The Research On Choosing Basic Asset Of Credit Asset Securitization In Our Country

In recent years, credit asset securitization has become a hot topic that financial theorists discuss. The theorists reach the consensus nearly, that credit asset is the basic asset most suitable for securitization at present in our country. But the content of credit asset is very broad, specifically including housing mortgage loan, infrastructure project loan, auto loan, lease and trade receivable income, credit card receivable, etc. So choosing the qualified basic asset become the logic beginning of credit asset securitization naturally, that not only involves whether products of credit asset securitization can be issued on the primary market smoothly, but also relates to liquidity of the product in the secondary market and investor's investment risk.This thesis regards choice mode of basic asset of credit asset securitization as study entry, using the relevant principles in disciplines such as economics, finances, investments, financial engineering, theory of probability and mathematical statistic and commercial bank management, etc., drawing lessons from analysis tools and research methods of predecessors, through summarizing relevant concepts and principles, earning and risk of credit asset securitization, outlines a general definition of credit asset securitization and draws importance of choosing basic asset of credit asset securitization on this basis. The thesis considers the alternative modes of choosing basic asset of credit asset securitization in our country at present concluding securitization mode of housing mortgage loan, infrastructure project loan and non-performing loan, then makes an in-depth analysis on four aspects, i.e. stock scale, cash flow, being reorganized or not, clarity of credit grade, and summarizes the superiority and inferiority of all alternative modes on the basis. Subsequently on the foundation of comparing the superiority and inferiority of all alternative modes in our country, referencing successful experience of credit asset securitization in developed country, combining economy and finance developing reality of our country at present, it obtains most suitable mode of choosing basic asset of credit asset securitization in our country.