论文标题:我国开展资产证券化融资方式的可行性分析
The Feasibility Analysis of Asset-backed Securitization in China
论文作者 金华
论文导师 杨惠昶,论文学位 硕士,论文专业 金融学
论文单位 吉林大学,点击次数 174,论文页数 48页File Size352k
2004-04-01论文网 http://www.lw23.com/lunwen_10509737/ 资产证券化;信用增级;信托模式
Asset-backed Securitization;Credit Enhancement;Trust mode Asset-backed Securitization
资产证券化融资方式是20世纪70年代起源于美国的一项重要的金融创新，由于资产证券化融资方式构思巧妙、方式灵活，在短短的三十几年的时间里得到了空前的发展。在美国，资产证券化市场的规模超过了公司债券市场和国债市场，成为了美国债券市场上最大的子市场。此后，在欧洲、亚洲以及其他地区，资产证券化融资方式也得到了广泛的应用。资产证券化融资方式己经成为全球金融发展的重要趋势。我国的资本市场自改革开放以来，已获得了一定的发展，改变了以往单一的通过金融中介机构进行间接融资的局面，金融市场在各方面都得到了的创新，极大地促进了我国的经济发展。但资本市场的功能有限，资本市场效率也不能令人满意。在这种背景之下本文分析了资产证券化融资方式独特的融资结构，认为资产证券化融资方式作为融资方式的补充手段，将会有助于完善我国的资本市场功能和提高我国的资本市场效率。本文由三部分组成。第一部分概述了资产证券化融资方式的基础理论，首先对资产证券化的定义进行了辨析，在借鉴有关研究成果的基础上提出，资产证券化融资方式是指资产的所有者以其拥有的部分资产的可预测的、稳定的未来收入流为基础，通过一定的结构安排，进行融资的过程。其次研究了资产证券化融资方式的特点，以此为基础分析了资产证券化与其他融资方式的区别。本章的研究目的是为以后的研究奠定理论基础。第二部分分析了资产证券化的收益和风险。首先，资产证券化融资方式对资产证券化的参与各方带来了收益：为融资者拓宽了融资渠道，降低了融资成本，提供了资产负债表管理的有效手段；为投资者提供了一个高信用、高流动性、高收益的投资工具；为投资银行，信用评级机构等金融服务中介机构增加了收入来源，提高了它们的服务效率。其次，资产证券化融资方式带来了显著的宏观经济效应，主要表现在提高资本市场的资源配置效率和优化金融结构方面。但是如果对资产证券化融资过程中的风险控制不好，不仅会造成融资的失败，而且还会引起社会信用危机，不利于金融市场的健康发展，进而不利于宏观经济的发展。这种资产证券化融资过程中存在的风险包括：对资产组合未来收入的预测风险、资本市场效率低下的风险和SPV的破产风险。第三部分和第四部分是本文的重点。第三部分探讨了我国开展资产证券化融资方式的可行性问题。首先分析了我国开展资产证券化融资方式的必要性，认为在目前情况下，我国金融市场面临很大的困境，比如银行资本充足率低，资本市场上储蓄向投资的转化率低，金融结构严重失衡等。开展资产证券化融资方式在一定程度上可以改善这种状况，因此，我国开展资产证券化融资方式是非常有必要的。其次，分析了我国开展资产证券化融资方式的有利条件和面临的问题。有利条件方面，我国已有了广东珠海高速公司、中国远洋运输总公司、中国国际海运集装箱集团的离岸资产证券化的成功经验；2001年《信托法》的颁布和实施，为我国开展资产证券化融资方式扫清了一部分的法律障碍；巨额的居民储蓄意味着对新型金融工具的潜在需求等。但是，我国在法律制度、税收制度、社会信用基础、二级市场流动性、监管等方面都面临着不少困难，对此，又给出了相应的政策建议。第四部分探讨了我国开展资产证券化融资方式的模式选择。在第一部分的理论基础之上，首先总结了适合资产证券化融资方式的资产的特点，以此为基础分析了我国开展资产证券化融资方式的切入点。资产证券化融资方式中对资产组合的最重要的要求是：资产组合要有可预测的、稳定的未来现金流。为了达到对未来收入的合理的、准确的预测，构成资产组合的资产，必须要具备一定的存量规模；要有持续一段时期的拖欠率、违约率、损失率的历史纪录；要有标准化、高质量的担保和托收条款的支持。按照这一要求，选择基础设施未来收入作为资产证券化的切入点具有一定的可行性，并应重点关注发展势头迅猛的住房抵押贷款和存量巨大的商业银行不良贷款。其次，结合第三部分的分析，综合考虑我国目前的经济，法律环境的条件下提出，一方面我国暂时避开SPV的限制，推行信托模式的资产证券化融资方式；另一方面利用国外高效率的资本市场，进行离岸资产证券化融资方式的设想。
Asset-backed securitization is an important financial innovation beginning in America from the 70s of the 20th century. Because of its smart design, flexible style, Asset-backed securitization got the unprecedented development in the nearly thirty years. In America, the scale of the Asset-backed securitization market has exceeded the scale of company bond market and national bond market, and has been the biggest part of the bond market. Then this kind of financing style is applied widely in Europe, Asian and other regions. Asset-backed securitization has become an important trend of the development of the global finance.From the reformation and opening, the capital market in China has got a certain development. It has changed the one way financing style just only through finance medi-organizations and got the innovation in many facet of finance market. This change accelerated our economy greatly. But the function of the capital market is limited, and its efficiency is not satisfying. In such background, this paper analyses the particular financing structure of Asset-backed securitization, figures this kind of financing style will help to perfect the function of the capital market and improve the efficiency. There are four parts in this paper. The first part summarizes the theory bases of Asset-backed securitization. At first the paper explains the basic conception of Asset-backed securitization, based on concerning research outcome. Asset-backed securitization means the owner of the asset make to finance based on the calculable and stable future income of part of their assets through some special process. The second, this part figures the characteristic of Asset-backed securitization and analyses the difference between Asset-backed securitization and other financing styles based on the characteristic.The second part analyses the profit and risk of Asset-backed securitization. Through the analysis we can find that, Asset-backed securitization is good to the participants, it widens the financing channels for the capital demander and lows down the financing cost, then supplies the efficient style of the balance sheet management, it offers a kind of high credit, high fluid and high profit investment facility, it enhances the income of the investment banks, the credit estimate agencies and other finance medi-organizations and improve their service efficiency. Furthermore, Asset-backed securitization also brings outstanding macro economy impacts, mainly embodies in improving resource collocation efficiency of capital market and optimizing finance structure. But if we can not control the risk of the financing process of Asset-backed securitization, it will bring to fail in financing, and will come to social credit risk. This credit risk is bad to the development of the finance market and even the development of macro economy. These risks in the process of Asset-backed securitization include: the risk of the anticipation of asset pool future income, the risk of the low efficiency of the capital market, and the risk of the SPV’s bankruptcy. The third part and the forth part are the cores of this paper. The third part discusses the feasibility of developing Asset-backed securitization in China. At first this part figures the necessity of the developing Asset-backed securitization for us. Currently the banks’ capital abundance rate is too low, the rate of the transformation from saving to investment is low, the finance structure is far out of balance. Asset-backed securitization can ameliorate this situation in certain degree. So it is necessary for us to fulfill the Asset-backed securitization. Second, this part analyses the advantageous condition and the problem faced when we put Asset-backed securitization into practice. In the advantageous condition, we have the success experience of Guangdong- Zhuhai Freeway Company, China Ocean Shipping Company and China International Marine Containers Ltd.’ s off-shore Asset-backed securitization. In 2001, the issue and fulfill of Trust Law clears the lega
|
