Game Analysis On Interest Relationship Of Securitization Of Bank Assets

Asset securitization has attracted widespread attention of the financial communities allaround the world since it appeared, and it is considered as one of the most important,influential and the most widely cited financial innovations in the world’s financial sector fornearly four decades. Therefore, it also has an important impact on the development of banks.The paper studied the game relationship of the interest of the bank asset securitization bycombining the method of normative analysis and empirical analysis, quantitative analysis andqualitative analysis.First of all, it summarizes the research background, research content and meaning of thebank asset securitization, and it proposed research ideas and frameworks on the base of them.It reviews the present research status at home and abroad. It discusses the operationmechanism of the bank assets securitization and briefly describes the concept, meaning andparticipants of the asset securitization, and analyzes the mechanisms and trading relationshipsof the bank asset securitization on the base of the basic principles of the bank assetsecuritization.Secondly, it summarizes the asymmetric information theory and the basic game theory.And on the basis, by using the asymmetric information theory and the game theory, it has adetailed analysis on the relevant stakeholders of the securitization process, including theOriginating bank and SPV, SPV and the rating agencies, Originating bank and the ratingagencies, which have moral hazard and adverse selection problems due to asymmetricinformation. At the same time, it puts forward the game relationship of the interest of thebank asset securitization.Once more, it constructs two model to analyze the game relationship of the interest ofthe bank asset securitization. First, it builds the relationship of interests between a two-wayauction pricing model analysis SPV and the originating bank, and draws the best tradingrange between the parties. Under the assumption of SPV and banks can achieve interestsbalance of the reasonable interests relationship, it builds the interests of the game relationshipbetween Game Model SPV and investors, and ultimately gets Bayesian equilibrium sharerefining of the game.Finally, recommendations are put forward for the healthy development of assetsecuritization bank in our country. In macro environment level, it proposed that financialenvironment should be optimized, improve the legal system, and play a role on the correct guidance of public opinion from the three dimensions of the economic, political and cultural;In internal system level, consumers should be guided rational investment, bank shouldestablish long-term mechanism for the rational financing, specification services of the agency,especially to improve the independence, professionalism and credibility of the ratingagencies.