The State Development Bank In The Commercial Transition Asset Securitization Research

This paper introduces the domestic and international asset backed securitization macro background, reviewed the literature. In the background of Chinese financial reform under the China Development Bank of asset backed securitization business, and reform of policy banks, commercial credit made in this specific area of asset backed securitization in which significance.Theoretical analysis on asset backed securitization, because its asset backed securitization theory basis and practical guidance, the feasibility of the theory for the actual operation, provides the logical basis. Asset backed securitization is the core principle of cash flow, the principle of asset backed securitization for pricing and available for trade investment products. And then expounds American securitization general operation mechanism and characteristics of asset backed securitization, mainly introduced the four principles, namely the assets reorganization, bankruptcy, credit enhancement and credit rating. Then introduces China Development Bank, the current situation of its commercialization reform after the problem faced are briefly analyzed, and based on this, advances the kingdom of asset securitization adramyttian demand, and to promote the supply of asset securitization in advance. In the United States and Germany were represented in different modes of asset securitization, present characteristics and existing legal framework, aristarchus chosen nation securitization mode. This paper to countries in 2005 kaiyuan issue securities assets running into examples, and carry on the thorough analysis, to outline the current kingdom operation process asset backed securitization, the product structure and technical principle. In 2005 issue securities from the qualitative and quantitative analysis of two aspects. The quantitative analysis on the introduction, USES the OAS model and combining price adjustment options qualitative analysis. In the end of this paper, stand in the policy Banks, with commercial operation after transformation i which will face different regulatory level that the change of asset backed securitization solve faced the capital operation and the capital structure of debt has prominent problem seriously wrong. On this basis, the external environment of asset securitization, including Suggestions on the perfection of legal system and market development, etc.