The Research Of Resolving The Overcapacity By Asset Securitization

Since China’s economy has entered a crucial period of transition into the new normal of development, resolving the overcapacity of manufacturing is important. Compared with many ways raised in the past, this article pays more attention to the interaction between the real economy with the banking, and attempts to explore a way of asset securitization to resolve the overcapacity.Firstly, this paper analyzes the current problems in the process of overcapacity governance, they are:the paradox between the resolve of overcapacity and the upgrade of industrial structure; the inefficiency in solving problems by government on micro level; banks endure the credit risk passively; the difficult for banks to exit the stock of credit on the industry of overcapacitySecondly, the paper proposes a program which is standing in point of macroeconomic, the program contains two specific stages, the first stage is that banks help companies to integrate resources, as a preparation of asset securitization; the second stage is that banks launch the securitization of credit assets, release the stock of capital, then support the optimization and upgrading of industrial structure by the released credit assets, in order to steady the advance gained from the former step. On the basis of the two-stage design, the paper extracts the feature and the innovation of this program by compared with the practiced ways of asset securitization in the past.Again, the paper discusses the feasibility of the program from the following aspects:the policies to support banks which engaging the related intermediate business is feasible; the motivation of banks which engaging the related business is feasible; the acceptance of the financial market about the credit-basis asset securitization is feasible; the controllability of credit risk is feasible.Finally, the paper simulates the whole idea of program, generalizes the main points and the research prospects, in order to provide researchers a new insight to resolve the problem of overcapacity by the asset securitization leading by banking.