I. International experience
(I) Main modes of operation
At present, there are mainly three representative modes in the world: one is the off-balance sheet mode represented by the United States. This model is to set up a special institution (SPV) outside the bank to purchase the bank's credit assets and realize the real sale of the credit assets. Although this practice improves the liquidity of assets, it is easy to cause moral hazard because the assets of the basic asset pool cannot be replaced after entering the pool, and the loan risk is passed on to investors accordingly. The subprime mortgage crisis in the United States in 28 is considered to be caused by the excessive development of credit asset securitization. The second is the on-balance-sheet model represented by European countries such as Britain and Germany. This model is to set up an institution within the bank to carry out securitization business, which is truthfully reflected in the bank's balance sheet, and the ownership of assets still belongs to the bank. In this mode, sponsors have a strong incentive to carry out strict risk management, and at the same time, because the asset pool is dynamically adjusted, once the assets in the basic asset pool have problems, the sponsors should promptly replace them with other high-quality assets. Therefore, after the international financial crisis in 28, this model has been gradually recognized and imitated by more and more countries. The third is the quasi-in-table model represented by Australia. This model has some characteristics of both the on-balance-sheet model and the off-balance-sheet model. The original equity holders set up wholly-owned or holding subsidiaries, and the subsidiaries set up a fund pool to issue securities by purchasing the assets of the parent company or other companies as the basic assets.
(II) Policy supervision environment
European and American countries have a long history of financial market development, and have a relatively complete securities legal system and legal supervision system. At the same time, the origin and development of credit asset securitization come from the spontaneous innovation of the market. The state has left a lot of room for the development of this business in relevant financial laws and regulations, and adopted a model of developing first and then regulating in policy supervision. In the process of the development of credit asset securitization, the US government has successively promulgated a series of laws and regulations, such as the Securities Investor Protection Act, the Financial Asset Securitization Investment Trust Act, the Securities Law Real Estate Investment Trust Act and the Dodd-Frank Wall Street Financial Reform Act. At the same time, these laws and regulations have been continuously improved and revised in the course of business development to optimize the legal environment for the development of credit asset securitization.