资产证券化推进非标金融产品规范发展的思路与方法探讨

发布时间：2018-01-03 08:37

本文关键词：资产证券化推进非标金融产品规范发展的思路与方法探讨　出处：《上海交通大学》2014年硕士论文　论文类型：学位论文

【摘要】：提高信托、金融机构理财等非标金融产品的信息透明度，实现其健康有序发展，更好发挥服务实体经济功能，是监管层和市场对此类产品的具体监管思路和操作预期，可通过发行标准化的资产证券化产品，疏堵结合，规范市场秩序。同时，为维持经济平稳较快发展，过去几年我国信贷投放速度较快，资金利用效率有所降低，随着利率市场化的推进，未来商业银行将面临资产收益下降的风险，，国际经验表明，资产证券化可作为有效化解途径。本研究探讨的资产证券化对接信贷、信托和理财等非标金融产品是在监管层对影子银行加强监管，以及为更好应对利率市场化推进使得商业银行出现资产流动性和收益压力上升问题而提出的一项具体政策建议。资产证券化尽管在境外已有多年的发展历史，但在我国尚属于新兴事物。与传统的信贷、股票、债券、信托等融资渠道相比，市场和投资者对资产证券化的了解尚有待加强。因此，本研究系统介绍了资产证券化的定义、原理及实务操作中的关键步骤和核心要素。结合境内外资产证券化实践中积累的经验教训，以及我国当前各项非标产品的发展现状，本研究进一步从资产证券化对接信贷、信托和理财产品的必要性、可行性展开论述。并根据信贷产品与信托、理财产品在信息透明度及监管成熟度方面的差异，对资产证券化对接信贷产品，与其对接信托、理财产品的思路进行了差异化设计。资产证券化对信贷产品的对接以推进信贷资产证券化的常规化发展为主；资产证券化对接信托、理财产品则从有效满足募投项目的融资需求及投资者的投资需求两个关键环节展开论述。最后，本研究梳理了当前我国资产证券化实践中所面临的问题，探讨下一步更好对接信贷、信托和理财等非标产品，服务实体经济方面需采取的进一步操作建议。
[Abstract]:Improve the information transparency of non-standard financial products, such as trust, financial institutions, and other non-standard financial products, realize its healthy and orderly development, and better play the function of serving the real economy. Is the regulatory layer and the market for such products specific regulatory ideas and operational expectations, through the issuance of standardized asset securitization products, the combination of blocking, standardization of market order, while maintaining stable and rapid economic development. In the past few years, China's credit investment rate has been fast and the efficiency of capital utilization has been reduced. With the promotion of interest rate marketization, commercial banks will face the risk of asset income decline in the future, international experience shows. Asset securitization can be used as an effective solution. Non-standard financial products, such as credit, trust and financial management, which are discussed in this study, strengthen the supervision of shadow banking at the regulatory level. And a specific policy proposal is put forward to deal with the problem of liquidity and rising income pressure of commercial banks due to the marketization of interest rate. Although asset securitization has been developed overseas for many years, it is still a new thing in our country. Compared with the traditional financing channels such as credit, stock, bond, trust and so on. The market and investors' understanding of asset securitization still needs to be strengthened. Therefore, this study systematically introduces the definition, principle, key steps and core elements of asset securitization. Combined with the experience and lessons accumulated in the practice of asset securitization at home and abroad, as well as the current development situation of various non-standard products in China, this study further from the asset securitization docking credit, trust and financial products necessity. According to the differences between credit products and trust, financial management products in information transparency and regulatory maturity, asset securitization docking credit products with its docking trust. The idea of financial products is designed differently. The docking of asset securitization to credit products is mainly to promote the regular development of credit asset securitization. Asset securitization is connected with trust and financial products are discussed from two key links: meeting the financing demand of the project and the investment demand of the investor. Finally, this study combs the current problems in the practice of asset securitization in China, and discusses the next step to better connect credit, trust and financial management and other non-standard products. Suggestions for further actions to be taken in the service of the real economy.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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