| In recent years,especially since 2012,China's macroeconomic is facing a greater downward pressure,which results from the slow recovery of the international economy,and superimposed pressure of three period including that China's economy is in the digestion period of policy's early stage,the pain period of restructuring,the shifting period of high-speed growth to medium-high growth.When the macroeconomic is depressed,there is an obvious impact on enterprises operating environment,and many companies may meet some problems in the course of business.Moreover the banking industry which is closely related to enterprises has been affected with the soaring of the number of nonperforming loans.According to data released by the CBRC at the end of June 2016,the nonperforming loan rate of commercial banks in China was 1.81%,which was 0.06% higher comparing with the 1.75% at the end of the first quarter of 2016.From the fourth quarter of 2011 to now,nonperforming loan rate of Chinese banking industry has rose for 19 quarters,this hit a new highest point in the recent seven years.If the nonperforming loans accumulated too much,then it is likely to trigger the systemic risk of the financial system,and ultimately affect the normal operation of the national economy as a whole.Therefore,it is time to speed up the disposal of nonperforming assets to resolve the risk.Six banks including ICBC,CCB,BOC,BOCOM and CMB has obtained the first batch of nonperforming assets securitization pilot qualification in February 25,2016,with the total amount of 50 billion RMB,which marks the suspension of eight years of nonperforming assets Securitization officially restarted.Since the reorganization of nonperforming assets securitization,there are 14 nonperforming assets securitization products which have been successfully released in the inter-bank bond market totally in 2016,and the cumulative issue size has reached 15.61 billion RMB.The underlying assets of the nonperforming assets securitization cover five types of non-performing loans.Except the company nonperforming loans,it is the first time that other types of products appear in China.China's banking industry can only use the sale,write-off and other methods to deal with nonperforming assets,but after the resumption of non-performing asset securitization,commercial banks have added a new channel of nonperforming assets.The securitization of nonperforming assets can effectively increase the liquidity of the nonperforming loans in the market.Promoting the development of nonperforming assets securities gradually,can not only broaden the commercial banks of nonperforming assets processing channels,but also help to resolve the operating pressure of the banking industry to control systemic risk.Due to the short time of securitization of nonperforming assets in China,there are still some problems in the securitization market of nonperforming assets.CMB's "The second period of Hecui" is the first issue of China's micro-nonperforming assets securitization,so I selected this case to study.This paper uses the case study method to research "The second period of Hecui" from the perspectives of asset pool construction,cash flow forecasting,credit enhancement arrangement,credit rating arrangement,and follow-up management.This paper studies the advantages and shortcomings of the case by qualitative analysis and quantitative analysis of the case of "The second period of Hecui ",and puts forward some suggestions on the types of problems such as the typical and universality of discovery.Compared with the vigorous development of the asset securitization theory,there are relatively few studies on the securitization of nonperforming assets in China.Therefore,this paper studies the case of "The second period of Hecui" in CMB,hoping to increase the existing research and providing some useful suggestions for the improvement of micro-nonperforming assets securitization and non-performing assets securitization in China. |
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