我国企业资产证券化融资研究

发布时间：2018-03-23 11:12

本文选题：结构性融资　切入点：专项资产管理计划　出处：《沈阳大学》2012年硕士论文

【摘要】：资产证券化作为一种创新融资技术,将缺乏流动性但有未来可预测现金流的资产集合、建池,以资产池内资产产生的现金流为支持,通过资产重组、风险隔离、信用增级等技术手段,在资本市场上发行资产支持证券的结构性融资过程。将资产证券化这一金融创新工具运用于我国的企业融资,能够为解决企业融资难题提供有益帮助,使之成为我国企业融资体系的补充和完善,促进我国企业快速稳定发展。企业资产证券化的核心原理是基础资产的现金流分析,其基本原理包括资产重组原理、风险隔离原理、信用增级原理。企业资产证券化业务作为一项复杂的金融工程,其参与主体包括原始权益人、特殊目的载体、承销商、托管机构、资信评级机构、信用增级机构、投资者、服务商和原始债务人。与传统融资方式相比风,企业资产证券化融资的风险和收益基础不同,对资本结构影响不同,因此融资成本更低,融资效率更高。本文结合“浦建收益”专项计划的案例分析我国企业资产证券化的发展现状,并指出了我国企业资产证券化发展中存在的问题,在此基础上提出重启我国企业资产证券化融资的政策建议,包括：加大对跨境资产证券化的支持力度；完善资产证券化的相关法律法规；完善资产证券化的信用增级；规范资产证券化的信用评级；完善配套的会计和税收制度；提高资产证券化产品的流动性；加强资产证券化人才的培养和技术的引进。资产证券化作为企业一项重要的融资工具,有待于尽快配以相应的市场环境和制度环境,而我国在这两方而都还不够成熟和完善,应该尽快健全和完善资产证券化的市场和制度环境,从而推动我国企业资产证券化尽快重启。随着我国市场环境、法律环境、投资环境的日臻成熟,企业核心经营能力的不断提高,资产证券化应用于企业融资将具有极为广阔的发展前景。
[Abstract]:Asset securitization, as a kind of innovative financing technology, sets up assets that are short of liquidity but have future predictable cash flow. The pool is supported by the cash flow generated by assets in the asset pool, and the risk is isolated through asset reorganization. Credit upgrading and other technical means, such as issuing asset-backed securities in the capital market, can provide useful help for solving the problem of corporate financing by applying asset securitization, a financial innovation tool, to the financing of enterprises in China. Make it become the supplement and perfect of our country's enterprise financing system, promote our country enterprise to develop rapidly and stably. The core principle of enterprise asset securitization is the cash flow analysis of basic assets. Its basic principles include the principle of asset reorganization, the principle of risk isolation, the principle of credit enhancement, the business of enterprise asset securitization as a complex financial project, Its participants include original rights holders, special purpose carriers, underwriters, custodians, credit rating agencies, credit enhancement agencies, investors, service providers and original debtors. The risk and income basis of enterprise asset securitization is different, which has different influence on the capital structure, so the financing cost is lower and the financing efficiency is higher. This paper analyzes the present situation of enterprise asset securitization in China, and points out the existing problems in the development of enterprise asset securitization. On this basis, the paper puts forward some policy suggestions for restarting the financing of asset securitization in China, including: strengthening the support for cross-border asset securitization; perfecting the relevant laws and regulations of asset securitization; improving the credit rating of asset securitization; To standardize the credit rating of asset securitization; to perfect the supporting accounting and taxation system; to improve the fluidity of asset securitization products; to strengthen the training of asset securitization talents and the introduction of technology. As an important financing tool for enterprises, asset securitization needs to be matched with corresponding market environment and institutional environment as soon as possible. We should improve and perfect the market and institutional environment of asset securitization as soon as possible, so as to promote the asset securitization of enterprises in our country to restart as soon as possible. With the improvement of enterprise's core management ability, asset securitization will have a very broad development prospect in enterprise financing.
【学位授予单位】：沈阳大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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