Study On The Issue Of Credit Asset Securitization Of China's Commercial Banks

Securitization originated in the United States in the 1970s and was originally used to describe the process by which banks financed themselves by issuing securities instead of existing loans.As a financial innovation tool,asset securitization has developed rapidly in the European and American markets,and China's asset securitization also shows a trend of normalized development after three stages of initial pilot,pilot suspension and restart.As one of the asset securitization products,credit asset securitization has been greatly developed for its liquidity improvement function and credit risk transfer function.Since the securitization of credit assets business has been restarted,our country's commercial banks actively got involved in it,using the help of this channel to revitalize the stock loans.However,because the credit assets securities business in China started late and experienced interrupt,and just experienced a relatively short development time,therefore,for commercial banks,the process of conducting the business still exist many problems,to explore the actual effect of China's commercial banks to carry out of securitization of credit assets and found the specific problems of the business,this paper carried out related research.First of all,combining with the relevant data of the development of credit asset securitization in China in recent years,this paper makes a qualitative analysis on the overall development of credit asset securitization in China and the development of credit asset securitization in commercial banks,and summarizes the development characteristics and the operation of credit asset securitization in our country are analyzed in detail,and the problems that exist in the market environment are also are analyzed in detail.Secondly,this paper analyzes the impact of credit asset securitization business on commercial banks from a theoretical perspective,and combined with the empirical analysis method to test whether the credit asset securitization business has such impact on China's commercial banks.Finally,the paper puts forward the corresponding policy recommendations for each problem.Through the research,it is found that the securitization of credit assets in China is characterized by low degree of securitization,rich types of basic assets compared with the initial stage,and enlarged scale of participating institutions.This article also points out that at present our country's credit asset securitization exist some problems,such as the choice of underlying assets,assets selling packages,trustee,rating agencies,product pricing,investor structure,legal regulatory and market liquidity,etc.In addition,the results of theoretical and empirical analysis show that the securitization of credit assets by commercial banks can improve their security,liquidity and profitability.Finally,this paper comes up with some relative policy recommendations,for example,enlarging the variety of underlying assets,expanding the scope of the investors,establish a sound legal and regulatory system,etc.