Financial Asset Securitization Research

As a kind financial tool coming from America, only in 30 years for Securitylization of Financial assets shortly has developed and been mature, and be brought widely spread rapidly in the world. At present, only in America the scale of securitylization of financial assets has approached USD 5 ten thousand hundred million Dollar, in which, the stock market of collateral loan for real estate has become the second stock market in scale only poorer than national debt in America. This thesis is started from introducing the experience of American Securitylization of financial assets, conduct an analysis for securitylization in concept, framework and operating process, further seek that securitylization of assets is in feasibility and relative environment performed in China, and bring out the corresponding suggestions. Part I introduce concepts and connotation of securitylization of financial assets. The author start from securitylization to explain that, securitylization is a kind of trend to direct financing replacing indirect financing, and describe classification of securitylization. Passing through the difference discussion and analysis for the concepts coming from the domestic and overseas scholars on securitylization of financial assets, the author consider that. The definition coming from ASTC is easy to be accepted, i.e.: securitylization of financial assets is "the process take corporate inventory assets or fore seeable futuristic income to make up and transform, and become the financial products could, be sold and circulated."Part II mainly introduce the operating process on securitylization of financial assets, generally the process of securitylization of financial assets in composed of five steps such as making up assets congregation, setting up special purpose organization (SPV), transferring financial assets, keep a lookout risk for securitylization of financial assets, and routing assets security. The author select CMD as a case is routed by FNMA, which has representativeness in securitylization of financial assets, passing through analyzing its experience and features on securitylization of asset, explore the financial tool with innovation the referring signification for the securitylization of financial assets carried out in China. Part III analyze and probe into feasibility which carry out securitylization of financing assets in China, through analyzing motivation, feasibility and relative factors in China, the author put forward three kinds of mode on securitylization of financial assets which are applicable in China, i.e.: "bad asset mode", "toll mode for infrastructure" and "export receivable mode", among which, "bad asset mode" is a premier goal propelled by the government in the near future. For the route design of asset securitylization, I suggest that adopt obligatory right assigning mode and fiduciary transferring mode on the transferring mode for asset securitylization; the detailed kinds on securitylization should be done by means of bond and co-fund "fiducial recipient voucher"; for its practical operation, it should be brushed form bank's securitylization of bad asset with obligatory right assigning, and then, step by step open others mode, and securitylization of financial assets made up; on law making suggestion should amend the following relative laws and based on the above such as The Regulations on Administration for Financial Assets Co. and The Methods on Administration For Fiducial Investment Co. consult the methods in Japan, Korea and Thailand to lay down Law of Securitylization of Financial Assets, at least, the author obtain that, at present, in China is endowed with motivation and basic conditions to securitylization of financial assets, but it need a time to run in from transplanting to acceptation complete in system, culture and market environment as conclusion.