Breakthrough Model Of Asset Securitization In The Chinese Market

Asset Securitization is one of the most important financial innovations in the international finance field in recent several decades. This thesis tries to introduce the operation process of Asset Securitization, and based the background information, to discuss the breakthrough of Asset Securitization in China. According to asset operation and Asset Securitization in broad sense,a theory system of Asset Securitization includes a core theory—cash flow analyzing,three fundamental theories—asset-restructure theory,risk-remote theory and credit-enhance theory. On the base of the theory system,there are four principles of how to choose the breakthrough in Asset Securitization. Firstly,underlying asset must be helpful to the development of social economy and the stability of finance. secondly,it must satisfy asset-restructure theory； thirdly,it must offer a demonstration for Chinese development of Asset Securitization；fourthly, there are only two choice in institution and environment:one is the exchange that has least conflict with existing institution and environment,the other is the exchange that has the best condition to break through existing institution and the restriction of environment. With these principles,eight exiting models are commented on and three breakthrough in asset Securitization in China are deduced:Non-Performing asset Securitization＋off-shore Securitization,MBS＋semi-off-balance Securitization,and infrastructure charge-backed Securitization＋off-shore Securitization。...