A Research On The Small And Medium Sized Enterprises' Loan Securitization Of Commercial Bank In China

The Asset Securitization is a originated in the United States, It has been widely used about 10 years ago as a new financial instruments, in some of the developed countries, the securitization has become a new intermediary system, it could integrate the agencies with market intermediaries function, and it can be considered as an effective way to sell the loans. The Asset Securitization is a structured finance tool, it is an asset with poor flowing, a stable cash flow in the future, but can be reorganization, risk isolation and credit enhancement. In recent years, the researches of credit securitization are gradually deepening in abroad, they mainly compared the risks of the key interest rate and the spread of interest rate, and a lot of empirical research to support the theory building. However, in view of the gaps of legal environment and development of the capital market, as well as the differences of the support to the securities issued, different countries adopted different patterns of securitization, and the pricing of the assets still not been satisfactorily resolved in the business and academics. Currently, the technology of securities is gradually entering into the other areas of the credit assets.China's asset securitization has been practiced in only limited cases, such as real estate investment securities of Sanya in Hainan Province, Zhuhai Expressway securities, COSCO receivables securitization, these cases not all operated by securitiesing, and not included any securities of credit assets. We don't have the securitization of credit assets, and it now at a preliminary stage of preparation.China's small and medium enterprises are great uncertain in the facts of market and financial. And the country has no sound credit system, a sound legal and mature environment. So there are many risks for financial institutions to provide loans; loan securitization can reduce the costs of financing and can broaden the financing channels. The two cases appeared at the same time, the realistic conditions were maturing, and there were practices about loan securitization in abroad. In 2000, Germany SME Bank with many other banks in Germany practised the business of the securities, launched a platform about "Promotion SME Loan securitization ", called the" Promise ". In recent years, the practice of securities about loans assets gradually increased in the developed countries. In 2005, the CBRC of China started the pilots of securitization about credit asset, but it only limited to housing mortgage loans, and there are a lot of legal restrictions. As a result of China's special conditions and the environment, in the securities of loans, could not directly apply foreign loans Securities theory solve the existing problems in China.In view of the above circumstances, we will try to learn from the process model about loans'securitization used in abroad. Link the China's current situation with the development of SMEs and the reality of China's commercial banks, explore the loan securitization model benefited the small and medium enterprises and commercial banks, and to Analysis the process of securitization adapted to the status of China. It will provide the operational guidances about upcoming securitization of loans in China, and there are many suggestions about the choice of model, the establishment of intermediary agencies, the sale of securities and so on.