The rise of China's securitization market

Q1 Economics, Econometrics and Finance

Financial Markets, Institutions and Instruments Pub Date : 2017-11-09 DOI:10.1111/fmii.12090

Ya Tang, Daixi Chen, Jing Chen, Jianguo Xu

引用次数: 10

Abstract

We study the development of asset securitization markets in China. We manually collect all asset securitization projects and securities data from 2005 to 2015. Inspection of this sample combined with related policy changes reveals distinct characteristics and some potential problems. At the macro level, asset securitization market in China is policy driven, regulation-segmented, and highly illiquid. At the micro level, the underlying assets are mainly corporate loans or assets, rather than mortgage or consumption loans as in the US and European markets. State owned commercial banks and enterprises enjoy significantly lower interest rates when issuing securitization bonds. Finally, risk-isolation and credit enhancing techniques significantly improve the rating of asset-backed securities.

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中国证券化市场的兴起

本文对中国资产证券化市场的发展进行了研究。我们手工收集2005 - 2015年所有资产证券化项目和证券数据。结合相关政策变化对这一样本进行考察，可以发现明显的特征和一些潜在的问题。从宏观上看，中国资产证券化市场具有政策驱动、监管分割、流动性严重不足的特点。在微观层面，基础资产主要是企业贷款或资产，而不是像美国和欧洲市场那样的抵押贷款或消费贷款。国有商业银行和企业发行证券化债券的利率明显较低。最后，风险隔离和信用提升技术显著提高了资产支持证券的评级。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Financial Markets, Institutions and Instruments Economics, Econometrics and Finance-Economics, Econometrics and Finance (all)

CiteScore

1.80

自引率

0.00%

发文量

期刊介绍： Financial Markets, Institutions and Instruments bridges the gap between the academic and professional finance communities. With contributions from leading academics, as well as practitioners from organizations such as the SEC and the Federal Reserve, the journal is equally relevant to both groups. Each issue is devoted to a single topic, which is examined in depth, and a special fifth issue is published annually highlighting the most significant developments in money and banking, derivative securities, corporate finance, and fixed-income securities.