Research On China's Commercial Banks Restart Securitization Of Non-performing Assets

Asset securitization originated in the United States.As a rapid development tool in the global financial field in the past three decades,it has achieved rapid development in developed countries such as Europe and the United States.However,China's asset securitization started relatively late and its development was relatively slow.The development process of China's non-performing asset securitization has experienced a small number of trials,pilot phases,suspensions and restarts.In 2005,China began the pilot work of non-performing asset securitization,but in 2008,the US subprime mortgage crisis caused the global financial tsunami.With the outbreak of the financial crisis,China's economic growth suddenly changed from double-digit growth to one-digit growth.The number of growth,domestic financial risk prevention ability is not strong at the time,so in order to cope with the financial crisis,China suspended the non-performing asset securitization business.With the gradual recovery of the global economy,China began to re-examine whether to carry out non-performing asset securitization.In particular,the non-performing loans accumulated by China's commercial banks entered the blowout period in 2016.Therefore,China's regulatory authorities began to re-emphasize the internationally mature means of disposing of non-performing assets---the non-performing asset securitization.After the pilot was restarted in May 2016,the development of non-performing asset securitization of commercial banks in China has further accelerated,and it has become the main means for commercial banks to dispose of non-performing loans.Non-performing asset securitization can not only improve the capital adequacy ratio of commercial banks,accelerate liquidity,but also prevent micro-duration,speed up the efficiency of disposing of non-performing assets,and prevent the creation of new non-performing assets.At the same time,the non-performing asset securitization business has broadened new financing channels for investors,providing a good opportunity for issuers to transfer risks and improve profitability.This is also the motivation for China's rapid development of non-performing asset securitization business.This paper is divided into six chapters.The first chapter is the introduction.It mainly introduces the research background and significance of the subject,the research methods and the innovations and deficiencies of this paper,and combs the literatures of the current research results at home and abroad.The second chapter mainly introduces the definition anddeal structure,analyzes current situation of non-performing asset securitization of commercial banks in China,and Realistic background,significance,characteristics and the problems and challenges faced by commercial banks in the process of issuing non-performingasset securitization products,which leads to the necessity of restarting non-performing asset securitization.The third chapter mainly compares and analyzes the operational practices of the United States,Japan,South Korea,Europe and other countries,and draws lessons from the experience.The fourth chapter through the case analysis,get the case enlightenment.The fifth chapter puts forward the policy recommendations for the development of asset securitization business in China in view of the current development of China's financial market.The sixth chapter is the conclusion and outlook.