Research On Credit Management Of City Commercial Banks For Small And Middle Size Enterprises In Mixed Businesses Mode

Since 1970s,it is the trend that all kind of financial innovative instruments have been created all over the world. Among them,Asset securitization catches the attention of the world for its subtle engineering and unique function,and it has become the most important financial instrument of these three decades in financial area. The most distinct feature of asset securitization as a new credit institutional arrangement is crystallized in the following three breakthroughs: first , asset securitization bridges the gap between the intermediated credit and market credit; secondly,it integrates the advantages of the asset portfolio associated with the intermediated credit and those of the investor portfolio of the market credit and therefore realizes the best financial resource and risk allocations; thirdly , it revolutionizes the traditional credit transaction basis,making it possible to transact exclusively based on the asset creditworthiness instead of the creditworthiness of the whole business.As the innovative institution of circulating funds,Asset securitization focuses on restructuring asset and creates new financial institution,which improves the liquidity of asset. As the problem of asset liquidity gets serious and the society thirsty for the funds in our country,Asset securitization is widely discussed and initially and to pioneer the new way of circulating funds. This article will start from the economic explanation,focus on the necessity and possibility of practicing Asset securitization, and find the breakthrough in China.This paper at first expounds the basic principles of assets securitization, the basic operational structure and the process of cash flow, and on the basis of that, analyzes the operational mechanism. Then taking the government-oriented U.S. and commerce-oriented U.K. for example, it compares the operational modes and characteristics internationally and further explores the borrowing of ideas from our own experience. And then it explores the possible risks from the execution of assets securitization, analyzes the influential elements and risk-measuring means of liquidation risk of advanced repayment, interest risk and credit risk. And it also studies the management program of guarding against and riding the risks of assetssecuritization. At last the paper puts forward policy-related proposals for the riding of obstacles confronting the implementation of assets securitization in China, and makes a preliminary sketch and a tentative plan for the experimental program of National Development Bank and Construction Bank of China on the basis of the current situation in China.