Case Study Of Gongyuan Zhicheng's Phase ? Non-Performing Asset-Backed Securities In 2018

Asset securitization is one of the important financing methods in the 20 th century financial market.China's research on asset securitization began in the 1990 s,and foreign research on asset securitization is much earlier than China.Chinese scholars have been studying asset securitization for several years,and it was not until 2005 that the banking asset securitization pilot was launched.As an emerging field of asset securitization,non-performing asset securitization has become more and more important.Since the pilot was restarted in 2016,China's non-performing asset securitization business has made important progress,along with market mechanisms and related laws and regulations.The land is constantly updated and perfected,and the securitization method is expected to become the new blue ocean for the disposal of non-performing assets of commercial banks in China in the future.With the rapid development of China's financial industry,for China's commercial banks,not only many opportunities have been harvested,but also many challenges.In the past few years,the process of the growth and development of China's commercial banks has also been accompanied by a large accumulation of non-performing assets.Therefore,it is necessary for China's commercial banks to solve the problems caused by the accumulation of non-performing assets.Generally speaking,commercial banks can dispose of non-performing assets by screening non-performing assets,packaging the target assets into a new asset pool,and selling the asset pool to the asset management company.However,there are also long-term assets in this way.Problems such as low liquidity and low efficiency.Therefore,it is necessary for commercial banks to explore better quality solutions to dispose of non-performing assets.Therefore,China's commercial banks can use the tool of non-performing asset securitization to solve the problem of accumulation of non-performing assets.In this context,the author chose ICBC as the sponsoring institution,and the securitization products issued in 2018 as the research object.After the author sorted out the relevant literature on a large number of non-performing asset securitization,he said to "Yuanyuan Zhicheng 2018".-2" for case analysis.First of all,the article introduces the background of the case release and the basic situation of the case.The background of the issue is the anatomy from the development of non-performing asset securitization in recent years,the status of the issuer and the cause of action.On the basis of theoretical analysis and case analysis,the paper analyzes the basic assets,transaction structure and risks faced by Gongyuan Zhicheng 2018-2,and analyzes the advantages and disadvantages of Gongyuan Zhicheng 2018-2.Analyze and study the quality and the concentration of assets in the pool,analyze the product business model and trading methods in depth,and find out the problem of the product.Finally,in view of the problem of the case,this paper puts forward some suggestions for rationally optimizing the allocation of asset pool assets,strengthening the risk management of non-performing asset securitization,optimizing the transaction structure of non-performing asset securitization,and innovatively researching new forms of credit enhancement.