Empirical Research Of Bank Non-performing Asset Securitization

Bank non-performing assets securitization is the one of the most important improvement financial innovations and financia1 tool in the international finance field in last three decades, It can realize rapid disposal of the bad assets with high efficiency and low cost, in the last century , for solving the problem of the large banks non-performing assets, America dissolve lots of bad assets with the first successful application of asset securitization, the thesis analyze firstly restrictive conditions of bad bank asset securitization, and draw a conclusion that spread has important influence to the bad asset securitization, and the lower interest, the more easily the banks non-performing asset securitization are issued; Interest margin is restricted by issuing scale and financing period, the bigger issue, the longer financing period is longer, the smaller Interest margin is ;The thesis detect the expect default rate in using the KMV model, the lower the expect default rate is, the more bank against adverse the issuing of asset securitization products. the thesis analysis the "Xinyuan 2008-1 reforming asset-backed securities''case from the internal trade structure,cash flow,binding condition,risk,credit enhancement and credit rating ,and has made a conclusion that bank non-performing assets securitization has certain advantages, but in the stability of earnings there still exist some defects.