A Study On Trust Process Of Credit Assets Securitization In China

Credit assets securitization is one of the most important financial innovations originating from the USA in the 1970s,which has 30-year history in the securities market of developed countries.As the financial instrument for redistribution of risk and capital,it is placed great hope in this field.The first pilot project for securitization of credit assets procedures was started in China in 2005.However,the second batch of pilot work of our country's credit property securitization has paused since October,2008,affected by the American's Subprime Lending Crisis.Although it was some parts of the securitization that led to the crisis,the problem didn't lies in the credit assets securitization itself.On the other hand,we should step up to research the credit property securitization,learn from US's experience and the lesson and we should expedite the financial innovation while guarding against financial risks.Since the credit assets securitization of our country is on the threshold of its career and legal construction is still imperfect,and the financial environment is also different from other countries,there is little study on the operation in our country,the research of the local operation of the credit assets securitization is relatively backward.Against this background,started with the analysis of basic theory of credit property securitization,the paper makes the conclusion that SPT are more suitable for initial operation in our country through the comparison of SPT and SPC according to the international securitization experience and our practical situation.Then,further discussion is made on the use of credit property securitization system in different issuing architecture.At last,the paper analyzes the operation of pilot and tables a proposal to the problems.