The Study Of Asset Securitization To The Bad Property Of State-owned Commercial Banks

In the recent 30 years, the asset securitization has become one of the most important innovations the international financial field. It is a process in which the original rights person collets the assets lacking in mobility, while being able to produce foreseeable and stable cash flow, and converts them into the portfolios sold and circulated in the financial market to circulate funds.Today the huge bad property of the state-owned commercial bank has become a threat to the safety and the normal circulation of the national economy. With China's joining the WTO and the development of our commercial banks' marketing strategy, to deal with the bad property has become an urgent and significant task. In view of the characteristics and advantages of the asset securitization, the asset securitization to the bad property is a novel method to solve the problem. At the same time, it could strengthen the mobility of the bad property promote the stable the management, dispel the financial risk, and keep the national economy developing in a continuous, fast and stable way. The body of this thesis is made up of five parts:Part one introduces the research background and its practical significance, the status quo at home and abroad, and the ideology and methodology.Part two analyses the operating mechanism and the risk of the asset securitization to the bad property of the commercial bank. First it introduces the essence of the asset securitization and the three operating mechanisms of the asset securitization to the bad property: the property combination mechanism, risk insulation mechanism and reputation increasing mechanism. Then their risks will be analyzed. Among them, the mechanism analysis is a most important argumentation. This part systematically introduces the core theory of the asset securitization to the bad property, that is, how to collect the property which could be securitized, reorganize the cash flow and transmit to the investor, and guarantee the transmission through the reputation increasing.Part three is the cost income analysis of the asset securitization to the bad property of the commercial bank. Main through the micro case analyses, it illustrates the feasibility of the asset securitization to the bad property of the commercial bank in terms of the cost-income. This part is also the innovative section of this thesis.Part four is the key part that arguments the price theory of the asset securitization to the bad property. At first it analyzes the cash flow of the fundamental property. Then the price model will be built up through the introduction of the price choosing method and the fixation of the bad property discount rates. And the feasible plan will be put forward by using the experience of the three types of popular price models at abroad recently and making comparison with them.Part five is the plan of the asset securitization to the bad property. It put forward two kinds of feasible plans according to the reality of our country.In view of the status quo of our commercial banks, this thesis studies their problem of the asset securitization to the bad property of our state-owned commercial banks with the case analyses based on the theories of the asset securitization. It is of certain value to the implementation of the asset securitization to the bad property in our state-owned commercial banks.