Risk Management Of Debt Assets Securitization

In 1998,under the instructions of the then Prime Minister Zhu Rongji,China began to explore and try the asset securitization business,after nearly 20 years of development and practice,China's asset securitization market has entered a period of rapid development,as of November 2017,China has issued a total of asset securitization products amounted to RMB 30524.79 billion of which asset securitization products with creditor's rights as the underlying assets accounted for more than 80%of the total market,how such a large-scale volume do their risk prevention is a pressing matter of the moment.This paper attempts to analyze the main risks of asset-backed securitization in China by combining the domestic and foreign research results after analyzing the overall situation of the domestic securitization of asset-backed assets and tries to illustrate the main countermeasures for various types of risks.In view of the many risks of the asset-backed securization in China,the author finally draws a conclusion that through strengthening financial supervision,we can learn advanced experience from foreign countries.In order to strengthen the supervision and management measures of government management agencies at the micro level,the sponsors of asset securitization products should be kept in proportion,the supervision responsibility should be strengthened,the information disclosure requirements should be strengthened,and the supervision of rating agencies should be strengthenerelevant d.At the same time,improve the relevant legal system of asset securitization,modify the laws and regulations,so that asset securitization products can abide by the law and solve such related legal issues as SPV subject qualification,legal effect and so on.At the same time,at the market level,strengthen the improvement of information disclosure mechanism to reduce information asymmetry,try to build a centralized asset securitization information service platform to promote the development of related information disclosure services.To promote a correct understanding of asset securitization products by enterprises and investors,We should strictly control the behavior of credit reengineering,standardize the asset securitization issuers,restrict the reasset securities,control the leverage level of the issuance bodies,standardize investor access,and so on.Ultimately,the risk level of asset securitization will be reduced to an acceptable low level,so as to promote the overall healthy and stable development of asset securitization industry as a whole.