The Research Of The Credit Assets Securitization Based On The Structured Financing

Asset-backed securities are originated from the mortgage market in the early 1970's, it experienced a rapid development worldwide in recent years, it is one of the most important innovation in financial sectors.Compared with the United States and the European which have the developed financial markets, the study of asset securitization in china is relatively late, its theoretical study began in the 1990's, its practice even began in the early part of this century.The asset securitization is a kind of financial innovation, and it is different from the traditional bonds financing and equity financing tools, it has a complex transaction structure, including SPV, true sale, risk isolation, credit enhancement and pay arrangements, each has its profound meaning, and is also an organic whole, mutual supports the asset securitization.Currently, the term structure of assets and liabilities in commercial bank does not match, it needs to transfer the liquidity risk, the asset securitization arises at the historic moment. As an innovative tool, the asset securitization can solve the bank's liquidity, and also can make conversion from direct financing to indirect financing, and can achieve the dual goals between the risk financing and the risk transferring. After years of practice we obtained some achievements, but there are still many deficiencies need to analysis and solve.Based on the basic principles of asset securitization, this paper is focused on illustrating the formation and evolution of the elements of asset securitization. At the same time, with reference to the United States and the European, this paper also analyzed the developments and transactions in China. Finally, from products structure,transaction structure in the structure of asset securitization, the paper explored some structural problems of the asset securitization of our country, and put forward some relevant policy suggestions.