The Research Of The Development Of Credit Asset Securitization In China

The pilot project of credit asset securitization in our country started since2005, however,CBRC suspended the pilot project affected by the United States subprime mortgage crisisunder the consideration of the stability of the financial system. On May17,2012, the Noticeon Relevant Matters Concerning Further Expanding the Pilot Securitization of Credit Assetswas issued, and this meant that the pilot project of credit asset securitization was started againafter4years’ suspension.The credit asset securitization is neutral in essence, and it is just a financial instrument.Its very existence isn’t necessarily harmful, and it is not the root of the United States subprimemortgage crisis. What is more, the credit asset securitization has an irreplaceable role insolving the dilemmas our commercial banks are facing now, in spreading risk and inconnecting financial sub-markets. So the development of the pilot project of credit assetsecuritization in our country is necessary.It has been nine years since the start of the pilot project of credit asset securitization inour country, and many financial institutions have released the credit asset-backed securitiesbefore and after the restart of the pilot project. The thesis try to obtain the conclusion of theimprovements and the weaknesses of the credit asset-backed securities after the restart of thepilot project through analyze the credit asset-backed securities and the guidance documentsreleased before and after the restart of the pilot project.The thesis introduced the research background firstly, expounds the connotation of creditasset securitization, the participators and the specific operation flow of credit assetsecuritization in our country. Secondly, the thesis elaborates the history of the pilot project ofcredit asset securitization in our country, and mainly analyzes the differences between theguidance documents released before and after the restart of the pilot project. Next, the thesisanalyzes the importance of the development of credit asset securitization in our country. Then,the thesis analyzes the differences between the credit asset-backed securities before and afterthe restart of the pilot project, and the analyses between the credit asset-backed securities released by China Development Bank are the key point. Finally, the thesis analyzes theproblems in guidance documents, range of underlying assets, investors, credit rating andsupervision in the pilot project of credit asset securitization now, and proposes correspondingsuggestions according to the actual situations in our country.