On The Theoretical And Practical Significance Of The Asset Securitization

Asset securitization in the last 30 years witnessed the fastest development, the most significant impact of financial innovation, through the reorganization of assets and the credit upgrade of the original means of the rights and interests of better mobile assets into securities, can not only effectively utilizing the original interests of the assets, but also over the next period of time for investors relatively stable income. Asset Securitization is not only link the two sides of the bridge demand and supply of funds, but also with the national economy, the financial sector in particular between the stock market closely linked. It is to promote a country's stock market, the financial sector and an effective means of economic development, a country's national economy and development of the financial sector also contributes to the securitization of assets in the securities market on the rapid spread. It has China's stock market investment and financing system reform and improve the listed companies as well as the rapid and healthy development of extremely positive significance.China's listed companies in asset securitization pilot has been more than two years of time. By this time a listed company's asset securitization development path, the main problems inspection, the paper put forward the following basic assumptions, namely: the basic system of the securities market with the construction and perfection of the issuance of a large number of quality listed companies and investors (especially institutional investors) growing ranks of China's listed securities of the company's assets are very broad prospects for development. Currently we should seize the timely transition of China's stock market and the emerging of this historical opportunity, in concluding pre-securities assets of China's listed companies of the experiences and lessons of the pilot on the basis of step by step in the promotion.Around this basic assumption, this paper will focus on the analysis and appraisal of the following important points: First, vigorously develop the securities of a listed company assets business in China's securities markets will help to improve the financing structure, and promote debt financing and fixed-income markets the development, and promote the healthy development of the securities market balance. Second, the cssets in the securitie{ of listed comranies will help solve the financing pziblem of structural imbalances, the only change to equity financing belittling the shortcomings of other means of financing to promote China for the healthy development of listed companies. Third, we mu{t solve the listed securities of the company's assets in(the pilot issue, the reality of the solution inclwde: First, we should step up the reform of the basic system and perfect for the securitization of assets to compoehensively(promote the creation of an enabling environment, to further broaden China's listed companies financing channels at the same time gffectively reduce financing costs; Secondly, in the inter-bank market opened China on the basis of the securities market and encourage listed compinies in asset securitization, so as to effectively ease the liquidity of China's domestic problem of surplus help Finally, the listed securities of the company's assets for the investors to increase investment products can promote diversified investment portfolio of non-systemic risk...