Mode Choice Of Asset Securitization In China

Asset securitization came into being in America in the end of 70's of last century,and spreaded all of the world in 90's. The total circulation had added up to 350 billionUS dollars. In America, from 1990 to the end of 2003 the annual average growth rateof the circulation was 43.7%, and the MBS market became the second biggest marketfollowing the federal bond market, and at the end of 2003 the circulation reached3,140 billion. Australia was regarded as the second biggest ABS/MBS active marketin which annual circulation exceeded. After Asia financial crisis, a lot of SouthAmerica and Asia countries carried out some fruitful practices. After the assetsecuritization rising in Asia in 1995, it developed rapidly in Hong Kong, Japan andKorea. According to Standard & Poor's estimation, the market potential in these areaswill increase at the speed of 25%.The asset securitization practice in China preceded theoretically exploration.Inchoate asset securitization practice can cast back that in 1992 Danzhou district inSanya issue two a hundred million yuan land investment tickets depending on eighthundred unit of area. After that, the asset securitization succeed in Cross-borderSecuritization.In recent years, every aspect closely paid attention to the wide market,and then produced the project and product scheme. But it doesn't appear practicalsignificant asset securitization manipulation in Chinese capital market.The total bad assets in china are near 500 billion US dollars at present. Afterbank bad assets that were about 2000 billion Yuan were handed over to assetmanagement company,exploring the methods of handling the bad asset are veryurgent. Because the asset securitization have the predominant position in the badassets handling, studying this problem become more and more urgent and important.To push a country's economic development, asset securitization have a hugefunction, and play a important role in the capital market.Studying such topic now, itsrealistic meaning is obviously.It is a system engineering that the asset securitization, involving many aspects,such as economy, finance, securities, law, accountancy and tax administration etc.This thesis will turned to launch the research to the asset securitization from manyangles, and make use of many theories to carry on the research, including politics,economics, public finance, accounting, mathematics, statistics and tax administrationetc. especially from the aspect of public management.From tiny view to macro view, and use for the reference experience of theUnited States, Japan, Korea, Canada, studying the obstacle of law system in existence,discussing the asset securitization mode that suit to our country status, setting up a setof valid product frame system that go, speeding the progress of the assetsecuritization in China, thus make the asset securitization to service for Chineseeconomic development in the long-term.