| Summary: | 碩士 === 東吳大學 === 法律學系 === 106 ===
The securitization of credit assets refers to the banking financial institutions as the initiating agency, trusting the credit assets to the trustee institutions who issue the beneficiary securities for the investment institutions in the form of asset-backed securities (ABS). The cash generated from such property is used to cover the returns on asset-backed securities. In simple words, it is a structural financing activity that sells credit assets in the form of securities. Credit asset securitization (CAS) is originated in the United States housing finance market in the late 1970s. As it can flexibly satisfy the dynamic needs of the numerous participant parties, it has been vastly developed in the world, becoming a quite mature financial production in the international stage.
In March 2005, with the approval of the State Council of China, the People's Bank of China, in conjunction with the relevant departments, established a coordination group on CAS pilot project – the CAS pilot program has been officially started. After 2009, affected by the subprime mortgage crisis, the pilot program had been stagnated for a certain period. In 2011, the State Council agreed to continue the pilot program. In August 2013, the State Council decided to further expand the CAS pilot programs. On May 13th, 2015, it was decided in the State Council’s executive meeting to further promote the CAS, incrementing 500 billion of piloting scale so as to continue to improve the system, simplify the procedures, encourage registration and independent installment issue, and standardize information disclosure.
After a decade of pilot program, a CAS system framework and market system that suit the Chinese conditions were roughly established and have presented a positive development trend. From several levels, it could be observed the following: 1. The type of initiating agencies have been constantly expanding. At the end of 2016, there were nearly 80 initiating agencies that covered all types of banking financial institutions and auto finance, asset management, financial leasing and other types of corporate bodies. 2. The securitization of basic assets have been gradually expanding, covering the general corporate loans, home mortgage loans, car loans, credit card loans, financial leasing assets and other major types of loan assets; that is to say, the types of securitization products have enriched.3. Investor diversity has been increasing. At the first half of 2017, a total of 488.41 billion of ABS were issued in mainland China, which was an increase of 68.87% over the same period of last year. The market stock was 1,221,638 million, which was an increase of 39.06% over the same period of last year. Among them, 190.628 billion of ABS was issued, which was an increase of 41.64% over the same period of last year, accounting 39.03% of the total issue volume. The stock was 462.169 billion, which was a decrease of 10.73%, accounting 37.83% of the total market volume.
Still, compared with mature markets, CAS market is still in the development stage, however, it still represents huge potentiality. With China's economic development entering into a new normality, it will help promote the healthy and sustainable development of the CAS market. Let us wait and see.
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