Study On The Influence Of The Initiator Of Asset Securitization In China

Compared with foreign mature market, the asset securitization in China started relatively late. With the foreign similar, bank asset securitization in our country no matter in practice or study occupies the most important position; In addition, in the non-bank field, our country’s development of Asset securitization than abroad has more striking local features and innovation. At present, the common problems in the research of asset securitization effects revealed more, but influence analysis in-depth combining with the initiator itself or the nature of the assets is still insufficient. This is the place of this article is worth to study.According to the importance, success and novelty, this paper choose three kinds of securitization which have Banks, small loan companies and the quality of the commercial real estate as the research key. In addition, the auxiliary analysis used the successful cases of these types. On the analysis method, this paper tries to use the actual data and case to deep comprehend; useing the quantitative methods and models get more in-deep analysis and the suggestion.First, this paper analysis the basic status of bank of securitization and compares with foreign differences. Because of low degree of securitization of China Banks, this paper consider using benefit-cost model and bank management (such the banks’ capital, supervision, etc.) constraints to comprehensive reflect the influence of securitization to bank; This paper also analysis and argue that loss of bank deposits is now the most important factor to prompt asset securitization of China’s banks. Second, compared with bank, this paper analyses the characteristics of small loan companies operating and securitization. Second, compared with Banks, analysis of micro-credit company operation and the characteristics of securitization. Then the authors use a similar model to analysis the asset securitization, small loan funds and the relationship between default rate; In ali small loan case, it points out that the platform ecosystem, Internet financial characteristics has the effect of reducing the loan default rate. This can also become a kind of small loan development model. Finally, through to the commercial real estate securitization of detailed analysis, this paper argues that its improve the enterprise’s financial condition, especially in the case of improving liquidity at the same time avoiding ownership transfered; At the same time, this paper also think that the high quality asset is the foundation of securitisation positive effect. it has physical characteristics which is different in the past.Based on the analysis of the three types of securitization, this paper argues that our country’s securitisation each have different characteristics. In addition, the positive effect of securitization originators is not exactly the same. The last, this paper analysis of securitization in our country could be used to further the practice of the localization in the future.