| Being an innovational finance tool, Asset Securitization has been developing rapidly in the past 20 years. Beginning with the basic theory, this paper theoretically analyzes asset securitization trading structure as well as its developing motility. After assorting the securitized products, a complete tree has been formed.Also based on the international comparison viewing point, this paper put the concern on the development of United States and European asset securitization respectively. As a comparison platform, this paper especially analyzes the mature security trading model abroad, and tries to find an internal source for development and common rules among their logic experimented data.According to the same logics, this paper discusses national finance circumstance, especially the business structure of the commercial banks, and also presents the proof both for development and restriction that China is facing. This paper also covers the origin and history of asset securitization in China.Tracked from the national asset securitization data, this paper pointes out the dilemma China is facing, explains in detail the hurdle that is blocking the development viewing from law and tax respectively, finally draws a conclusion on how to pave a way for national asset securitization. They are: commercial banks, medium &small-sized enterprises, infrastructure management corporations. After comparing with the international bond market data, a conclusion has been drawn: to boost the development of Securitization in medium & small-sized enterprises will be more necessary for today's China. Therefore, a discussion of that topic has been enlisted.The treasure accumulation gained from the consecutive economy development in China must be reflected mostly in real estate industry. So, this paper introduces a new securitization product---REITS(Real Estate Investment Trust). Taking the example of Yuexiu REITS, this paper analyzes its trading structure and operation, evaluates its ROE and what we can learn from it.Last, this paper draws a conclusion for the development of asset securitization in China. That is: 1. the securitization of residential house mortgage loan is the most potential but lack of aspiration; 2. the asset securitization for medium & small-sized enterprises is the most need; 3. REITS is the most full-of-life securitization product. |
