A Research On Design Of Domestic Security Companies’Asset Securitization Product

This paper analyzed the existing problems in the development processing of assets securitization products in domestic security companies, which was based on the theory and principle of assets securitization, with drawing on the experiential securitization development of American capital market. In addition, the paper primarily investigated the design of asset securitization via the relative practical case study. As a consequence, the paper proposed several recommendations for the processing of assets securitization, for the sake of promoting securities industry.Apart from the introduction and conclusion, the paper consists of six sections.The first part summarized the literature reviews, which mainly appraised the overseas and domestic research on the evolution of assets securitization. Moreover, the fundamental concepts and principles of securitization capital was stated in this section, particular in the theories of "Theory of asset re-organization"," Theory of risk isolation " and "Theory of credit enhancement"The second part assessed the developing of capital securitization in America. There were two stages during this evolution process, in terms of emerging and innovation with generalizing application. Assets securitization productions have been playing an essential role in securities market of America.The third part performed the retrospect to the history of the internal capital securitization products and profoundly analyzed the features of products establishment in aspects of enactive support, supervision system, the differences traits and so forth, for proposing the current affairs of domestic assets securitizationThe fourth part appraised the product design of internal capital securitization. Specifically analyzed from the aspects of transaction system of products with participants, the selection of basic assets, risk aversion, the allocation of cash flow and revenue, credit enhancement, the function of credit rating, risk exposure and the precaution of risks.The fifth part analyzed the product design based on an experiential case------"HUA NENG Lantsang River" plan product. The sixth part advised several suggestions for boosting the development of assets securitization products.