發(fā)布時間：2018-01-01 21:34

  本文關(guān)鍵詞：中國信貸資產(chǎn)證券化效應研究　出處：《遼寧大學》2014年博士論文　論文類型：學位論文

  更多相關(guān)文章： 信貸資產(chǎn)證券化 宏觀效應 微觀效應 金融體制改革 經(jīng)濟改革

【摘要】：資產(chǎn)證券化，是指發(fā)起人將缺乏流動性但能在未來產(chǎn)生可預見的穩(wěn)定現(xiàn)金流的資產(chǎn)或資產(chǎn)集合出售給特設信托機構(gòu)（Special Purpose Vehicle，SPV），通過一定的結(jié)構(gòu)安排，分離和重組資產(chǎn)的收益和風險并增強資產(chǎn)的信用，最終將其轉(zhuǎn)化成由資產(chǎn)產(chǎn)生的現(xiàn)金流擔保的可自由流通的證券，銷售給金融市場上的投資者。資產(chǎn)證券化（asset securitization）是二十世紀以來一種重要的金融創(chuàng)新工具，是金融實踐和金融創(chuàng)新領(lǐng)域最為驚心動魄的事件。信貸資產(chǎn)證券化是其中的一個重要產(chǎn)品分支和類型。自資產(chǎn)證券化誕生以來，發(fā)展迅速，在美國的金融市場上三分天下有其一，并成為金融創(chuàng)新浪潮中崛起的一種主流融資技術(shù)，，同時伴隨著經(jīng)濟全球化的快速發(fā)展，資產(chǎn)證券化不斷得到深化和推廣---“這種信用體制也逐漸在全球范圍內(nèi)確立起來，正在改變?nèi)�球的金融結(jié)構(gòu)和信用配置格局”（李傳全，2001）。 由于資產(chǎn)證券化過程通過精巧的結(jié)構(gòu)安排，可以設計出標準型的衍生金融商品，可以增強資金在金融市場上的流動性，優(yōu)化資金配置，提高資金使用效率，因此，資產(chǎn)證券化功能與效應的充分發(fā)揮對推動各國乃至全球經(jīng)濟與金融的發(fā)展意義重大。 然而，次貸危機席的爆發(fā)席卷全球。次貸危機的一個關(guān)鍵元兇就是過度的資產(chǎn)證券化，這讓人們充分認識了資產(chǎn)證券化猙獰和殘酷的一面。后次貸危機時代，做為主要發(fā)達經(jīng)濟體的美國和歐洲都進行了監(jiān)管改革的努力和嘗試，紛紛推出了一系列監(jiān)管改革措施。這些措施旨在約束和限制金融衍生工具的過度杠桿化和自由化發(fā)展。未來，這些監(jiān)管改革措施無疑會對重塑投資者的信心起到重要作用，并幫助提高信息披露要求和產(chǎn)品透明度。因此，資產(chǎn)證券化業(yè)務已在全球范圍內(nèi)得到了實質(zhì)性的恢復性發(fā)展和增長。即資產(chǎn)證券化在全球依然蓬勃振興。國外一些學者甚至認為，資產(chǎn)證券化業(yè)務的有力復蘇未來將對世界經(jīng)濟的復蘇和發(fā)展產(chǎn)生積極的、巨大的正向影響和效應。同時，近半個世紀以來全球資產(chǎn)證券化業(yè)務的發(fā)展實踐已經(jīng)深刻證明，資產(chǎn)證券化工具本身作為一項優(yōu)質(zhì)的金融創(chuàng)新工具，其豐富的內(nèi)在效用和機制對全球金融市場的發(fā)展和制度創(chuàng)新做出了重要貢獻。而這一點還將在未來世界經(jīng)濟的發(fā)展進程中得到不斷印證。 因此，大力推動資產(chǎn)證券化的效應在中國的研究，深入探討資產(chǎn)證券化效應如何在我國經(jīng)濟發(fā)展進程中得到有效發(fā)揮，以及充分研究如何結(jié)合我國當前的經(jīng)濟體制改革和金融體制改革的迫切需求，深化其效應與功能的運用，亟待破題。 論文正是以此為研究目標和出發(fā)點，在著力分析了中國信貸資產(chǎn)證券化業(yè)務發(fā)展的現(xiàn)狀和特點的基礎(chǔ)上，總結(jié)了其在發(fā)展過程中存在的主要問題；同時，著力對我國信貸資產(chǎn)證券化效應在金融與經(jīng)濟宏觀和微觀領(lǐng)域所發(fā)揮的作用以及未來即將產(chǎn)生的影響和意義做了深入的剖析和研究，并以我國上市商業(yè)銀行相關(guān)數(shù)據(jù)為樣本，建立模型，對實施信貸資產(chǎn)證券化業(yè)務前后，其經(jīng)濟指標與財務指標的變化進行了實證分析和研究，以檢驗和論證信貸資產(chǎn)資產(chǎn)證券化業(yè)務的實施對我國銀行業(yè)發(fā)展所產(chǎn)生的效應和影響。此外，還對未來信貸資產(chǎn)證券化業(yè)務在我國的深入發(fā)展及其效用和功能的進一步充分發(fā)揮所需要的內(nèi)外部環(huán)境和條件展開了深入研究，并經(jīng)總結(jié)歸納，提出了一系列具有較高可操作性和參考價值的對策與措施。 在研究過程中，論文綜合運用了多種研究手段和方法，包括：規(guī)范研究與實證研究相結(jié)合、綜合歸納與具體分析相結(jié)合、靜態(tài)分析與動態(tài)分析相結(jié)合、定性與定量研究相結(jié)合等方式。 論文的主要結(jié)論是：一方面，從實證分析的結(jié)果可以看出，信貸資產(chǎn)證券化業(yè)務對促進我國銀行業(yè)的財務效應與經(jīng)濟效應的提升有著十分積極的、正向的影響和作用，對推進我國銀行業(yè)的業(yè)務發(fā)展與改革具有重要的現(xiàn)實意義；另一方面，分析當前我國的金融發(fā)展形勢，不難看出，我國的金融體系伴隨著中國經(jīng)濟體制改革的步伐正在逐步發(fā)展、完善，并已取得了長足的進步。但還必須看到，我國的金融市場結(jié)構(gòu)還有諸多問題尚需得到進一步解決和完善：各市場間缺乏有效的聯(lián)系和貫通，直接融資比重依然很低，企業(yè)長期融資依然主要依賴銀行業(yè)貸款，銀行業(yè)與資本市場之間存在著較為嚴重的功能與職能錯位等問題，這些問題依然嚴重困擾著我國經(jīng)濟的發(fā)展。此外，從我國金融產(chǎn)品發(fā)展趨勢看，金融業(yè)產(chǎn)品品種和結(jié)構(gòu)還很不豐富、合理，銀行資產(chǎn)過于向信貸集中，資本市場上固定收益類的債權(quán)產(chǎn)品還較少，可以有效聯(lián)系和溝通貨幣市場與資本市場的金融產(chǎn)品品種和規(guī)模還很有限，等等。因此，大力推進我國信貸資產(chǎn)證券化業(yè)務的發(fā)展，充分發(fā)揮其對我國經(jīng)濟和金融發(fā)展的促進作用和效應是大勢所趨，且時不我待。
[Abstract]:Asset securitization refers to the promoters that lack liquidity but can produce assets or predictable and stable cash flow in the future to sell ad hoc trust collection (Special Purpose Vehicle, SPV), through a certain arrangement, separation and reorganization of assets returns and risks and enhance the credit assets, will eventually converted by the cash flow from assets guaranteed by the free circulation of securities sold to investors in the market. The financial asset securitization (asset securitization) since twentieth Century is an important tool of financial innovation, financial innovation and financial practice is the most thrilling event. Credit asset securitization is one of the an important branch of products and types. Since the birth of the rapid development of asset securitization in the financial markets of the United States, three of the world, and become a rise in the tide of financial innovation Mainstream financing technology, along with the rapid development of economic globalization, asset securitization has been deepened and promoted. "This credit system has been established globally, and is changing the global financial structure and credit allocation pattern" (Li Chuanquan, 2001).
Because the process of asset securitization arrangements through the ingenious structure, can design the standard type of financial derivatives, can enhance liquidity in the financial markets, optimize the allocation of funds, improve capital efficiency, therefore, function and effect of asset securitization and give full play to the significance of promoting the development of all countries and the world economic and financial great.
However, the outbreak of the subprime crisis is sweeping the globe. A key culprit of the subprime crisis is over the asset securitization, which make people fully aware of the grim and brutal side of asset securitization. After the subprime mortgage crisis, as efforts to the major developed economies, the United States and Europe for regulatory reform and have introduced a series of regulatory reform measures. These measures aim to restrict the financial derivatives excessive leverage and free development. The future, these regulatory reform measures to restore the confidence of investors will undoubtedly play an important role, and help to improve the information disclosure requirements and product transparency. Therefore, asset securitization business get a substantial recovery of development and growth in the global scope. The asset securitization in the world still vigorous revitalization. Some scholars even believe that the asset securitization business The strong recovery in the future of the world economic recovery and development have a positive, positive effect and great effect. At the same time, nearly half a century, the development of the practice of global asset securitization has been profoundly demonstrated, asset securitization tools as a good tool of financial innovation, made an important contribution to the development and innovation of the system rich in intrinsic utility and mechanism of the global financial market. And this point will be in the future development of the world economy in has been confirmed.
Therefore, vigorously promote the study on the effects of asset securitization in China, in-depth study of asset securitization effect how to get effective play in the process of China's economic development, and fully study how to combine the urgent needs of China's current economic system reform and financial system reform, deepen the application, effect and function of the urgent essay.
This paper is based on the starting point and research objectives, the focus on the analysis of the basic situation and characteristics of China credit asset securitization business development, summarizes the main problems in the development process; at the same time, to play the credit asset securitization in our country financial and economic effect in the macro and micro field the role and significance influence to the future and made an in-depth analysis and research, taking the listed commercial bank related data model, before and after the implementation of the credit asset securitization business, change the economic indicators and financial indicators for empirical analysis and research, in order to implement the test and demonstration of credit assets the asset securitization business in China's banking industry development effect and influence. In addition, also on the future of credit asset securitization business in China and its utility function and development To further give full play to the needed internal and external environment and conditions, we have carried out in-depth research, and summarized and concluded a series of countermeasures and measures with high operability and reference value.
In the process of research, many research methods and methods were applied, including normative research and empirical research, comprehensive induction and concrete analysis, static analysis and dynamic analysis, qualitative and quantitative research.
The main conclusions of this paper are: on the one hand, from the results of empirical analysis can be seen that the credit asset securitization business to enhance the financial effect and economic effect to promote China's banking industry has a very positive, positive influence and role, has important practical significance for promoting China's banking business development and reform; on the other hand, the analysis of the current situation of financial development in our country, it is not difficult to see that China's financial system Chinese accompanied by the pace of economic reform is gradually developing and perfecting, and has made great progress. But we must see that the financial market structure in our country there are many problems still need to get to solve and improve the market: the lack of effective contact and penetration, the proportion of direct financing is still very low, corporate long-term financing is still mainly rely on bank loans, the banking and capital markets there is The function and function of dislocation and other serious problems, these problems still plagued China's economic development. In addition, the development trend of China's financial products, financial products and structure is not reasonable, too rich, bank assets to the credit concentration, fixed income capital market debt products are still less. Can effectively communicate the money market and the capital market financial products and scale is very limited, and so on. Therefore, vigorously promote the development of China's credit asset securitization business, give full play to the China's economic and financial development to promote the role and effect is represent the general trend, and Time will not wait for me..

【學位授予單位】：遼寧大學
【學位級別】：博士
【學位授予年份】：2014
【分類號】：F832.4;F832.51

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