城镇化中的资产证券化应用研究

发布时间：2018-03-07 16:54

本文选题：城镇化　切入点：基础设施建设　出处：《上海交通大学》2013年硕士论文　论文类型：学位论文

【摘要】：随着我国城市化进程深入，资金短缺已经成为制约我国城市基础设施建设的“瓶颈”。利用贷款等传统负债式的融资方式已不能满足建设资金需求。政府负债问题成为国内和国际关注的焦点。资产证券化这一金融工具可非负债方式为城市基础设施建设筹集大量的资金，将资产证券化引入到基础设施项目筹资中，对加快我国城市基础设施建设具有深远意义。但是资产证券化在我国的发展还存在一定的困难。本文在我国城镇化背景下，以资产证券化支持基础设施筹资的可行性为研究对象，从以下几个层面对基础设施资产证券化做了研究：首先，阐述了基础设施和资产证券化的基本理论与原理，，分析了我国资产证券化的发展历程；其次，对城市基础设施资产证券化融资进行了可行性分析，提出了目前我国基础设施领域适合资产证券化的基础资产，认为城市经营性(含准经营性)基础设施无论是从规模、技术特征、基础资产选择条件和标准，以及国家政策背景来看，都属于比较适合优先采用资产证券化筹资的资产；再次，分析了现有基础设施建设证券化案例；最后，根据我国目前的法律、政策和市场等条件分析了我国城市基础设施资产证券化面临的障碍并提出了具体的对策。
[Abstract]:With the development of urbanization in China, The shortage of funds has become the "bottleneck" restricting the construction of urban infrastructure in China. The traditional debt financing methods such as loans can no longer meet the needs of construction funds. The problem of government debt has become the focus of attention both at home and abroad. Asset securitization, as a financial instrument, can raise a large amount of capital for urban infrastructure construction in a non-debt way, and introduce asset securitization into financing infrastructure projects. It is of great significance to accelerate the construction of urban infrastructure in China, but there are still some difficulties in the development of asset securitization in China. Under the background of urbanization in China, this paper takes the feasibility of supporting infrastructure financing by asset securitization as the object of study, and makes a study on the securitization of infrastructure assets from the following aspects: first of all, This paper expounds the basic theory and principle of infrastructure and asset securitization, analyzes the development course of asset securitization in China, secondly, analyzes the feasibility of the financing of asset securitization of urban infrastructure. The paper puts forward the basic assets suitable for asset securitization in the field of infrastructure in our country at present. It is considered that the infrastructure of urban management (including quasi-operational) is based on scale, technical characteristics, selection conditions and standards of basic assets. As well as the background of national policies, they all belong to assets that are more suitable for the financing of asset securitization; thirdly, it analyzes the existing cases of securitization of infrastructure construction; finally, according to the current law of our country, This paper analyzes the obstacles faced by the securitization of urban infrastructure assets under the conditions of policy and market, and puts forward some concrete countermeasures.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F299.21;F832.51

【共引文献】