Based On The Game Of Assets Securitization Transaction Mechanism Research

Nearly40years of development, asset securitization gets supernormal developmentand expansion. It has become an important impetus to the development of the global capitalmarket, and plays an important role in the world financial markets. With the2012restartsecuritization pilot work, asset securitization in China has made steady progress andpresents a new round of growth. As structured finance innovation, asset securitization needsmechanism design, legal norms, guarantee of tax reform and a series of measures to thestable development in the Chinese market.This study trys to use game theory method tostudy trading mechanism of asset securitization, and analyzes asset securitizationtransaction price discovery problem respectively from the angles of non-cooperative gameand cooperative game, to provide some Suggestions for the current asset securitization inour country trading mechanism design.This article first analyzes the asset securitization transaction mechanism and function,the trading main body. What is more, the paper innovatively considers the assetsecuritization transaction as a set of three seed collection of transaction type: true sale andtrading of securities and financial services, and studys the trading mechanism of eachtransaction.Then, from the Angle of the non-cooperative game, this article puts forward thattrading mechanism is the equilibrium when main bodies own their maximum profit; Inrecognition of asset securitization trading mechanism design in the trading of securities andfinancial services, paper focuses on the issue of price discovery of true sale by “doubleauction” model. I theoretically explains the assets securitization can make the originatorand special purpose vehicle (SPV) two main participation main body benefit, demonstratesthe importance of the originator valuation levels and the bargaining power for tradingsuccess, and puts forward the mechanism design suggestions: SPV-oriented, seting upmodular trading mechanism;double auction for real sale price discovery;relying on theexisting mechanism to perfect the asset securitization transaction mechanism design.Finally,from the cooperative game Angle, the paper puts forward asset securitization transactionprice discovery can be seen as interests allocation problem of each participation main bodyof trade union; based on the Shapley value model building and analysis on the basis of fullyconsidering the factors such as resources, risk-taking, research puts forward a kind ofmulriple scheme, and puts forward mechanism design proposal: to establish the overall trading mechanism as a whole for asset securitization;to profit distribution based oncontribution as well as the risk exposures, to scientificly set income distribution factorsweights.