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This paper begins with the theory of securitization, analyses the principle operational process and law relationship of securitization. It expatiates the advantage of structured finance and it can be a new financing way for commercial bank. This paper emphasizes badly difficult confronted with commercial bank, such as the lack of capital requirement the lack of liquidityrisk concentrationthe lack of profit and so on. And it emphasizes securitization as an effectual measure for the problems. By referring to the securitization study of domestic and overseasit refers to the pertinent theory, such as capital requirement hypothesis, liquidity hypothesis, risk hypothesis, debt finance cost hypothesis, profit hypothesis, finance deepen hypothesis, finance efficiency hypothesis, etc. And it tests the hypothesis with data of commercial banks. By referring to the theory, mechanism, operation of securitization of developed countries and analyzing the actuality of commercial banks, it conclude that securitization is a effective option for the commercial bank difficult, and put forward several constructive suggestions. Keyword Securitization Capital Requirement Liquidity Finance Risk Profit Ability 5 53

20 70 2005 Steven Schwarcz Structured Finance A Guide to the Principles of Asset Securitization 6 53

Lockwood Rutherford and Herrera19961985-1993 MintonOpler and Stanton19971987-1994 1 2 3 Charles W.CalomirisJoseph R.Mason2004 Brent W. AmbroseMichael LaCour-LittleAnthony B. Sanders2004 MintonSanders and Strahan20041993-2002 ABS 1998 2000 2001 2002 7 53

2003 2003 2003 / /( )/(+12.5 ) 8 53

9 53

(ABSAsset-Backed Securitization) 20 70 [1] 1) 2) [1] 10 53

3) 4) 5) 1) 2) 20 60 2 Federal National Mortgage Association Fannie Mae Government National Mortgage Association Ginnie Mae 3) 41970 Ginnie Mae pass-through securities [1] [1] 2002 11 53

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2.1 13 53

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2.2 (SPV) SPV [1] ABS ABS ABS 1) a)b) c) d)e) f)g) 2) (SPV) [1] 2002 P120-124 15 53

SPV () SPV SPV SPV SPV SPV 3) () SPV (true sale) SPV SPV () SPV 4) (credit enhancement) / (senior/subordinate structure)(spread account) 5) 16 53