我国高速公路资产证券化的障碍及对策研究

发布时间：2018-04-25 16:47

本文选题：企业资产证券化 + 高速公路行业　；参考：《东北财经大学》2012年硕士论文

【摘要】：高速公路的建设情况能够体现一个国家和地区的交通发达程度,作为推动社会经济快速发展的“加速器”,高速公路的发展程度也可以反映出这个国家和地区经济发展的整体水平。根据交通部发布的十二五规划,高速公路十二五期间新增通车里程3.4万公里,每年需要投入至少2000亿的资金。高速公路网尚需大规模建设。同时根据发达国家经验,高速公路一般都是20-30年的集中建设期,我国高速公路从2000年开始开展大规模建设,未来10年仍将是集中建设期。根据中金公司的数据统计,从整体公路投资的资金到位情况来看,资金到位情况从2001年的95.4%下降至2010年的88.5%。据有关媒体报道,2011年该比率进一步下降至70%,资金紧张已经成为制约高速公路建设的瓶颈。依靠传统的融资方式(如财政支持、银行贷款、交通规费等)很难实现十二五的建设目标。因此,开拓高速公路建设多元化融资渠道是当务之急。企业资产证券化是指非金融类的实体企业分离其拥有的流动性差但能产生预期稳定现金流收益的基础资产,转让给SPV(特殊目的机构),SPV通过一定的结构设计,设立专项客户资产管理计划,将融资企业与基础资产实现风险和收益的隔离,利用基础资产设计资产支持证券,经过信用增级和信用评级达到理想的信用等级后,委托证券公司在证券市场上发行受益凭证,以发行证券取得的收入向实体企业偿还购买基础资产的资金。实体企业一方面得到融资款,另一方面需要定期支付受益凭证的本息。从我国已经试点的资产证券化实例来看,目前资产证券化市场分为两大体系,分别采用了两个结构：一个是在人民银行、银监会体系下,采用信托结构的信贷资产证券化；一个是在证监会体系下,以专项客户资产管理计划的形式所开展的企业资产证券化。本文所述的我国高速公路资产证券化属于后者,由证券公司成立专项客户资产管理计划项目作为企业资产证券化的SPV。企业资产证券化能有效利用目前充足的资本市场上的闲置资金及外资,并具有风险小、融资成本低等优点。将资产证券化这一金融创新手段在高速公路建设领域应用和推广,可以有效弥补我国高速公路建设项目资金短缺的问题,促进我国高速公路事业的健康、可持续性发展等。虽然我国的资产证券化发展已经取得了重大的突破,但是企业资产证券化实践,尤其是在我国高速公路建设方面仍然面临着相关法律不完善、资本市场不成熟等障碍。如果不能很好地解决这些困难和问题,我国的资产证券化实践将仍处于徘徊和间续发展的状态。本文重点借鉴资产证券化实施比较成熟的国家经验,结合我国当前企业资产证券化在高速公路建设实施中诸多障碍,对我国企业资产证券化的法律制度和实施环境问题进行深入分析,探讨我国企业资产证券化创新中的法律制度问题、环境问题及投资主体等问题,以促进我国企业资产证券化在高速公路项目融资方面,进而在实体经济领域的试行和推广。本文主要采用理论分析和案例分析方法进行论述。通过理论分析,总结资产证券化的基本原理以及在高速公路行业实施的可能性；通过实际案例的操作分析,总结我国高速公路行业实施资产证券化的障碍及对策。本文尝试将资产证券化这个新型的融资模式应用于我国的高速公路建设,重点分析实施过程中所遇到的制度和市场方面的障碍,并据以提出相应的应对策略。本文共分六章,大致内容如下：第一章是绪论部分。主要介绍本文的研究背景、国内外的研究现状,简要说明论文的研究内容及创新和不足点。第二章主要介绍资产证券化的相关理论。分析资产证券化的基本原理和特征,借鉴国外发达国家资产证券化的成熟经验,为我国高速公路建设引入资产证券化融资模式打下理论基础。第三章是资产证券化融资模式在我国高速公路建设中的应用分析。主要分析我国的高速公路建设采用资产证券化进行融资的可行性,然后总结出具体的操作模式。第四章是我国高速公路建设实施资产证券化所面临的主要障碍。通过前面几章的理论分析与具体的操作模式设计,结合我国资产证券化的实施环境,总结出可能出现的几个主要障碍。第五章是根据第四章所总结的主要障碍而有针对性的提出应对策略。第六章是对全文的总结。
[Abstract]:The construction of the expressway can reflect the developed degree of traffic in a country and region. As a "accelerator" to promote the rapid development of the society and economy, the development degree of the highway can also reflect the overall level of economic development in this country and region. According to the 12th Five-Year plan of the Ministry of communications, the expressway is in 12th Five-Year. The new traffic mileage is 34 thousand kilometers, each year needs to invest at least 200 billion of the capital. The highway network still needs large-scale construction. At the same time, according to the experience of the developed countries, the expressway is generally the centralized construction period of 20-30 years. The highway in China began to carry out large-scale construction from 2000 and will still be a centralized construction period in the next 10 years. According to the central government The company's data statistics, from the overall road investment funds in place, the position of funds in place from 95.4% in 2001 to 2010 88.5%. according to the media reports, in 2011, the ratio further dropped to 70%, capital shortage has become a bottleneck restricting the construction of the highway. Loans, transportation fees, etc. are hard to achieve the goal of building in 12th Five-Year. Therefore, it is urgent to develop diversified financing channels for expressway construction.
Enterprise asset securitization means that non financial entity enterprises separate the basic assets that have poor liquidity but can produce expected stable cash flow income, transfer to SPV (special purpose institution), SPV through a certain structure design, set up special customer asset management plan, the financing enterprise and basic assets to realize the risk and income separation. After the use of basic assets to design asset support securities, after credit rating and credit rating to achieve an ideal credit rating, the securities companies issue the benefit vouchers in the securities market to repay the funds for the purchase of basic assets to the real enterprises by issuing the income obtained by the securities. It is necessary to pay the principal and interest of the benefit voucher regularly. From the example of the asset securitization that has been pilot in our country, the current asset securitization market is divided into two major systems, and two structures are adopted respectively: one is the credit asset securitization of the trust structure under the people's Bank and the CBRC system; and the other is a special guest under the SFC system. The enterprise asset securitization in the form of the household asset management plan. In this paper, China's highway asset securitization is the latter, and the securities company establishes a special customer asset management plan as the SPV. of the enterprise asset securitization.
The asset securitization of enterprises can effectively utilize the idle capital and foreign capital in the current sufficient capital market, and has the advantages of small risk and low cost of financing. The application and popularization of the financial innovation of asset securitization in the field of expressway construction can effectively make up for the shortage of funds for high speed highway construction projects of our country and promote me. The health, sustainability and so on. Although China has made a major breakthrough in the development of asset securitization, the practice of asset securitization, especially in the construction of the highway in China, still faces obstacles such as imperfect laws and immaturity of capital market. If we can not solve these problems well Difficulties and problems, the practice of asset securitization in China will still be in the state of lingering and continuing development. This article focuses on the implementation of the relatively mature national experience of asset securitization, combined with many obstacles in the implementation of the current enterprise asset securitization in the implementation of the highway construction, and the legal system and implementation environment for the securitization of Chinese enterprises. The problem is deeply analyzed and the problems of legal system, environmental problem and investment subject in the innovation of Chinese enterprise asset securitization are discussed in order to promote the securitization of Chinese enterprises in the financing of highway project, and then to try and popularize in the real economic field.
This paper mainly uses theoretical analysis and case analysis method to discuss. Through theoretical analysis, the basic principles of asset securitization and the possibility of implementing in the expressway industry are summarized. Through the operation analysis of actual cases, the obstacles and Countermeasures of the implementation of asset securitization in the highway industry in China are summarized.
This paper tries to apply the new financing model of asset securitization to the construction of the expressway in China, focusing on the institutional and market obstacles encountered in the implementation process, and the corresponding countermeasures are put forward.
This article is divided into six chapters, and the general contents are as follows:
The first chapter is the introduction. It mainly introduces the research background, the research status at home and abroad, and briefly explains the research contents, innovations and deficiencies of the paper.
The second chapter mainly introduces the related theories of asset securitization, analyzes the basic principles and characteristics of asset securitization, and draws on the mature experience of foreign developed countries' securitization, and lays a theoretical foundation for the introduction of asset securitization financing mode in China's expressway construction.
The third chapter is the application of asset securitization financing model in the construction of the highway in China. It mainly analyzes the feasibility of using asset securitization to finance the highway construction in our country, and then summarizes the specific operation mode.
The fourth chapter is the main obstacle facing the implementation of asset securitization in China's expressway construction. Through the theoretical analysis of the previous chapters and the specific operation mode design, combined with the implementation environment of China's asset securitization, some major obstacles that may appear are summed up.
The fifth chapter puts forward countermeasures according to the main obstacles summarized in the fourth chapter.
The sixth chapter is a summary of the full text.

【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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