Study Of The Development Of Securitization Position

In the past 20 years, there has great changes on financial system. International financial system has been heavely changed because of the innovations' sharply rapid step. It has revolutionary changes on financial system's instrument, institutions and supervision. Most of such financial innovations' development can be explained by securitization tendency. Securitization tendency is a kind of world tendency. There are two aspects of meaning on securitizationrone is financial system securitization that focuses on financial system's structure,the other is asset securitization that on financial technology. This article begins from the basic aspects of finance and tells the development course, manifestation, causes of securitization's birth and development.The reasons of its birth and development shows on two sides:outside reasons and inside ones,that is the request of financial system's function.Securitization involves two kinds of financing modes:one is direct financing and the other is indirect financing.The first expression of securitization is that direct financial becomes larger and more important in financial system.So one question is as follows: Will indirect financing be replaced by direct financing?And one more relevant question is:Will financial intermediary be replaced by financial markets?It is proved that the relation between the two sides is mutually complementary,not competitive.Financial intermediary is passive at the beginning and become intitiative and later plays very important role in the course of securitization. At same time, securitization gives financial intermediary, mainly commercial bank, new connotation. Securitization's development in China is elementary. There is still many questions and conditional factors. This article gives out relevant measures pinning on the questions and factors above.