中国资产证券化的跨国运作分析

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1、AbstractThegeneraflyknownAsset—basedSecuritization(ABS)istheprocess。fcollectionandgatheringassetswhicharelackofliquiditybuthaveaestimatedstablecashflowinthefutureintoanassetpool，andconverttheassetstosecurltleswhichistradableandexchangeableinthefinancialmarketthroughreconstruction．Asset—basedSecur

2、itization，abrand—newfinancialinnovativeproduct，isaninexorabletrendinourcountry．Theopportunitiesandconditions，however，areneithermaturenorsuitabletodeveloptheABSespeciallyinalargescalesincethereareagoodmanyrestrictivefactors．Hence，choosingabreakthrOUghforexperimentingthesecuritizationisthefirstmiSS

3、ion。Cross—boardersecuritizationisamodelofABS，itshistoryisjustmorethantenyears，butthespeedofitsdevelopmentisbecomingfasterglobally(especiallyindevelopingcountries)．ItcanbeusedtoissueABSanddecreasetradingcostbymakingfulluseofthedifferentlaw，tax，accounting，caDitalmarketandeconomicaldevelopmentofdiff

4、erentcountries．Theresearchofthetheoryofcross—boarderseeuritizationiSofpracticalimportancetoourcountry-TheearlyexpectationonmassparticipationtoABSinChinaisvettobecometrueduetoitsweakframeworkoflawandeconoⅢicenvironment．Cross—boardertradingispresentedasabreakthreughofABSinChina，withitssignificantfe

5、asibilityandnecessity．ABSprovidescrossboarderfinancingfirmwithidealstructuretodiversifypartsofthetradingalloverthew。rld．Manysuccessfu]tradingcaseshaveappearedwiththeparticipationofdevelopingcountriesThebarriersinthedevelopmentofcross—boarder8eourltizationinourcountryarethelackofqualifiedpersonnel

6、，lackofassetsandincompletecapitalmarket．Sowhetherthetheoryofcross—boardersecuritizationwillbepracticedlaysonthebasicconstructionofsystemsincludin层drawinguplawsandregulationstoinsureahealthvandcredit—worthinesssystem，regulatingtheactionofcreditratlngagencyandstandards，trainingmorequalifledpersonne

7、landencouragingmoreinvestment．Inconclusion，weshouldlearnfrominternationalprocessofsecuritizationandalwayskeepaclearmindthatwehavealongwaytogo．Wehavedifferentpoliticalandeconomicalsystemsandadifferentfinancialclimatefro