航天产业资产证券化路径研究

发布时间：2018-03-22 09:06

本文选题：资产证券化　切入点：航天产业　出处：《对外经济贸易大学》2017年硕士论文　论文类型：学位论文

【摘要】：资产证券化发源于20世纪60年代的美国,初期主要用来描述通过发行证券替换银行存量贷款,从而实现为银行融资的过程。经过多年发展,以美国为代表的国际资产证券化业务主要发展为按照基础资产类型形成不动产抵押贷款支持证券化(MBS),资产支持证券(ABS)两大类。我国自2005年资产证券化业务启动以来,在经历了2008年至2012年期间的审批停滞之后,自2013年起,我国资产证券化进入高速发展期,无论从产品发行数量还是发行总额度,年年创下历史新高。造成资产证券化繁荣的原因,一方面是由于国家政策性导向,积极推动供给侧改革措施,盘活存量资产;另一方面,各个行业由于传统融资形式的各种弊端,寻求新的融资渠道需求不断增长。我国航天产业经过几十年的发展,无论从卫星技术、发射量及成功率上来看,已从世界航天大国向世界航天强国逐步转变。但从经济结构与市场关联度来看,与其他行业相比仍相对落后。同时,航天领域内各承研单位由于企业性质、资产性质和业务类型的原因,依靠传统的股权上市途径往往效率较低,整体证券化进程相较缓慢,两大航天集团公司的平均资产化率不足20%。随着资产证券化业务逐步在我国推广实施,基础资产的类型更为丰富创新,实施途径更为灵活,这为航天产业解决融资渠道单一的问题提供了新的思路。本文以航天产业实际情况出发,首先从政策导向、经济环境及资产证券化的基本要求层面进行分析,对产生未来现金流的基础资产进行识别,确认应在基于遥感卫星、通信卫星及导航卫星领域尝试实施开展。随后,进一步基于卫星收益权特点,分析影响实施路径的关键因素,通过量化评估未来现金流、构建基础资产池及设计交易结构等手段,最终提出航天产业实施资产证券化的可行性路径建议,作为后续航天产业相关项目实施资产证券化提供参考。为了推动航天资产资产证券化的实施,本文从国家政策及行业内部改善两个层次提出了相关建议。希望资产证券化为航天技术的开放型发展提供良好的发展机遇,推动整个航天技术产业应用推广,使航天技术更广泛的应用于民计民生,真正实现并发挥“军民深度融合”带来的社会效应。
[Abstract]:Asset securitization originated in the United States in the 1960s, and was initially used to describe the process of financing banks by replacing bank stock loans by issuing securities. The international asset securitization business represented by the United States is mainly developed into two categories: real estate mortgage backed securitization (MBS) and asset-backed securities (ABS) according to the basic asset types. After a period of stagnant approval between 2008 and 2012, asset securitization in China has entered a period of rapid development since 2013, whether in terms of the number of products issued or the total amount issued. The reasons for the prosperity of asset securitization are, on the one hand, the policy orientation of the state, actively promoting supply-side reform measures to revitalize the stock of assets; on the other hand, Because of the disadvantages of the traditional financing forms, the demand for new financing channels is growing. After decades of development, the space industry of our country, whether from the point of view of satellite technology, launch volume and success rate, It has gradually changed from a world space power to a world space power. However, in terms of economic structure and market correlation, it is still relatively backward compared with other industries. At the same time, because of the nature of the enterprise, the research units in the aerospace field, Because of the nature of assets and the type of business, relying on the traditional way of equity listing is often inefficient, and the overall process of securitization is relatively slow. The average capitalization rate of the two major aerospace groups is less than 20%. With the gradual promotion and implementation of the asset securitization business in China, the types of basic assets are richer and more innovative, and the means of implementation are more flexible. This provides a new way of thinking for the aerospace industry to solve the problem of single financing channel. Based on the actual situation of the aerospace industry, this paper first analyzes the basic requirements of policy orientation, economic environment and asset securitization. Identifying the underlying assets that generate future cash flows and recognizing that they should be attempted in the areas of remote sensing satellites, communications satellites and navigation satellites. Subsequently, based on the characteristics of satellite earnings rights, the key factors affecting the implementation path are analysed, Through the quantitative evaluation of future cash flow, the construction of basic asset pool and the design of transaction structure, the feasible path for aerospace industry to implement asset securitization is proposed. In order to promote the implementation of securitization of aerospace assets, This paper puts forward the relevant suggestions from the two levels of national policy and industry improvement. It is hoped that asset securitization will provide a good opportunity for the open development of aerospace technology and promote the application and promotion of the entire aerospace technology industry. Space technology is more widely used in people's livelihood, and the social effect of "deep integration of military and civil" is realized and brought into play.
【学位授予单位】：对外经济贸易大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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