, liquidity risk and so on. After 90 years of the 20th century asset securitization in China although there is some development, but it is still in its infancy, China for the theory of asset securitization has not entered a deep level. Therefore, on one hand, we should recognize the economic benefits of securitization,on the other hand,at the same time we should be correctly recognizedthe the real risks of securitization do preventive work. In view of China's financial markets, legal environment and social environment was not perfect, in the present circumstances, indepth study of China's financial asset securitization of risk management has important theoretical and practical significance. In risk regulation,I also consider that it necessary to further clarify the basic operation of asset securitization principles and inherent risks, and its implementation of the "incentive compatibility" of the legal and regulatory framework, better protection of the rights of investors and promote economic development. and puts forward in our country to establish an effective monitoring system of preliminary ideas.