On The Institutional Constraints And Realistic Choice Of China's Asset Securitization

In recent years, Asset-backed securitization has become a topic of the economic and financial domain in our nation, As a financial innovation, the application of asset-backed securitization in China will not only accelerate the effective circulation of financing, but also abate the risk of liquidity and the pressure of capital sufficiency on the commercial banks, furthermore, it will accelerate our financial system reform, improve the efficiency of financial market, and quicken the step of capital market internationalization and modernization, it is of great practical significance to import and use the asset-backed securitization for the economy and finance development in China,Although, thee are some foreign models for asset-backed securitization, but the factors which influence the securitization in China are very different from those of foreign countries, we shouldn't copy word for word foreign models, therefore, it is worthy of probing and researching a model, which meets the situation in China nicely.The article, from the theory and practice of the securitizaion, analyzes the possibility of securitization thought to be used in China and probe the basic model of securitization in China.This paper stars from the basic theory and operational mechanism of asset-backed securitizatoion, The analyzes the feasibility and necessity asset-backed securitization in Chin, explores the entrance and basic framework of asset-backed securitization, as a successful securitization case of COSCO, the paper analyze the operational model and explores its special ways.Through above analysis, we can make a conclusion that the weak framework of law and economic envioment in China has become a big obstacle to participating in asset-backed securitization in China, cross-bounder model is presented as a breakthrough of ABS in China, with its signification feasibility, At the same time,the crucial points for ABS in China are discussed, such as the development style, law structure and the control of foreign exchange. Finally, some policy suggestions and practical ways are presented.