Research On Legal Issues Of Non-performing Asset Securitization Of Commercial Banks In My Country

Since the global economic crisis triggered by the subprime mortgage problem in the United States in 2009,China has stopped the non-performing asset securitization system,which was mainly led by commercial banks since 2005.With the recovery of the global economy and the grim situation of double high non-performing loan ratio and total non-performing loans of commercial banks,China restarted the non-performing asset securitization system which had been stranded for several years in 2016.Non-performing assets,as a financial instrument innovation,came into being with the development of capital market.Compared with the traditional disposal methods of non-performing assets of banks such as collection,debt restructuring,debt-to-equity swap and batch transfer to asset management companies,it has the advantages of long credit chain,high liquidity of assets and diversification of bank risks.However,since the non-performing asset securitization system began to rise in China at the beginning of this century,and the system is still in a blank state in the field of financial law,there are many problems in the practice of non-performing asset securitization in commercial banks in China.In this paper,the problems existing in the operation of the existing non-performing asset securitization system are studied,and on this basis,some suggestions are provided to improve the development of the system.This paper mainly consists of four parts:The first part is to interpret the theoretical mechanism of non-performing asset securitization and its practical application in China.This part is mainly divided into two stages.The first stage is to analyze the basic theory,model characteristics,legal relationship and transaction structure of non-performing asset securitization;The second stage is to introduce the practical situation of the securitization system of non-performing assets in China and its achievements in leading our commercial banks out of the "double high" dilemma.The second part discusses the problems of our country's non-performing asset securitization system reflected by the pilot projects that have been issued.This part explains it from two aspects: system practice and legislative purpose.Firstly,it points out the key points of non-performing asset securitization,that is,there are three major problems in the real transfer of basic assets: first,the confusion of the legal relationship between basic asset transfer and entrustment;second,the effectiveness defect of basic asset transfer behavior;third,the legal vacancy of notification obligation.Secondly,from the perspective of legislative purpose,this paper discusses the three major problems presented by the existing pilot projects,namely,the credit risk is still stuck in the banking system,the bank's role is burdensome,and the failure to make room for the bank's capital,which makes the legislators' institutional expectation of creating non-performing asset securitization not fully realized.The third part discusses the overseas application practice of non-performing asset securitization.In this part,as the center of the global capital market and the country where asset securitization is proposed,the past non-performing asset securitization system norms and practical experience of the United States and South Korea are analyzed,hoping to provide some reference for the improvement of non-performing asset securitization in China.The fourth part is the perfection of China's non-performing asset securitization system.Based on the second paragraph's analysis of the problems reflected in the system practice and legislative purpose of China's non-performing asset securitization,and the comparative analysis of the system concept and operation mode of the non-performing asset securitization in the United States and South Korea,this paper proposes to improve China's non-performing asset securitization system from the following four aspects: first,to improve the supporting rules of the system;second,to broaden the extension of the trading market;third,to open the fence of trust financial licenses;and fourth,to support the inclined system of national credit.