Case Study On The Securitization Of Non-performing Assets Of China Merchants Bank Phase ?

At present,the downward pressure of China's slowing economic growth is gradually emerging,and the scale of non-performing loans in the entire financial system continues to rise.In 2017,the balance of non-performing loans and the rate of non-performing loans reached 1.71 trillion yuan and 1.74% respectively.Corporate bond default events have increased year by year.Only in the first half of 2018,there have been more than 20 cases of corporate bond default,involving 11 issuers,with a total bond balance of 17.604 billion yuan.From the default of the first bond in the open market in 2014 to 2019,242 bonds issued by105 main bodies in the bond market defaulted.The principal amount of the bonds involved in default reached 194.628 billion yuan,of which the default events in 2016 and 2018 were more prominent.In recent years,China's economy is facing structural reform on the supply side,economic transformation and industrial restructuring,as well as the constant exposure of credit risk.The disposal of non-performing assets has become an important research topic.Innovating the disposal mode of non-performing assets and speeding up the disposal efficiency of non-performing assets have become an urgent need.This paper is based on this background,starting with the "He Cui III" non-performing assets securitization products issued by China Merchants Bank,to analyze its success and summarize relevant experience.In order to provide theoretical support for the operation of non-performing assets securitization in China's commercial banks,it is concluded that non-performing assets securitization is an extremely effective way for China's commercial banks to resolve and dispose of non-performing assets,and two important conclusions are to continue to carry out and promote non-performing assets securitization.The success of this case deserves to be emulated by other commercial banks,so as to speed up the disposal of non-performing assets of our commercial banks and resolve financial risks.