地方政府平台贷款证券化模式研究

发布时间：2018-01-02 01:24

本文关键词：地方政府平台贷款证券化模式研究　出处：《西南财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：2008年底,为应对美国次贷危机给我国带来的不利影响,国务院出台了4万亿经济刺激计划,由此激起了地方政府巨大的投资冲动。在此期间,我国地方平台债务骤增,截至到2013年6月,全国地方政府平台贷款余额40755.54亿元,约占GDP的7%,这些贷款大多数来自于商业银行贷款。大量的地方政府平台贷款不仅影响我国经济持续稳定发展,还可能危及我国金融体系的安全。而资产证券化对化解这些风险有着重要意义。对那些能在未来产生稳定现金流的优良资产,商业银行对这部分项目的贷款符合资产证券化对基础资产的要求,通过将其资产证券化,能解决地方政府平台融资渠道单一、风险不能分散的问题,还能引导民间资本和社会资金投资到中长期的基础设施项目中,更大范围的实现社会资源的优化配置,进一步繁荣我国金融市场。本文要探讨的,正是地方政府平台贷款证券化可能的模式选择问题。首先,论文从我国地方政府平台贷款的性质和面临的风险两个方面作了详细的分析,为论证地方政府平台贷款证券化模式问题奠定基础。其中,讨论了我国地方政府平台贷款的必然性和必须性两个性质,并从宏观经济、地方政府、商业银行三个角度分析了地方政府平台贷款所面临的风险。其次,论文从地方政府、商业银行、投资者、金融市场四个角度论证了将地方政府平台进行证券化的必要性。就证券化的可行性,论文分别从内部基础资产的适合性和外部金融环境的成熟性两方面做了充分的论证。再次,在对资产证券化两种常用的模式进行了分析和比较后,结合我国地方政府平台贷款的特征,得出适合我国地方政府平台贷款证券化的模式,即采用能够使基础资产实现“真实出售”的现金模式。然后,在操作层面上,就证券化的发起人、SPV模式、基础资产、信用增级措施以及风险管理等问题进行了详细的论证分析。其中,对发起人的选择上,创新性的提出了根据所选择的基础资产为起点,将这些基础资产所涉及的数家商业银行组成银团作为发起人的模式；对SPV的模式选择,在分析了常见的3种SPV模式后,结合地方政府平台贷款数量巨大等特点,选择了信托SPV的形式；面临基础资产的选择时,在分析了国内外资产证券化基础资产的选择标准后,对地方政府平台贷款进行了分类讨论,提出了适宜证券化的地方政府平台贷款的基本原理、框架和标准；在信用增级措施方面,论述了内部增级和外部增级措施的操作原理以其优劣,基于成本效益原则和地方政府平台贷款的特征,得出了应采用内部和外部增级措施相结合的观点；在风险管理措施方面,则分别从微观、中观和宏观层面都进行了讨论。最后,基于所提出的证券化模式,分别从宏观和微观两个层面提出了一些政策建议。
[Abstract]:By the end of 2008, the U.S. subprime mortgage crisis in response to the adverse impact of China, the State Council issued a 4 trillion economic stimulus plan, which caused a huge investment impulse of local government. In the meantime, China's local debt platform surge, as of June 2013, the local government platform loans 4 trillion and 75 billion 554 million yuan, accounting for about 7% of GDP. Most of these loans from commercial bank loans. A large number of local government loan platform not only affects the sustainable and stable development of China's economy, it may endanger the safety of China's financial system. Asset securitization has important significance to resolve these risks. For those who can produce good assets with stable cash flow in the future, the commercial bank loans this part of the project in accordance with the asset securitization assets on the basis of the requirements of the asset securitization can solve the local government financing channels for a single, not risk The problem of fragmentation, but also guide the private capital and social capital to invest in long-term infrastructure projects, optimize the allocation of social resources in a larger scope, further prosperity of the financial market of our country. This article will discuss, is the mode selection of local government platform loans securitization possible.
First of all, from the two aspects of the nature of the local government loan platform in our country and risk are analyzed in detail, and lay the foundation for the demonstration of local government platform loans securitization model. Among them, we discussed the necessity of local government loan platform in China and must have two properties, and from the macro economy, local the government, in three aspects of commercial bank risk of local government platform loans are facing.
Secondly, from the local government, commercial banks, investors, four aspects of financial market demonstrates the necessity of securitization of local government platform. The feasibility of securitization, the paper made a full demonstration of basic assets separately from the internal and external financial environment for the maturity of two aspects.
Again, analysis and comparison are made in two kinds of mode of asset securitization, combined with the characteristics of local government loan platform in China, that is suitable for China's local government platform loans securitization model, which uses can make the asset base to achieve "true sale cash" mode.
Then, at the operational level, then securitization sponsors, SPV mode, basic assets were analysed in detail the credit enhancement measures and risk management issues. Among them, the sponsors of the selection, puts forward the innovation based on the choice of assets as a starting point, the number of commercial banks involved in these asset base consisting of syndicated as promoters; selection of SPV model in the analysis of the 3 modes of SPV in common, with a huge number of local government platform loans and other characteristics, choose the trust in the form of SPV; facing the choice of assets based on the analysis of the selection criteria, both at home and abroad asset based asset securitization, the local government platform loans were classified and discussed, put forward the basic principle for the securitization of local government platform loans, framework and standard; in the aspect of credit enhancement measures, were discussed The operating principle of enhancement and external enhancement measures for its advantages and disadvantages, characteristics of cost benefit principle and local government platform loans based on the obtained by internal and external enhancement measures combined with the view; in terms of risk management measures, respectively, from the micro, meso and macro level are discussed. Finally, the Securitization mode based on the proposed some policy suggestions were put forward from the two macro and micro level.

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.4

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