Research On The Model Of Bankruptcy And Separation Of Asset Securitization In China

With the expansion of the securities market in our country, asset securitization become a kind of financing model by market favor for the high liquidity and low cost advantage. But the asset securitization in our country started late, lead to advanced financing appeared not to adapt to the situation of our country’s economic environment. This article research content for the core---- Bankruptcy isolation of asset securitization, and attempt to study the mode of the asset securitization business, the existing problems, and put forward some suggestions for improvement in our country.The past research of the asset securitization bankruptcy isolation patterns is mostly for the study of bankruptcy isolation functioning theoretical research, or containing only part of the bankruptcy isolation. Based on experience and practice, this paper thinks from two angles of bankruptcy isolation mode classification can adapt the current development of asset securitization in our country, and put forward a kind of applicable to asset securitization in our country the present stage of the development of the bankruptcy isolation mode and idea from the aspect of theory.In this paper, the asset securitization in our country bankruptcy isolation mode is divided respectively according to the types of SPV and the types of underlying asset,differing from previous to the divisions of SPV only, and trying to cross it is divided into four kinds of bankruptcy isolation mode, illustrating the various problems existing in the model. Through the analysis of its reason, the problem is that the five aspects of the legal system, operation mode and accounting system, the information disclosure and supervision system. Then the case analysis is carried out to verify the above, and improved a kind of bankruptcy isolation mode and ideas, "Double SPV" mode that can solve the problem of the return asset securitization and summarized the idea of re-construction of the basic assets. In the end, this paper puts forward the improvement suggestions from the two aspects of practice and policy to asset securitization bankruptcy isolation model, and provides practical experience and policy suggestions to bankruptcy isolation model in our country.