Study The Securities Of Non-Performing Loans Of Our Country's Commercial Banks

At the beginning of 2005, the State Council has agreed that State Development Bank and Chinese Construction Bank carry on the pilot project of credit assets securitization respectively. on April 22 , 2005, People's Bank of China and China Bank Regulatory Commission issued formally " the management of the pilot project of credit assets securitization", which have offered a preliminary legislative basis for pursuing the assets securitization in our country。Though the pilot project of the credit assets securitization has already begun in our country, there are a lot of problems, which worth studying, and non-performing loan securitization will face more problems because of its own special attribute, but it cannot bind up the development of NPLS in our country. our country have the condition of NPLS.The author attempts to embark on the research from the basic theories of asset securitization, through profiting from the experience of foreign which handling non-performing loans by asset securitization, combining our country's current national condition, proposing a complete implementation frame for our country commercial bank of NPLS. First, the author reviewed the related literature of asset securitization, explained the connotation and the economical significance of asset securitization from many angles, analyzed several essential technologies of asset securitization through using the enterprise financing theory, the financial theory, the system economic theory and the law of averages, constructed a flow chart to analyze the structure and the flow of the operation of asset securitization; Then the author analyses the overseas development tendency as well as the overseas concrete procedure of non-performing loans securitization, proposed several enlightenment; Once more, the author analyzed our country's feasibility of NPLS, then elaborated emphatically the operation thought of NPLS of our country commercial bank: Regarding the establishment of SPV, thought that it most suit the our country current national condition current through pouring the capital to adopt company SPV the pattern in our country by the national property management company, and elaborated how to construct and manage the property pond, put forward many kinds of ways of credit enhance for non-performing loans, thought it is the best choice that the product of NPLS is designed for CMO, the senior bond adopts the public issue, the secondary bond adopt private issue. Finally, this paper quite comprehensively summarized the current main difficulty that our country commercial bank which faced during the process of NPLS, and aiming at these difficulties, the author proposed some feasible countermeasures.