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The use of

into the Both economic development and urban construction are inseparable from the fund, Use and learn from international capital markets, valuable experience has been formed through the Asset Securities of means, with financial of the stock of assets,[link widoczny dla zalogowanych], to mobilize incremental financial assets, economic development and thus raise and urban construction funds, is no doubt that we should study and explore the important issue.
Asset securitization is to promote sound and healthy financial markets, an important financial innovation
Asset securitization is an important financial innovation in recent decades results. can achieve stable,[link widoczny dla zalogowanych], long-term returns.
Asset securitization of financial innovation to improve the product structure of financial markets, long-term assets and short-term liabilities were effectively docking, adjustments in order to improve the operational efficiency of the financial markets. Asset securitization of financial resources to new and rational allocation, to meet the different preferences of the different needs of investors, the choice of rich investors, asset owners of assets form of changing needs. Asset securitization increased the efficiency of financial intermediation, increase funding to improve the quality of funds, preparation of extended structures of risk and ease the pressure on capital adequacy and improve the security of the financial system. Innovative asset securitization, rich variety and financial tools to make financing, financing channels and means to further enrich for the investors a more selectively.
In a typical securitization operation, the operation of standardization: the promoters will be able to predict,[link widoczny dla zalogowanych], and can get stable cash flow, assets, income (single or multiple species), form a
Assets in the asset securitization of financial assets generally, and corporate bonds, stocks, BOT and other funding in different ways, SPV is not directly involved in the business and assets of the business, but rely on laws and contracts, with assets of power, re-packaging with liquid debt securities.
Asset securitization practice at home and abroad and Development
Asset securitization since the 70s of last century began to develop in the United States, has become a major investment bank's general business and accounts receivable throughout the enterprise, rent, copyright royalties, credit card receivables account, car loan receivables, consumer installment and other fields. U.S. asset securitization There are two main ways: residential mortgage backed securitization and asset-backed securitization. The former residential mortgage loans as collateral asset base, which is other than residential mortgage assets, such as: loan asset classes, including auto loan, student loans; receivables asset classes, including infrastructure assets, and so the charges. In 1968, the U.S. residential mortgage bonds the first advent of the issuer at a certain standard to a number of mortgages together, as a mortgage bond. By 1990, the United States 3 trillion U.S. dollars in outstanding residential mortgage loans, 50% achieved a securitization. Since 1983, asset-backed bonds also is developed, there has been secured to ensure that bonds are financial instruments for investors with different time requirements of the design. Car loan in 1985, began to issue mortgage-backed securities; 1988, it launched a credit card securitization of mortgage loans; student loans in 1993 backed securities also began to come out. Mortgage loan securitization in the housing, the securitization of mortgage technology is widely used in non-mortgage debt than debt assets.
Recent years, the asset securitization as an important financial innovation has increasingly attracted international and national economic sectors, the financial sector attention. In 1995, under the World Bank's International Finance Corporation and other developing countries in South America for its long-term assets as collateral a $ 400,000,000 issue of non-recourse securities. In Asia, the asset securitization also developed rapidly, in 1994,[link widoczny dla zalogowanych], Hong Kong, 3.5 billion Hong Kong dollars issued mortgage bonds, 1996, asset securitization has been further extended to Indonesia, Thailand, Malaysia and Japan and other Asian countries. China has also actively pursued the asset securitization explore and experiment. For example, in 1992, Sanya, staged a real estate investment securities; 1996 Zhuhai highway toll and transportation to the registration fee for the issuance of securities to overseas support; Chongqing City has in 1997 launched the first Chinese to urban infrastructure to support securities This is our asset securitization carried out a major breakthrough. Recent issue of state-owned commercial banks is preparing for the housing asset securitization bonds, which marks the asset securitization is increasingly concerned about the financial industry.