资产证券化作为一种金融创新自20世纪70年代在美国出现以来，在全世界范围内得到了广泛而迅猛的发展。我国从90年代就对资产证券化开展了广泛的研究，但迟迟没有实施。终于在2005年中国人民银行和银监会出台相关的政策后，开启了信贷资产证券化的试点。短短十年时间不到，资产证券化对金融体系产生了正反两方面的影响，一方面加速了金融创新；另一方面也加强与扩大了金融体系的风险。我国汽车产业发展十分迅速，已经成为世界第一大汽车生产国与世界第二大汽车消费国。随着我国经济的发展，人均可支配收入的提高，消费意识的增强，将来越来越多的消费者会选择灵活的贷款购车。汽车金融企业也需要更多的融资手段。汽车贷款证券化有广宽的发展前景。但是，目前我国的汽车贷款证券化还处于起步阶段，运作机制十分不规范，信用制度缺失，汽车消费贷款的相关法律不健全、不完善，这些因素导致汽车贷款证券化过程中还是面临很大的风险。所以要切实做好风险防范措施，推动汽车贷款证券的良性发展。欧美等发达国家的资产证券化市场发展时间较早，已经形成比较成熟的市场，国外学者对汽车贷款证券化的风险理论研究也比较丰富和深入。与之相比，国内学者对资产证券化的风险研究集中在两个方面。一方面通过研究资产证券化产品相关风险，计算出该产品的发行价格；另一方面从我国的现有法律制度、税务制度等角度来进行风险分析。单独研究资产证券化风险的案例比较少，更缺乏汽车金融资产证券化的案例分析。我国的情况又与国外发达国家有很大的不同，我国在相关法律制度的建设上还不健全。所以我国的汽车贷款证券化风险研究不能照搬别人的经验，需要开发出一套适合我国国情的风险管理体系。本文通过对“通元2012年第一期”汽车贷款证券进行案例分析，以点带面的考虑了我国在实行汽车贷款证券化过程中遇到的风险及防范对策。本文结构如下：第一章绪论概况地介绍了国内外关于汽车贷款证券化的发展和研究现状，提出了本文的研究方法和框架。第二章介绍汽车贷款证券化的相关理论，包括资产证券化的内涵、原理、运作机制及动机。分析了我国汽车贷款证券化的发展现状，总结我国汽车贷款证券化过程中存在的问题。第三章分析了汽车贷款证券化过程中遇到的提前偿付风险、违约风险及其他相关风险的成因和影响因素。第四章介绍了“通元2012年第一期”的基本请况、包括基本流程、资产池的构成和信用增级及评级。研究“通元2012年第一期”面临的提前偿付风险和违约风险。第五章针对我国汽车贷款证券化过程中遇到的主要风险，提出改进建议，保证市场可以健康和顺利的发展。本文的创新之处在于：通过对中粮信托提供的受托机构报告中的大量数据进行分析，直观的展现出“通元2012年第一期”证券化过程中提前偿付风险和违约风险变动情况。但是导致由于贷款违约的因素较多，加上汽车贷款证券化的历史不长，数据基础不充分，定量分析时采用的相关假设或参数估计可能存在偏差。

Asset securitization as a financial innovation in the United States since the 1970's, has been widely throughout the world and rapid development. the scholar of china has extensive research on asset securitization since 1990's, but hesitated to implement. And finally in 2005 the people's bank of China banking regulatory commission (CBRC) issued after the relevant policies, open the pilot securitization of credit assets. Asset securitization has advantage and disadvantage on the financial system, the influence of accelerated the financial innovation on the one hand, on the other hand also strengthen and enlarge the risk of the financial system.China's automobile industry development rapidly, has become the world's largest auto producer and the world's second largest auto consumer. With the development of economy, the increase of per capita disposable income, consumer consciousness enhancement, more and more consumers will choose flexible loan purchases in the future. Auto loans securitization has wide development prospects. But, it isn't perfect in china, lack of credit system and auto loan related law. there are many factors lead to car loan securitization under risk. So we need to build a perfect system for auto loan securities. The developed countries of asset securitization has mature. The western scholars on the risk of car loans securitization has more rich and deep theoretical research. In contrast, most domestic scholars research on the risk of asset securitization is too narrow. There are difference factors, like background or legal system, between china and developed countries. so we should analysis the risk of auto loan securitization in china.The structure of this paper is as follows:Chapter I: General information from the research background, research objectives, research status at china and abroad, research methods, research framework and research expectations of innovation and deficiency of this article to make a whole.Chapter II: Related theories for auto loans securitization, including the connotation, principle of asset securitization, operation mechanism and motivation. The developing situation of car loan securitization in our country are analyzed, summarized the problems of auto loan securitization in china.Chapter III: Analysis the auto loan securitization risk and its influencing factors. Mainly discuss the prepayment risk and default risk. Analysis the reasons of the risk, the influence factors and measures.Chapter IV: Empirical research about the risks of "Tongyuan 2012-1A".Chapter V: Suggestions for the auto loan securitization in china.The originality of this paper is that: According to the report of COFCO trust, the analysis about the of "Tongyuan 2012-1A" is very completeness. But the auto loan securitization in china has released recently and lacked inadequate data base. The survey result may be not accurately.