C证券公司资产证券化发展研究

发布时间：2018-06-12 11:15

本文选题：资产证券化 + 企业融资　；参考：《江西财经大学》2017年硕士论文

【摘要】：在近三十多年,资产证券化这一金融创新推动着资本市场的快速发展。但是资产证券化业务在我国的发展依然处于起步阶段,而证券公司资产证券化也是走走停停。在2015年4月中国人民银行宣布信贷资产支持证券发行将由注册制取代审批制,监管部门的再次简政放权,使得我国资产证券化市场健康有序地发展。在中国的企业资产支持专项计划开始井喷式发展,资产证券化产品日益增多,基础资产不断丰富。证券公司资产证券化业务是指证券公司设立特定目的的载体,发起人把能在未来产生现金流入的基础资产出售给特定目的载体,担保公司对基础资产提进行信用增级,证券公司发起专项资产管理计划向投资者发售有价证券的过程。C证券公司凭借其独特的优势,使得业务的融资主体广泛,同时以高于国债利率的固定收益吸引投资者。证券公司在满足企业资产证券化基本要求的基础上,对原始权益人所在行业提出显性或隐性的要求,通过引导社会资金进入政策鼓励行业,可以起到有效配合我国经济政策实施的目的。同时,企业资产证券化可以改变当前企业过度依赖银行进行间接融资的格局,提高直接融资在融资渠道中的比重,从而促进多层次资本市场的形成。C证券公司资产证券化模式本身存在着某些问题,并不是面面俱到。该模式在基础资产、信用评级、产品流动性等因素制约着资产证券化发展,必须提出相应措施解决,例如优化基础资产、拓宽投资者范围、多元化信用增级、提高二级市场流动性、明确会计与税收处理规定等等。在对C证券公司资产证券化业务进行深入分析后,可以得出以下结论:证券公司资产证券化作为结构化融资产品,为中小企业提供了一种全新的融资渠道,其可能难以发行债券进行融资,或者从银行借款比较困难,但如果有比较好的证券化基础资产,就可以运用资产证券化工具进行融资,同时也为投资者提供了更多的固定收益产品;证券公司自身应着重提高对基础资产的质量选择和风险防控能力,另外政府出台相关法律制度也迫在眉睫,颁布有关资产证券化法,完善中小企业的信用体系,才能更好地推动国内资产证券化市场健康发展。
[Abstract]:In the past thirty years, the financial innovation of asset securitization has promoted the rapid development of capital market. However, the development of asset securitization in China is still in its infancy, and the asset securitization of securities companies also stops. In April 2015, the people's Bank of China announced that the issuance of credit asset-backed securities would be replaced by the registration system. In China, the enterprise asset support program began to blowout, asset securitization products are increasing and basic assets are abundant. The asset securitization business of a securities company means that the securities company sets up a carrier for a specific purpose, and the promoter sells the basic assets which can generate cash inflow in the future to a specific purpose carrier, and the guarantee company raises the credit grade of the underlying asset. The process of issuing marketable securities to investors under the special asset management plan. C securities company makes the financing of business extensive and attracts investors with fixed income higher than the interest rate of national debt by virtue of its unique advantages. On the basis of satisfying the basic requirements of asset securitization of enterprises, securities companies put forward explicit or implicit demands on the industries in which the original equity holders belong, and encourage industries by guiding social funds into policies. Can play an effective part in the implementation of China's economic policy. At the same time, asset securitization of enterprises can change the current pattern of enterprises relying excessively on banks for indirect financing, and increase the proportion of direct financing in financing channels. In order to promote the formation of multi-level capital market. C securities company asset securitization model itself has some problems, not all aspects. This model restricts the development of asset securitization by factors such as basic assets, credit rating, product liquidity and so on. It must be solved by corresponding measures, such as optimizing basic assets, widening the scope of investors, diversifying credit rating, increasing credit grade, and so on. Improve the liquidity of the secondary market, clear accounting and tax treatment regulations and so on. After deeply analyzing the asset securitization business of C Securities Company, we can draw the following conclusions: as a structured financing product, asset securitization of securities company provides a new financing channel for small and medium-sized enterprises. It may be difficult to issue bonds for financing, or to borrow money from banks, but if there are relatively good securitization base assets, they can use asset securitization instruments to finance, At the same time, it also provides investors with more fixed-income products; the securities companies themselves should focus on improving the quality selection and risk prevention and control capability of basic assets. Only by promulgating the law on asset securitization and perfecting the credit system of small and medium-sized enterprises can we better promote the healthy development of domestic asset securitization market.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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