商业银行中小企业信货资产证券化的模式研究
发布时间：2018-08-25 12:16
【摘要】：根据统计数据，全国1042万户中小企业贡献了近60%的工业产值和80%的就业岗位，中小企业对我国经济又快又好发展和社会长期稳定繁荣做出了巨大贡献。为了继续促进中小企业健康发展，必须建立专业高效的中小企业融资平台。而作为中小企业外源融资90%以上资金来源的商业银行，却因为对中小企业的惜贷行为阻碍了中小企业的发展。通过实施中小企业贷款证券化的方法缓解银行惜贷行为是本文研究的中心问题。 中小企业本身的财务制度不透明，造成了银企之间的信息不对称，再结合中小企业经营风险较高的特点，导致银行发生惜贷行为，表现为融资市场的信贷配给。要解决银行惜贷问题，就要帮助银行化解中小企业较高的信贷风险带来的困扰。而通过运用资产证券化原理将多笔中小企业贷款组成资产池发行资产支持证券，可以将银行贷款的风险转移给证券投资者。同时，通过真实出售、信用增级等手段，，可以增加银行的资本收益率，降低资本管制税，提高资产流动性。因此提高了银行对中小企业贷款的积极性。 本文从论证中小企业贷款证券化的必要性和可行性入手，比较了在国外已经开始实践的两类证券化方案。最后，分析了浙元一期中小企业贷款证券化的案例，得到在中国现阶段适合实施现金流型CDO模式的结论。
[Abstract]:According to the statistics, 10.42 million small and medium-sized enterprises in China contributed nearly 60% of the industrial output value and 80% of the jobs. The small and medium-sized enterprises have made great contributions to the rapid and good development of our economy and the long-term stability and prosperity of our society. In order to continue to promote the healthy development of SMEs, we must establish a professional and efficient financing platform for SMEs. However, commercial banks, which are the source of 90% or more of external financing for SMEs, hinder the development of SMEs because of their reluctance to lend. It is the central problem of this paper to alleviate the behavior of bank loan-sparing through the implementation of loan securitization of small and medium-sized enterprises. The financial system of small and medium-sized enterprises is not transparent, which results in asymmetric information between banks and enterprises. Combined with the characteristics of high risk of small and medium-sized enterprises, banks are reluctant to lend, which is represented by credit rationing in the financing market. In order to solve the problem of bank lending, it is necessary to help the bank solve the problem caused by the high credit risk of small and medium-sized enterprises. The risk of bank loans can be transferred to securities investors by using the principle of asset securitization to form asset pools of small and medium-sized enterprises to issue asset-backed securities. At the same time, by means of real sale and credit enhancement, banks can increase the return on capital, reduce the tax on capital control, and improve the liquidity of assets. As a result, banks to improve the enthusiasm of small and medium-sized loans. This paper discusses the necessity and feasibility of loan securitization of small and medium-sized enterprises, and compares two kinds of securitization schemes that have been put into practice in foreign countries. Finally, the paper analyzes the case of Zhejiang Yuan first term loan securitization of small and medium-sized enterprises, and draws the conclusion that cashflow CDO model is suitable to be implemented in China at the present stage.
【学位授予单位】：东北师范大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.4;F276.3
本文编号：2202857
[Abstract]:According to the statistics, 10.42 million small and medium-sized enterprises in China contributed nearly 60% of the industrial output value and 80% of the jobs. The small and medium-sized enterprises have made great contributions to the rapid and good development of our economy and the long-term stability and prosperity of our society. In order to continue to promote the healthy development of SMEs, we must establish a professional and efficient financing platform for SMEs. However, commercial banks, which are the source of 90% or more of external financing for SMEs, hinder the development of SMEs because of their reluctance to lend. It is the central problem of this paper to alleviate the behavior of bank loan-sparing through the implementation of loan securitization of small and medium-sized enterprises. The financial system of small and medium-sized enterprises is not transparent, which results in asymmetric information between banks and enterprises. Combined with the characteristics of high risk of small and medium-sized enterprises, banks are reluctant to lend, which is represented by credit rationing in the financing market. In order to solve the problem of bank lending, it is necessary to help the bank solve the problem caused by the high credit risk of small and medium-sized enterprises. The risk of bank loans can be transferred to securities investors by using the principle of asset securitization to form asset pools of small and medium-sized enterprises to issue asset-backed securities. At the same time, by means of real sale and credit enhancement, banks can increase the return on capital, reduce the tax on capital control, and improve the liquidity of assets. As a result, banks to improve the enthusiasm of small and medium-sized loans. This paper discusses the necessity and feasibility of loan securitization of small and medium-sized enterprises, and compares two kinds of securitization schemes that have been put into practice in foreign countries. Finally, the paper analyzes the case of Zhejiang Yuan first term loan securitization of small and medium-sized enterprises, and draws the conclusion that cashflow CDO model is suitable to be implemented in China at the present stage.
【学位授予单位】：东北师范大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.4;F276.3
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本文编号：2202857
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