中小企业联合资产证券化研究

发布时间：2018-07-13 18:32

【摘要】：作为一种起源于美国的融资工具,资产证券化在短短的30年的时间内,迅速发展成熟并在世界范围内得到广泛传播。现在资产证券化已经成为西方发达资本市场中同股权融资、债权融资并重的第三大主流融资工具。我国资产证券化的理论和实践发展比较滞后,但在学习和借鉴国外理论研究的基础上,也形成了具有本土特色的发展方式。本文正是在我国现行资产证券化的发展方式基础上,着重研究企业资产证券化方式在中小企业证券化融资中的应用。并针对我国中小企业资产规模小,难以独立担任企业资产证券化发起人的现实,提出了具有创新形式的中小企业联合资产证券化融资方式。本文共分为五部分。第一部分,从我国中小企业融资难的现状出发,并结合资产证券化理论在我国的发展和实践历程,阐述了本文研究的背景和意义。并通过对已有文献的综述,明确了本文研究的重点和落脚点。第二部分,介绍了资产证券化的相关理论及其在我国的发展历程,明确了资产证券化的相关概念、基本原理和基本流程。第三部分,通过对我国企业资产证券化试点项目的介绍和对江苏吴中集团具体案例的分析发现,企业资产证券化融资方式具有诸多优势,能为我国中小企业融资所用。第四部分,首先分析了中小企业进行企业资产证券化融资可能存在的障碍,然后在试图解决这些障碍的过程中提出中小企业联合资产证券化的创新方式,并以中小企业应收账款为例,研究中小企业联合资产证券化的实践过程。第五部分,针对中小企业联合资产证券化实践流程设计中存在的难题提出现阶段我国中小企业进行联合资产证券化实践的建议对策。
[Abstract]:As a financing tool originating in the United States, asset securitization has developed rapidly and widely spread throughout the world in a short period of 30 years. Now asset securitization has become the third major financing tool with equity financing and debt financing in western developed capital markets. The development of theory and practice is lagging behind, but on the basis of studying and learning from foreign theories, it has also formed a development mode with local characteristics. On the basis of the development mode of current asset securitization in China, this paper focuses on the application of the enterprise asset securitization in the securitization financing of small and medium-sized enterprises. With the small size of the enterprise assets, it is difficult to independently serve as the sponsor of the enterprise asset securitization, and puts forward the financing mode of the joint asset securitization of small and medium-sized enterprises with innovative forms.
This article is divided into five parts. The first part, starting from the present situation of the financing difficulty of small and medium enterprises in our country, and combining the development and practice of the theory of asset securitization in our country, expounds the background and significance of this study. And through the review of the existing literature, the focus and the foothold of this study are clarified. The second part introduces the asset securities. The related theory and its development process in China have clearly defined the related concepts, basic principles and basic processes of asset securitization. The third part, through the introduction of the pilot project of China's enterprise asset securitization and the analysis of the specific case of Jiangsu Wu Zhong Group, it is found that the financing mode of the enterprise asset securitization has many advantages and can be used as a result. The fourth part of China's SME financing is the first analysis of the possible obstacles to the financing of small and medium-sized enterprises, and then in the process of trying to solve these obstacles, we put forward the innovative ways of the joint asset securitization of small and medium-sized enterprises, and take the accounts receivable of small and medium enterprises as an example to study the joint asset securities of small and medium-sized enterprises. The fifth part, in view of the problems existing in the design of the practical process of the joint asset securitization of small and medium-sized enterprises, the proposed countermeasures for the implementation of the joint asset securitization of small and medium enterprises in China are proposed.
【学位授予单位】：兰州大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F276.3

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