| Asset securitization contributed a lot to the economic development of the United State. And now, economic development and wealth accumulation are accelerating the evolution of asset securitization. In the United States, securitization market has become the second large market and it's also the most important financing tool in USA capital market.Asset securitization is a financing method. It uses some assets as back, which are lack of liquidity, but have foreseeable and stable cash flow and held by finance institutions and other companies. Then through a series of structural recombination and credit strengthening, some convertible securities are issued. Asset securitization is a innovation of credit system. It makes indirect financing and direct financing combining, and has advantages of these two traditional credit system. What's more, asset securitization is the perfect integration of modern economics and law. It separates the bankrupt risk of financer from the whole credit and supply a wonderful trading structure and legal design to investors.The fulfillment of asset securitization in China has large significance to improving current investment and financing environment, strengthening commercial banks' competition, perfecting capital market structure, promoting domestic demand and economic development. To analyze the feasibility of its execution is the motivation of choosing this topic and the research purpose of this thesis.ⅠThe main content and research method of this thesis as below:There are four parts in this thesis. Starting with the definition and basic fundamentals of asset securitization, the thesis makes a deep research of its trading structure and operation mechanism, and focuses on analyzing the variety of economic interests and risks in securitization process, which in theory resolves some existing obscure understanding of the interests motivation to fulfill asset securitization. At last, the thesis comprehensively analyzes the feasibility of the asset securitization execution in China.1.One of the characteristics of this thesis is the combing research methods of economics and law. When talking about the trading structure of asset securitization, as for asset securitization---- this completely new area for our country, the author did a lot work to analyze the key technologies and mechanisms, especially to "bankrupt separation" and "real sale". In order to explain these terms, the author makes full use of his knowledge in law and combines the requests of taxation and accounting systems to analyze the influence in the court of various possible conditions. All these are analyzed and explained from the viewpoint of law, it shows some flexibility and does not just stay on words.2.Regarding to the lack of operation experience in China, the analyses methods of this thesis is also from common sense, but not demonstration methods, and it's especially showed in the part of analyzing the economic interests and risks of asset securitization. Asset securitization is considered that it can only bring little economic interests. But the author takes his own working experience as basis, form the point of accounting profit to analyze, and finally reaches to his conclusion that asset securitization can realize the future profit of originator, bring interests to participating parts, which is a innovation of finance efficiency promoting. The purpose of analyzing securitization risks is also to relieve the doubt of fulfilling securitization. 3.The emphasis and also the research aim of this thesis is to discuss the feasibility of the asset securitization implement in China. So the thesis mainly focuses on the feasibility analysis, but not how to fulfill it, or whether to do so, or the relative technologies,or its shortcomings. The thesis applies logic and comparative research methods to talk about this core question. Firstly, the thesis introduces the current domestic status of asset securitization, then analyzes the fundamentals, trading structure and nece... |
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