The Research On Credit Asset Securitization Support On China’s New Urbanization

The 18th National Congress of the Communist Party of China held on 2012,the report clearly pointed out: "The construction of new urbanization is an important way to solve the problems of agriculture,rural regions and farmers,a strong support for promoting balanced regional development,an important starting point for expanding domestic demand and promoting industrial upgrading,which has great practical and far-reaching historical significance to build a well-off society in all aspects and accelerate the advancement of socialist modernization." Therefore,it is important to research on how to support and promote new urbanization in China nowadays.The research paper follows the structure of "theoretical basis-status description-empirical analysis-policy suggestion".First,the research paper systematically sorts out the relevant theories of credit asset securitization,new urbanization construction,and clarifies how credit asset securitization affects the new urbanization construction,thus laying out a theoretical foundation.Secondly,it analyzes in details about the current development status,and summarises existing problems of new urbanization construction and credit asset securitization.Then,the research paper further uses the GMM dynamic panel model to comprehensively discuss the impact on the new urbanization construction from scale,method and efficiency of credit asset securitization.Finally,according to the theoretical analysis and empirical results,it puts forward relevant policy suggestions to better support new urbanization from the aspect of improving the establishment of the credit asset securitization market.Through the research of the above contents,this research paper finds that:(1)the level of new urbanization increases year by year across all the regions within research timeframe,but increases with significant regional differences.Meanwhile,the imbalance of the level of credit asset securitization across research regions is significant;(2)the increase in the scale of credit asset securitization can significantly improve the level of new urbanization,and this effect is more significant in the central and eastern regions where has more matured marketization;(3)as an innovative financial product,credit asset securitization products whose underlying assets are personal housing mortgage loans have played an important supporting role in the new urbanization construction;(4)when the proportion of credit asset securitization in fixed asset investment increases,it can promote the construction of new urbanization significantly.In conclusion,the research in the paper enriches and expands the research scope of relevant literature on financial support for new urbanization construction,which helps understand the logic of credit asset securitization on supporting new urbanization construction.The paper provides theoretical guidance on how to further improve the market of credit asset securitization to improve the level of new urbanization.