Discussion For Development Pattern Of Assets Securities In China

Assets securities,as one of the most important and significance financial market innovations since the 20th century 30's,have changed the entire market.The international well-known scholars thought that,the most remarkable three big characteristics of 21st century economies are :economical globalization,market integration and asset securities Assets securities will form a asset pond by collecting the assets which are lack the fluidity but has anticipated future stable cash,through the constitutive reorganization,will transform it to the stocks that can be sold and negotiated in the money market,and realizing financial procession. The essence of assets securities is to transfer the incoming property rights of securities assets to the investor. The financial property may transfer,also allowed not to.It has linked up the money market and the capital market through the bridge as asset securities.It will not be substituted regarding consummated the market economy system,the optimized resources disposition,the adjustment economy structure,enhance the direct proportion,enhances the money market efficiency. Assets securities since 20th century 70's have been born is US,already have developed rapidly in developed countries and developing countries such as Europe,America,Japan,Korea and Hong Kong .For example ,In US,to the end of 2005,the sum of assets securities has amounted to 7900billion U.S.Dollars,mortgage-backed securities amounted (MBS)to 5900billion U.S.Dollars,other assets-backed securities(ABS) amounted to 2000 billion U.S.Dollars.The above market is bigger than the American national debt market(4200 billion U.S.Dollars) and enterprises debt market(5000 billion U.S.Dollars).Assets securities,the big finance innovation, spreading from overseas to the civil practice,passed through a long-term fermentation process,and its value has been obtained the national finance supervising department..So far,the domestic environment has already basically satisfied with the requirement of assets securities ,and meanwhile,there are some practices been carries on,formed two kind of assets securities products including MBS and ABS.It may be foreseen that in the near future,the assets securities,one of the most important finance innovation ,will obtain the big development in our country. This article introduce the related theory of the assets securities,elaborated the classification,the characteristic,the participation side,the transaction structure and the operation flow,and the importance of a core content as analyzing of assets securities and three basic links as assets reorganization,the risk isolation,the credit enhancement ,has been cleared about. After that,the article also introduced the present situation of assets securities in overseas countries,has pointed out the difference and similarity between several countries. In view of the present of the two big products of assets securities in our country,MBS-The Kaiyuan credit property support negotiable securities and ABS-The Pudong development construction special plan as example ,introduced and analyzed the above product characteristic,from the product designing,the transaction structure arrangement,the foundation arrangement,the obligation and rights of return-bought aspects,introduced and analyzed the above product characteristic,explained how the theory of assets securities to be used in practice. Article finally,elaborated the closed correlation between assets securities products and its system environment.. At present in experiment stage,it is restricting the development of securities products ,which including several sectors,such as supervising system,legal system,accounting system, carried on the countermeasure discussion, proposed the development mentality,which is to adapts our country money market reform.