| The traditional financing mode which is based on the overall creditstatus of capital demanders, securitization of credit assets takes the futureright to the income of specific financial asset as its credit base and issuessecurities of high liquidity on the basis of noncurrent assets to make thenoncurrent assets can be traded in financial market. This is not only acreation of credit system, but also an optimization of the social resourceallocation. In February, 2004, the State Council of the People's Republic ofChina issued " Some notions on promoting the reformation, opening upand the stable development of the capital market", and it proposed that"we should greatly develop the low-risk fixed-income securities toprovide saving-substitutive securities for the investors, and explore thecategories of asset securitization actively". In addition, as the deadlinewhen China's financial sector is all-round open up to foreign capital in2006 draws on, the era in which the domestic and foreign commercialbanks compete together requires us to explore and seek for the effectivemeasure to solve the problems of state owned commercial banks' liquidity,safety and profitability, and it has already become the urgent task of stateowned commercial banks in China to refer to and introduce new modeand conception of asset management. This paper explores thesecuritization of credit assets and its application of China's state ownedcommercial banks under this real background. This paper is composed of six chapters. The first chapter mainly dissertates the background and purpose ofthis topic, and establishes the thought and method of the research. It is thebasic preparation of the following research in this paper. The second chapter roughly introduces the conception of credit assetsecuritization on the basis of previous researches, and puts forward thedefinition of credit asset securitization by using the previous researchesfor reference. This paper provides us a better cognition of assetsecuritization from overall aspects by defining it on different particularemphases. Therefore, we can find that this conception includes three mainaspects: firstly, the "assets" in asset securitization is lack of liquidity buthas foreseeable future cash flow of income, and these assets must havesome certain homogeneity. Secondly, "securitization" is a technology,which creates income credence with different risk, maturity and incomethat fit for different investors' demands by means of institutionalrecompose of assets and credit enhancement technology if necessary.Thirdly, the assets formed by asset securitization are backed by the assets'income and can be transacted in the market. The latter part of this paper introduces the development of the creditasset securitization in America and China (including Taiwan) in detail.America is the earliest country to securitize the credit assets in the world,and is also the maturest country in the development of this financialinnovation. In order to know the history of the development of creditasset securitization, we have to review the history and present status ofcredit asset securitization development in America. As the agnate ofChina, Taiwan has great similarity in culture. So it is worthy of using itsexperience of asset securitization development for reference. The third part expounds the basic principles of credit assetsecuritization mainly including principles of asset recompose, riskisolation and credit enhancement, and puts forward the design of thetransaction model. The core idea of asset recompose is to divide andrecompose the risk and income of credit assets by means of financialengineering and combine the assets again so as to implement the divisionand recompose of assets' risk and income again, and it emphasizes on theaspect of asset income to analyze cash flow. However, risk isolationemphasizes on the aspect of asset risk to analyze cash flow, and it is aprinciple about the division and recompose of assets. Credit enhancementis at the aspect of credit to analyze cash flow, i.e. how t... |
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