Research On China's Asset Securitization

After 70s of the twentieth century, international finance is facing tendency of globalization, liberalization and securitization. Innovation of financial product comes into the world everyday because of information technology development. Financial industry in some developed marketing countries comes back into the track of mix-operation. Limitation of finance based on banking industry is met continuously. The breaking out of crisis in eastern Asia, southern America, and Russia forces people to seek new financial road in order to manage financial risks. Asset-backed securitization is born under this environment and has become the key tool of financing in some developed countries.Following entrance of WTO, everybody recognizes the importance of financial reforming and opening to the world more quickly in our country. During this period domestic financial industry will face intense competition from foreign financial institutions, which will give the financial industry opportunity and challenge. So the financial industries in our country should absorb all advanced financial technology and innovative achievement in order to get equal competitive condition.So it is very important to research domestic securitization under the background. This thesis studies following problems around operation pattern of domestic securitization. My thesis generally consists of five parts : Part one, prolegomenon, mainly introduces the global asset securitization and physical development from the theoretical and practical level; Part two, mainly discuss the main theory of assets securitization; Part three, introduces the successful experience of asset securitization from developed countries and regions abroad ,then extends the model significance to development of china; Part four, mainly analysis the practical possibility of Chinese development for asset securitization; Part five, against to the problem of acceleration establishment of China asset securitization ,makes some recommendations and feasible methods.Asset securitization in China's development requires a gradual deepening of the process; we can follow the "test-promotion-adjustment - perfect" route. I think our current efforts in the following aspects: First, in response to current market conditions show we should continue to take mortgage securitization and infrastructure assets into breakthrough as soon as possible in order to obtain a range of substantive operation stage. At the same time further expand the size of the foundation assets of mortgages, infrastructure assets, credit cards, car loans, insurance premium income, to expand the scope of asset securitization preparation. Second, vigorously develop institutional investors, continue to relax insurance companies, pension funds, investment funds and other policy constraints, and encourage institutional investors to participate in China's securitization market. Third, the government must actively support the securitization market building.