我国银行信贷资产证券化经济效应分析

发布时间：2018-04-08 14:14

本文选题：银行信贷资产证券化　切入点：盈利能力效应　出处：《辽宁大学》2017年硕士论文

【摘要】：1970年2月,美国房屋和城市发展部发行了首支现代住房抵押贷款支持证券。从此,资产证券化登上了历史的舞台。所谓资产证券化,即发起者与投资者通过市场机制进行债券交易的过程,将流动性较差、可产生稳定现金流的资产转化成债券的过程。银行信贷资产证券化是资产证券化的一种类型,银行将缺乏流动性的信贷资产打包出售转化成债券,短期内获得资金,增强资金的流动性,以信贷资产利息作为债券的收益。美国商业银行最初开展资产证券化目的是转嫁信用风险以及解决金融市场上的资金流通问题。银行实行信贷资产证券化,首先,可以有效盘活存量信贷资产,释放信贷资源,降低资本消耗,从而促进实体经济的发展。其次,可拓宽融资渠道,降低融资成本。最后,使资本存量得到有效盘活,资金使用效率得到快速提高,银行资产负债结构得到优化。因此,信贷资产证券化对银行业的发展意义重大。然而,2008年金融危机爆发,让我们深刻认识到资产证券化残酷的一面。之后四年,中国银行业暂停了信贷资产证券化业务的开展,在此期间监管部门推出了一系列监管改革措施,规避信贷资产证券不利之处。直到2012年,我国再次启动发行试点,各家银行相继推出信贷资产证券化产品。2013年,政府部门加快改革步伐,银行信贷资产证券化得到了快速发展。深入剖析信贷资产证券化对银行业的作用机制,能够有效加强我国银行业风险抵御能力,从而更好的应对将来在证券化市场发展过程中遇到的各种风险难题。本文通过研究银行信贷资产证券化的发展历程和现状,理论分析了运用这一金融工具的经济效应,并以我国上市商业银行相关数据为样本建立实证模型,实证检验银行业开展信贷资产证券化业务产生的效应和影响。最后,分析实证结果并提出合理的建议。
[Abstract]:In February 1970, the United States Department of Housing and Urban Development issued the first modern mortgage-backed securities.Since then, asset securitization has mounted the stage of history.The so-called asset securitization is the process of bond trading between the initiator and the investor through the market mechanism, which converts the assets with poor liquidity and stable cash flow into bonds.The securitization of bank credit assets is a kind of asset securitization. Banks turn the illiquid credit assets into bonds, obtain funds in the short term, enhance the liquidity of funds, and take interest on credit assets as the income of bonds.The purpose of asset securitization of American commercial banks is to transfer credit risk and solve the problem of capital circulation in financial market.Firstly, the bank can activate the stock credit assets effectively, release the credit resources, reduce the capital consumption, and promote the development of the real economy.Secondly, can widen financing channel, reduce financing cost.Finally, the capital stock is effectively activated, the efficiency of capital utilization is improved rapidly, and the structure of bank assets and liabilities is optimized.Therefore, the securitization of credit assets is of great significance to the development of the banking industry.However, the financial crisis broke out in 2008, let us deeply realize the cruel side of asset securitization.In the next four years, China's banks suspended the securitisation of credit assets, during which time regulators introduced a series of regulatory reforms to circumvent the disadvantages of credit asset-backed securities.Until 2012, China again launched a pilot issue, each bank has launched credit asset securitization products. In 2013, government departments accelerated the pace of reform, bank credit asset securitization has been rapid development.By deeply analyzing the mechanism of credit asset securitization to the banking industry, we can effectively strengthen the ability of resisting risks in China's banking industry, so as to better deal with the various risk problems encountered in the course of the development of securitization market in the future.By studying the development and present situation of bank credit asset securitization, this paper theoretically analyzes the economic effect of using this financial instrument, and sets up an empirical model based on the relevant data of listed commercial banks in China.Empirical test of the banking sector to carry out credit asset securitization business effect and impact.Finally, the empirical results are analyzed and reasonable suggestions are put forward.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.4;F832.51

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