我国发展信贷资产证券化产品策略研究

发布时间：2018-01-24 13:23

本文关键词： 信贷资产资产证券化发展策略　出处：《合肥工业大学》2012年硕士论文　论文类型：学位论文

【摘要】：银行业是金融系统中最重要的组成部分，而银行业的信贷资产状况对其运行具有决定性的作用。当前，中国银行业的信贷资产存在严重的结构性问题，如不良资产比率过高、贷款对象过于单一、资本充足率低以及中间业务收入低等。这些问题严重地制约了商业银行信贷资产流动性、安全性和效益性的提高。因此，优化信贷资产结构对于化解金融体系的风险以及提高银行业乃至整个金融业的国际竞争力具有举足轻重的作用。作为20世纪70年代以来发展最为迅速的金融创新工具，资产证券化正是优化信贷资产结构的一个重要手段。然而，与美国、欧洲等发达市场经济国家以及亚洲新兴市场经济国家相比，中国的资产证券化发展远远落后，这与我国金融改革与创新的迫切要求和巨大的市场潜力是不相符的。因此，，研究我国信贷资产证券化的运作模式，不仅具有理论意义，而且具有重要的现实意义。本文首先阐述了资产证券化的内涵，并对信贷资产证券化的具体运作流程进行了一般性介绍。其次通过总结我国银行业金融机构的发展状况，以及新巴塞尔协议的监管约束对我国银行业带来的挑战，指出资产证券化这一创新金融工具所具有的直接融资、分散风险和提高资本效率等特性对于银行业改善经营现状的必要性。作为资产证券化的发源地，美国信贷资产证券化的发展经验对我国有很大的启示作用。本文对美国银行业资产证券化的数据及经营管理的多项指标进行了格兰杰因果检验，从实证的角度得出了信贷资产证券化对于银行的具体影响在于增加流动性、降低融资成本、增强盈利能力以及优化贷款组合。自2005年试点开始，我国也陆续发行了一些信贷资产证券化产品，但我国的信贷资产证券化发展仍存在很多问题，突出表现为基础资产范围小、运行方式不成熟及产品流动性不足等。结合我国的实际情况，本文分析了产生这些问题的法律、制度以及市场环境方面的原因，并对资产证券化具体运作中比较关键的信用增级和评级问题进行了探讨。最后，通过对国外成熟市场资产证券化发展经验的借鉴，提出了循序渐进的发展原则和政府主导型的发展模式，并针对不同的信贷资产对证券化的关键环节作出了安排。同时，为了保证信贷资产证券化的长期健康发展，从几个重要方面提出了完善外部环境的政策建议。
[Abstract]:The banking industry is the most important part of the financial system, and the credit assets condition of the banking industry plays a decisive role in its operation. At present, there are serious structural problems in the credit assets of the Chinese banking industry. If the ratio of non-performing assets is too high, the loan object is too single, the capital adequacy ratio is low and the intermediate business income is low, these problems have seriously restricted the commercial bank credit asset liquidity. Improved safety and efficiency. Optimizing the structure of credit assets plays an important role in defusing the risks of the financial system and improving the international competitiveness of the banking industry and even the whole financial industry. Innovative tools. Asset securitization is an important means to optimize the structure of credit assets. However, compared with the developed market economy countries such as the United States, Europe and the emerging market economies in Asia. The development of asset securitization in China is far behind, which is inconsistent with the urgent requirement of financial reform and innovation in China and the huge market potential. Therefore, this paper studies the operation mode of credit asset securitization in China. Not only has the theory significance, but also has the important realistic significance. This paper first expounds the connotation of asset securitization, and introduces the specific operation process of credit asset securitization. Secondly, it summarizes the development of banking financial institutions in China. It also points out the direct financing of asset securitization, which is an innovative financial tool. As the birthplace of asset securitization, it is necessary for the banking industry to improve the operation status of the banking industry because of the characteristics of risk diversification and capital efficiency. The development experience of American credit asset securitization has great enlightenment to our country. This paper carries on the Granger causality test to the data of American banking asset securitization and many indexes of operation and management. From the empirical point of view, the concrete impact of credit asset securitization on banks is to increase liquidity, reduce financing costs, enhance profitability and optimize loan portfolio. Since 2005, some credit asset securitization products have been issued in China, but there are still many problems in the development of credit asset securitization in China. Combined with the actual situation of our country, this paper analyzes the legal, institutional and market environment reasons for these problems. The paper also discusses the key issues of credit enhancement and rating in the operation of asset securitization. Finally, it draws lessons from the development experience of asset securitization in foreign mature markets. This paper puts forward the principle of gradual and orderly development and the government-led development model, and makes arrangements for the key links of securitization based on different credit assets. In order to ensure the long-term and healthy development of credit asset securitization, this paper puts forward some policy suggestions to perfect the external environment from several important aspects.
【学位授予单位】：合肥工业大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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