China's Asset Securitization And Pricing Research

The Asset Securitilization is a process that can transfer the fund that lack flowing into flowing fund , the fund comes from Financial organ or other organ, this process can make these fund refinancing . The main actor in these process is : the sponsor ,the Special Purpose Vehicle, The credit enhances organization, the credit rating organization.The Asset Securitilization can enhance terribly the flowing of fund that lack flowing, it is a innovation in financial tool, financial market and financial. . It effect on Investment system , Credit mechanism , the way of resources disposition , risk management and financial supervising and managing and so on . It also promote Financial organ adjustment optimization . The Asset Securitilization include two part mainly :MBS and ABS.Along with the fast development of Chinese economy , the basic condition that carry out the Asset Securitilization has became mature : Fist, the fast development of economy has offered material guarantee for Asset Securitilization ; Second , increasing income offer capital guarantee ; Third , Our country already appeared many correlation legal policy, this promote the development of Asset Securitilization.How to fix the value of Asset Securitilizational securities is a main problem that block the development of Asset Securitilization . They have had some fixed model to price these securities in west countries . But we have not had not because of different national conditions.In these I explain the theory of Asset Securitilizational , and analyze real conditions and problems in our country . Then I describe three ways of pricing the securities of Asset Securitilization deeply , Then in last part I use another way price a our securities of Asset Securitilization.