资产证券化及在基础设施建设中的应用研究

发布时间：2018-01-06 15:22

本文关键词：资产证券化及在基础设施建设中的应用研究　出处：《上海交通大学》2014年硕士论文　论文类型：学位论文

【摘要】：本文首先对资产证券化进行了概述，包括资产证券化的基本定义、分类、交易结构和操作流程、以及基本的定价原理。以史为镜可以知兴替，文章接着介绍了资产证券化在欧美发达国家的发展历程，了解到资产证券化对于发达国家经济的发展起到了巨大的促进作用；在国际上资产证券化迅速发展的背景下介绍了资产证券化在我国的发展情况，，资产证券化在我国还处于发展初级阶段，因此发达资本市场的发展是具有借鉴意义的。文章接下来分析了目前我国基础设施建设的基本情况和融资困境，进而引出资产证券化的融资模式。在解决地方政府债务的目的下，文章随后分析了在基础设施融资中应用资产证券化的必要性和可行性，并结合真实案例的分析提出了创新性的融资方案设计，以及在资产证券化实际操作中不可忽视的一系列关键问题。在实际操作时，我们不仅要从金融技术层面分析用于证券化的基础资产，设计可行的交易结构及合约模式，更要根据我国的法律、会计及税收等制度，从本质解决资产证券化的合法合规性问题。只有这样，才能使得交易结构既能合法合规又能充分发挥资产证券化这种融资方式的独特优势。基于上述问题，文章在最后提出了相关建议。为了使得资产证券化在我国能更加顺畅的发展，并充分应用于基础设施建设中,还需要在一些方面做出完善,包括法律法规的健全、会计制度的完善，以及市场运行的监管等。通过市场环境的改善以及适当的引导，资产证券化的融资方式在我国将会通过它的优势更好地促进金融经济的发展。
[Abstract]:This paper first summarizes the asset securitization, including the basic definition of asset securitization, classification, transaction structure and operation process, as well as the basic pricing principles. The article then introduces the development of asset securitization in developed countries in Europe and the United States, understand that asset securitization has played a huge role in promoting the economic development of developed countries; Under the background of rapid development of asset securitization in the world, the development of asset securitization in China is introduced. Asset securitization is still in the primary stage of development in China. Therefore, the development of developed capital markets is of great significance. Next, the paper analyzes the basic situation and financing difficulties of infrastructure construction in China, and then leads to the financing mode of asset securitization. In order to solve the local government debt, the paper then analyzes the necessity and feasibility of using asset securitization in infrastructure financing, and puts forward innovative financing scheme design combined with the analysis of real cases. In the practical operation, we should not only analyze the basic assets used in securitization from the aspect of finance and technology. In order to design a feasible transaction structure and contract model, we should solve the legal compliance problem of asset securitization from the essence according to the legal, accounting and taxation systems of our country. Only in this way can the trading structure be legal and compliant and give full play to the unique advantages of asset securitization. In order to make the asset securitization in our country more smooth development and fully applied in infrastructure construction, we still need to make some improvements. Including the sound laws and regulations, the improvement of accounting system, as well as the supervision of market operation, etc., through the improvement of the market environment and appropriate guidance. The financing mode of asset securitization will promote the development of financial economy through its advantages in China.
【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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