| Asset-backed Securitization (ABS) is a multi-meaning concept. Originally, it refered to a financing means to issue stocks in capital market and money market, which is called the issuing securities. But what we are discussing here is loan-capital-transformed securities, which means the financial agencies restructure, true sell, bankruptcy-remote, credit enhance the inflexible at present but promisingly flowable bank loan capital and transform it into securities in the capital market as the financial industry is developing competitively, so as to improve the loan capital quality of the commercial banks. The latter one is called the secondary securities. In this way, commercial banks will act not only as capital creditor traditionally, but as capital seller, which will help improve the capital quality, enlarge capital sources, reduce financial risk, enhance the reliability of the financial system.As state-owned specialized bank transforms to state-owned commercial banks, an important task arises for the state-owned commercial banks: how to realize the reliability, flexibility and profitability during the operation. The transferred state-owned commercial banks have some serious problems for some historic reasons, such as a large sum of stagnant capital and a large amount of unsound loans. Foreign counterparts' experiences have told us it is an effective way to settle the above problems by transforming loan capital into securities. Then there are the questions: Is it feasible to introduce the ABS? Does it have any realistic meaning for our banks? Is it feasible to transform loan capital, especially unsound loan capital into securities? What are the difficulties and problems that deserve special attention during the operation? Here I will just discuss all those problems in three parts. In the first part, there is a general introduction of the operation and its rules on ABS, and an analysis on the participants' benefits and risks. Then I analyze the feasibility from the point of objective requirement and improving the macro-environment; finally, the importance of introducing the concept. It is helpful to enhance the flexibility of loan capital, revive the unsound capital, enlarge the capital source, restructure the state-owned capital, facilitate the development of consumption loan and capital markets. In the second part, the main point is housing mortgage loan securitization. By international standard, the requirement for the quality of the mortgage assets is usually rather high, such as stable predictable cash flow, low-loss record, standard contract items, small sum, being easy to be combined. Since housing reform is being carried out, many housing reforming agencies and housing assurance companies have been founded, which is able to offer credit enhancement service for the securitization, making it feasible. Thus, it can effectively transfer the housing mortgage loan risk, and realize the capital flow. So the housing mortgage loan securitization should be the key part. Here I expatiate on its system construction, operation procedures, technical problems, cash flow and skills.In the third part, the main point is unsound loan securitization, which is effective to solve the problem of unsound loans for state-owned commercial banks. Some non-standard practice previously existing in contract, mortgage, impawn and assurance accounts for the complicated historic reasons for the unsound loan. With China's fast progress to the entry of WTO, state-owned commercial banks face great pressures. According to the specific situation of the unsound loans and state-owned enterprises, I put forward a two-option method on bond and share ownership respectively, give my idea on agencies set-up, assessment, and key factors, explore the approach on the operation, give my opinion on the existing legal, accounting, taxation systems influencing the transformation process. Finally, I put forward some questions, such as the governmental function, information collection and release, standardized credit evaluation s... |
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