Chen pointed out that at present, the main investors in China's asset securitization are self-operated banks and wealth management products, and the proportion of institutional investors such as Public Offering of Fund, insurance, special accounts and trusts is very small. The main reason is that China's asset securitization secondary market making, pledged repo and other trading systems are not perfect, and asset securitization has poor liquidity. Most investors can only hold them at maturity, and cannot cash in profits or avoid selling them during product fluctuations.
Professor Chen.
The following is a partial record of Chen's views:
At present, the main investors of asset securitization in China are self-operated banks and wealth management products, and the proportion of institutional investors such as Public Offering of Fund, insurance, fund accounts and trusts is very small. The main reason is that China's asset securitization secondary market making, pledge repurchase and other trading systems are not perfect enough, and asset securitization has poor liquidity. Most investors can only hold them at maturity, and cannot cash in profits or avoid selling them when the products fluctuate. However, in developed capital markets such as the United States, the main investors in asset securitization products are mutual funds, pension funds and private investment funds, and commercial banks account for a small proportion.
Product Structure of Asset Securitization in China
While the total amount of asset securitization products in China continues to expand, the share structure of products is also further optimized. As shown in the figure, China's asset securitization business is mainly divided into three categories: credit asset securitization filed with the CBRC and approved by the central bank; Asset securitization of subsidiaries of securities companies and fund management companies filed with the fund industry association and approved by the CSRC; Asset-backed notes registered and issued by China Association of Interbank Market Dealers, in which asset-backed notes do not need to set up special purpose vehicles, are not physical asset securities. In 20 18, credit asset securitization and enterprise asset securitization were equally divided, accounting for 46. 14% and 47.58% respectively.
Professor Chen, a famous economist and CEO of Global Germany, introduced;
Famous economist, professor of finance, doctoral supervisor, the first batch of doctoral students in statistics in China. At present, he is the vice president of China Shanghai Investment Society, an expert member of China Business Federation, the executive director of China Grain Economic Society, an expert in the evaluation of National Natural Science Fund, an expert in China's pioneering humanized capital operation, the host of Shanghai TV's "Real Estate Nighttalk" column, and a special guest of China First Financial, Oriental TV and Phoenix TV. He has been invited to give lectures in universities in Peking University, Tsinghua University and Hong Kong for a long time. He has won nearly 20 national, provincial and ministerial excellent scientific research awards, visited countries and regions 100 times, and was employed by international forums and summits and lectures in foreign universities. Known as the most popular authoritative financial expert with international vision, he has successfully coached many companies to go public.