The Study On The Collateralized Debt Obligations Mode Of Asset Securitization

Asset securitization has already become a megatrend of the global banking business, our country as an important and newly arisen market within the financial globalization wave tide, also should have the shape in this financial innovation field. Collateralized debt obligations-CDOs is one of the most important innovative technologies of asset securitization in international financial market in recent years. In CDOs transactions, the assets that are securitized include not only bank loan, bond, but also include ABS, MBS etc. Along with the development of credit derivative product, there appeared the new product of CDOs- the synthetic CDOs that combine asset securitization techniques and credit derivative product together. Although in European and American markets CDOs has developed very quickly, increasingly mature and integrated in theory and operation ,yet in Chinese , we can not find related systemic and integrated academic study. Compared with ABS and MBS, in CDOs transactions, the assets that are securitized , the SPV structure and administer regulation are more diverse and more flexible, being applicable to variant assets and actual requirement, providing a new approach for optimizing banking operating management. At the same time, CDOs can communicate the capital market and money market, accelerate commercial bank's function regression in capital market, dissolve the financial risk, and optimize the financial resource distributing efficiency, which is a realistic choice for state-owned commercial bank reform.Via summarizing the asset securitization rational, joining the practical development of the western developed capital market, The dissertation pay attention to the new pattern of securitization in international market—CDOs, make a deep study on the structure, supervision, rating etc., and bring forward some preparatory tentative plan for Chinese state-owned commercial bank implementing CDOs transaction. Believing that this research can make academia and banking circles have a more thorough and accurate recognition on asset securitization, provide reference for the home bank on alleviating the hidden liquidity risk, raising capital adequacy, and participating the international competition .