A Study On The Factors Affecting The Spread Of Credit Asset Backed Securities

In the 20 th century,our country began to explore the practice of asset securitization in the late 90 s of the last century.The process of asset securitization accelerated in our country due to the influence of regulatory authorities and actual demand after entering the 21 st century.The China Securities Regulatory Commission formally released the provisions on the concepts and business of asset securitization,marking the forthcoming securitization business of securities companies in China entering the fast lane.So far,under the supervision of the People’s Bank of China and the CBRC,the CSRC,the China Insurance Regulatory Commission and the Inter-bank Dealers Association,asset securitization products have greatly expanded the means of financing various kinds of financing entities in China and enriched the options for the allocation of assets of Chinese investors and increased the vitality of China’s financial markets significantly.At present,the domestic research and analysis of asset securitization products and investment have just started,and because the system of information disclosure of asset securitization products is still not detailed and perfect,all these have caused our investors in our country to use the internationally mature pricing models of asset securitization products price estimate.Due to the general lack of such steps based on quantitative analysis,the current pricing of credit asset-backed securities in China often depends on the inquiry price of road underwriting agencies.Such a pricing method may cause the expected yield or interest spread of credit-backed securities to have a certain level the instability.Therefore,this article hopes to establish the multiple regression equation to analyze the various factors that affect the issue spread of credit asset-backed securities,and provide some support for the future determination of the issue rate of credit asset-backed securities and the establishment of its pricing model.At the same time,the research on factors affecting the interest spread of credit asset-backed securities also provides valuable references for the relevant agencies in designing and issuing the ideal credit asset-backed securities in the future.This paper is divided into six chapters.First of all,I introduce the research background and significance of this article,and the related literature at home and abroad are reviewed.Then I explain the basic concept of asset securitization,and then I analyze the current situation and major problems of the current securitization of credit assets in our country from the market share of China’s credit asset-backed securities and the development course of securitization of credit assets in our country,characteristics and other problems.After theoretical analysis of the influencing factors of spread of credit asset securitization,I make an empirical study of the influencing factors of spread of credit asset-backed securities.By selecting the appropriate data of potential influencing factors as explanatory variables,I draw the conclusion.Finally,this article summarizes and puts forward the relevant policy recommendations.