Research On Development Of China's Financing Securitization

Financing Securitization is a form of the development of securitization, which reflects the content of the virtual economy. For the pattern of international economic integration, The U.S sub-prime mortgage crisis has brought the global financial economy the Domino effect, which also has spread to China affecting the financial and economic development of China. More and more people begin to suspect that the development of our country's Securitization is being fragile to some extent. Thus, it is necessary for us to do some research on development of our country's securitization.In china, the process of financing securitization actually equals the capital market development. In this paper, the principal factors which affect financing securitization will be found on the basis of our measure system for the level of securitization, so that we can understand that what kind of level of china's financing securitization, thereby clear on the direction of development of our capital market. This means:Whether for economic policy makers, regulators, or investors, the research on the development of china's financing securitization has a certain practical significance.this paper firstly introduce the background and significance of topics of the research, detailing the ideas as well as the main contribution of this paper, and then sort out the relevant theoretical and empirical papers in domestic and abroad. On this basis, through a horizontal analysis and a vertical comparison the current situation of China's Financing Securitization will be defined. After that, this paper uses the proposed indicators to measure the degree of development of securitization, and makes the establishment of the theoretical and empirical analyses for the impact factors. Finally, based on the conclusions of the research, this paper gives some suggestion for the improvement of our country's financing securitization.The results of the theoretical analysis and empirical testing in china show that: First of all, the development of financing securitization must be to adapt to the real economy development. Secondly, the financing structure of China's enterprises must be improved, and the proportion of direct financing must be increased in order that the supply of capital market will be expanded, in addition, the market-oriented reforms must be promoted, thereby stimulating the development of financing securitization. Thirdly, it is necessary for us to develop a strategic vision of entrepreneurs and rational investors, and it's important to build the complete system, including laws, regulations, and a sound credit system, promoting ultimately the rational development of financing securitization.The main contribution of this paper is:On the one hand, the research on this problem of financing securitization is a new point of view to the study of the relation between real economy and virtual economy; On the other hand, the core part of the influencing factors analysis is also a new attempt to the study of securitization.