China's Commercial Banks Non-performing Assets Securitization Transaction Structure

The transaction structure of non-performing loans securitization of commercial banks is a tridimensional structure made up of institution as foundation, participants as elements, the right and duty between participants as the link. With the order of from the basis to the body and from individuals to the whole, this paper systemically analysises the transaction structure, synthetically using the analytical methods of comparing and case, trying to offer objective suggestions for commercial banks dealing with the non-performing loans with the mode of asset securitization.In the analysis of the institution, with the reference of institutional economics methods, it focuses on the property right analysis and transaction costs analysis of the transaction structure of non-performing loans securitization, and introduces the current institutional environment in Chinese Mainland. In the analysis of the participants, after introducing who are the participants, the paper induces and analysises their composing and functions. And then, form angles of transverse and lengthways analysis the right and duty between participants. In the analysis of the process, comparing with the common loans securitization, the paper analysises the process of the non-performing loans securitization. And then, contrasting the transaction process in theory, it deeply analysising two recent cases, focusing on the innovation in practice, and puts forward the amelioration and institutional suggestions.With the improvement of the outer institution environment of non-performing loans securitization, transaction structure will improve from the single ftinction of institutional restriction to the dual functions of restriction and enhancing the efficiency.