Research On Credit Asset Securitization Of Commercial Banks In China

Asset securitization refers to the process in which initiators transform the assets with insufficient liquidity while predictable stable cash flow into tradable and investable securities by capital market securitization.As a financial instrument,asset securitization first appeared in the United States in the late 1970s and played a very important role in improving the efficiency of financial services in the real economy.Credit asset securitization refers to the transformation of illiquid credit assets into securitized products that can be circulated in the capital market so as to obtain financing.In 2005,the securitization of credit assets began to appear in China,but with the outbreak of the subprime crisis in 2008,the pilot work of asset securitization in China was interrupted for a time.Until 2012,The asset securitization pilot process of China started again.Since the asset securitization pilot program resumed in China,it has provided a strong impetus for the development of Chinese finance and made remarkable achievements.With the continuous relaxation of the regulatory policy on asset securitization,the credit asset securitization of China’s commercial Banks has experienced an explosive growth.Practice has proved that the securitization of credit assets can revitalize the stock assets of commercial banks,increase the loan scale of commercial banks and relieve the capital pressure of commercial banks.However,asset securitization still faces a series of severe problems and restrictive factors in the development process.This paper explicitly put forward the comprehensive benefit of commercial bank credit assets securitization,establish evaluation index system of commercial bank credit assets securitization benefits must follow the principle of objectivity and comprehensiveness and feasibility,from increasing the safety of the commercial banks to establish credit asset securitization evaluation model,through the regression analysis,the commercial bank credit assets securitization effects and impact on the listed commercial Banks effect was evaluated.Taking the name of Zhao Yuan which is the first credit asset securitization product of CMB in 2015 as an example,the case study is conducted to analyze its transaction structure risk,default probability and loss rate,impact on real estate price decline and credit enhancement level,as well as the influencing factors of CMB’s own benefits.Aiming at the development status and existing problems of commercial Banks’credit asset securitization,this paper focuses on perfecting the capital market and cultivating market participants;Improving the legal system and implementing rules;Establish supervision and coordination mechanism,perfect examination and approval system and improve risk awareness;Enrich the types of basic asset securitization,enhance the credibility of credit rating agencies and strengthen supervision;Expanding the investor group of credit asset securitization products,this paper put forward development countermeasures for about six aspects.