The Analysis About The Feasibility Of Asset-securitization

Asset-securitization usually means to a new financing method to issue bond which take a boodle of assets with lack of fluidity but stable cash earnings as the foundation assets through the action of structure recombine and credit update. Since 20cn 70s , the asset-securitization makes a quick development and occupy a important position in the American financial market. At the same time,this kind of financial innovation also has been established in all the world gradually and changed the worldwide finance structures and the forms about credit distribution.The support of macro-environment is necessary to the development of asset-securitization. The macro-environment which includes invest environment, credit system and the law system is the real factor to drive forward the asset-securitization's born and also supports the asset-securitization progressing successfully.In the seccession of asset-securitization, the subjects which directly related with the foundation assets includes the original rights person, special purpose vehicle, sponsor and investor. They take the special purpose vehicle as the core and set up a organization to isolation risk together, thus complete the whole process of asset—securitization.In addition, the factors which influence the asset ~ securitization still includes some financial intermediaries such as guarantee organizations, credit rating agencies, invest banks, serve agencies and the law firms etc. Their activities turn to provide a support to asset-securitization objectively and cut down the cost ofasset-securitization, as a result decide the efficiency of the asset-securitization.The current financial market of our country is not perfect. Though there are some defects to launch asset-securitization in our country, it's still possible to develop asset-securitization in Chinese. On one hand, the conditions asset-securitization needed and the development of financial market are complementary to each other in many maters, and the essence of asset-securitization as a financial innovation provides our country a possible chance to make the use of asset-securitization for complete the reform of financial market. On the other hand, it has already expressed for a kind of trend more and more clearly that the companies obtain funds from the bond market, China can't and unnecessary be out of it especially after joined the WTO. It has been proved that asset-securitization itself is an effective financing method and has developed to maturity in foreign market. We can take it for granted that our country absorption asset-securitization into local capital market when China widen external communications.In fact, there have some primary modles of asset — securitization already appeared in our country. However, it still needs more hard works to turn the asset— securitization into a important financing means. These works mainly include the guarantee to the macro environment, complete the direct laws which are relation to participants in asset—securitization, train for institute investor, promote financial intermediary's development and launch a experimental work about asset — securitization actively and so on. It should be noticed that the asset—securitization covers many economical society aspects and needs to break an extensive pre-existing regularities, as a result the support of government to the asset—securitization is very important. Actually the government always plays a key role in the process of the asset—securitization's production and development. This point has rather quotable effect for our country to develop asset—securitization.