Operation Mode Research Of HR Bank Credit Asset Securitization

In recent years,with the constant deepening of interest rate liberalization,the rise of new finance and the increasingly improved issuing system,China's pilot reform of the securitization of credit assets is constantly speeding up and the business volume is also exploding.Although policy banks,large state-owned banks and stock-holding banks are still main players in the market,an increasing number of small and medium-sized banks,especially city commercial banks and rural commercial banks,also begin to participate in the business pilot of the securitization of credit assets.HR bank,as a local commercial bank,is one of the first 27 Chinese banks to obtain the qualification for engaging in the business of credit assets securitization approved by the China Banking Regulatory Commission.On December 23,2014,it formally issued its first credit assets securitization products.During China's transition of assets securitization from registration system to record system and from pilot stage to overall development,HR Bank's credit assets securitization has always been a typical representative for small and medium-sized banks.This dissertation,taking HR Bank for example,focuses its attention on the practical cases of credit assets securitization of small and medium-sized banks,studies the operation mode of the securitization of credit assets and the comprehensive benefits it has brought to commercial banks,analyzes the problems existing in the current stage of China's assets securitization and then on this basis points out how small and medium-sized enterprises should develop the business of asset-securitization business.This dissertation consists of five parts.Part one is introduction.In this part,the author introduces the research objectives,research contents,research framework,and research contribution and reviews related documents.Part two is analysis of the choice of operation mode of credit asset securitizationan overview of securitization product.In this part,the author introduces the definitions,fundamental principles,and operation mechanisms of assets securitization and its business development status in China.In part three,the author studies the operation mode of credit assets securitization of HR Bank.Based on the first credit-asset-backed securities issued by Xiangyuan in 2017,which is a credit assets securitization product issued by HR Bank,the author conducts a case study on the product level concerning the product's transaction structure,product design,basic asset pool and the main risks it faces.In the fourth part,the author analyzes the comprehensive benefits that commercial banks are likely to gain from the business of credit assets securitization and selects such indexes as net yield,economic profits,capital adequacy ratio and risk-adjusted return on capital to conduct modeling analysis based on the practical data on HR's business of credit assets securitization with a purpose to study the comprehensive benefits and effects that asset securitization can bring to commercial banks.Part five is problems and recommendations.This part is about suggestions for improvement of HR bank credit asset securitization business mode and suggestions on business development.