Research On Asset Backed Securitization Innovation Of Trust Company In China

As a special property management and legal system,the position of trust in the modern financial system is indispensable.In recent years,trust companies in China have kept being on track to manage more assets.By the end of 2016,the total size of China’s trust assets reached 20 trillion and 220 billion yuan,for the first time into the "20 trillion times".At the same time,China’s asset backed securitization business is also in the process of rapid development,the Credit Asset Backed Securitization under the regulation of China Banking Regulatory Commission,and the Enterprise Asset Backed Securitization under the regulation of China Securities Regulatory Commission reflects the significant characteristics of China’s current ABS business situation.Although both of their applications in the transaction structure are using the principle of trust,leading institutions of the above two kinds of ABS businesses are often banks and brokerages,as the control to the underlying assets of the trust company is low.In recent years,the trust company on the one hand,efforts to increase the cooperation with different financial institutions,on the other hand is also actively looking for the good-quality underlying asset,and seek innovation on transaction structure,in order to have a more dominant role in the process of asset backed security distribution.This paper is divided into four parts.The first part introduces related theories,the background and meaning of this thesis,providing a theoretical basis for this research.The second part studies the choice of Special Purpose Vehicle(SPV)in the asset backed securitization business in our country.Based on a brief introduction of SPV’s function in asset backed securitization,this part studies the characteristics and influences of two different SPV structures in practice cases,analyzing the advantages and possible difficulties of trust company on asset backed securitization business.The third part discusses the Credit Asset Backed Securitization.Based on the case,this part reveals the reasons for the insufficient development of the Credit Asset Backed Securitization in China,and puts forward some countermeasures and suggestions for optimizing this business.The fourth part discusses the ABS based on trust beneficiaries,gives suggestions on the innovation of the non-standard asset based securitization products for trust company from the view of using simplified SPV structure,in hope to help promote the orderly and healthy development of the current asset backed securitization business for trust companies in China.