我国商业银行信贷资产证券化效应研究

发布时间：2018-01-21 12:02

本文关键词： 资产证券化信贷资产证券化商业银行宏观效应微观效应　出处：《安徽大学》2017年硕士论文　论文类型：学位论文

【摘要】：信贷资产证券化,实质上是一种新型的融资方式。它是指商业银行等金融机构将自持的特定资产真实出售给特设信托机构。这些资产相较于一般资产来说,其特别之处就在于虽欠缺流动性但是却可以在未来产生利息。所以,发起人通过对这类资产或资产组合进行重新的结构设计和安排,在增强其信用的同时,也分别对其收益与风险进行重组和分离,从而利用基础资产在未来能够生息的特点,将该类资产或资产组合转化为在证券二级市场自由流通和交易的证券产品,这样也让金融市场上的投资者可以对其进行购买投资,帮助发起人实现了融资的目的。信贷资产证券化是资产证券化的类型之一,也是二十一世纪以来独具创新意义的一种金融工具。在本文的研究中,信贷资产证券化则主要是指商业银行在将自己的贷款、应收账款等经过重组设计与安排,形成新的资产池的基础上,发行证券化产品。所以,本文就是通过以中国商业银行开展信贷资产证券化业务为出发点,分析信贷资产证券化业务是如何发挥其优势,影响我国商业银行的经营活动;进一步研究商业银行如何利用好信贷资产证券化这一业务,促进金融行业的发展,进而带动我国经济金融市场的有利发展。这对于深入探讨其在我国经济发展中的作用具有重要的理论指导意义。基于这样的研究目的,本文在分析了商业银行信贷资产证券化业务的运行机制和发展现状之后,以我国商业银行的信贷资产证券化业务的效应分析为重点,且分别从宏观和微观的角度进行分析,运用事件研究方法、定量与定性相结合的方法,并以我国上市商业银行的数据为样本建立模型,以此进行实证分析,检验和论证信贷资产证券化业务的实施对商业银行的效应影响。最后对此进行总结并提出一些有关商业银行信贷资产证券化业务发展的措施与建议。本文的分析结论主要有:第一,从宏观角度来看,商业银行信贷资产证券化业务会从三个不同层面对商业银行的经营发展产生影响:即风险层面、货币政策传导层面以及资源配置层面。第二,从实证结果看来,商业银行实施信贷资产证券化,会给商业银行带来价值效应及风险效应。首先,商业银行的信贷资产证券化业务短期内通常会使银行股东的财富减少,亦即股东的财富效应。因为银行发起信贷资产证券化业务,一般是以住房抵押贷款、公司贷款等一些较为优质的资产作为证券化的基础资产,所以会导致银行股票价格下降,公司股东收益相应减少;其次,信贷资产证券化业务对提升我国银行业的财务效应与经济效应有着正向的影响;最后,信贷资产证券化业务的开展能够有效降低我国商业银行的风险水平。通过对商业银行信贷资产证券化业务的效应分析,对推进我国银行业业务的发展与改革具有重要的现实意义;我国当前的金融体系已经在逐步的发展并完善,但金融市场结构还存在很多问题会对我国经济发展产生严重阻碍,因而需要解决。例如薄弱的金融市场基础,滞后的证券市场;不完善的金融市场环境、较低的金融市场效率和创新能力以及缺乏完善且有效的金融监管体制等。因此,推进商业银行信贷资产证券化业务的发展,充分发挥信贷资产证券化业务对我国经济发展的促进作用,对于建立和完善金融市场体系,加强对金融体系的监管力度,促进金融市场的稳定发展十分必要。
[Abstract]:Credit asset securitization is essentially a new way of financing. It refers to the commercial banks and other financial institutions to specific assets sold to real self trust institutions. These assets compared with general assets, the point is that although the lack of liquidity but can produce interest in the future. So, launched through the structure design and re arrangement of this kind of assets or portfolio, in enhancing the credit at the same time, respectively, restructuring and separation of its benefits and risks, so as to use basic assets in future to live, the kind of asset or portfolio into securities market two free circulation and trading of securities products, it makes the financial market investors can carry on the purchase of investment, help sponsors to achieve the purpose of financing. The credit asset securitization is the asset securitization One type of a financial instrument since twenty-first Century is the innovative significance. In this study, the securitization of credit assets is mainly refers to the commercial banks in their loans, accounts receivable, etc. through the design and arrangement of the reorganization, the formation of a new foundation of the asset pool, the issuance of securities products. So, this paper takes the commercial bank Chinese securitization of credit assets as a starting point, analysis of credit asset securitization business is how to play the advantage, the impact of China's commercial banks operating activities; further research on how to make good use of commercial bank credit assets securitization of the business, to promote the development of the financial industry, and promote the beneficial development in our country the economic and financial market. For this study in China's economic development plays an important theoretical guiding significance. The purposes of the study in this paper based on points After the operation mechanism and development analysis of the current situation of commercial bank credit assets securitization, the effect of China's commercial banks credit asset securitization business analysis as the key point, and from the perspective of macro and micro analysis, by using the event research method, quantitative and qualitative methods, and the commercial banks in China the listed data as the sample model, the empirical analysis, effect of test and demonstration of credit assets securitization of commercial banks. This effect finally summarizes and puts forward some measures and suggestions about commercial bank credit asset securitization business development. The conclusions of this paper are as follows: first, from a macro perspective commercial bank, credit asset securitization business from three different aspects of the management of commercial bank development influence: namely the risk level, the level of monetary policy conduction And the resource allocation level. Second, from the point of view of the empirical results, the implementation of commercial bank credit asset securitization, will bring value effect and risk effect to commercial banks. Firstly, commercial bank credit asset securitization business in the short term will usually reduce bank shareholders' wealth, the wealth effect of shareholders. That is because the Bank launched the credit asset securitization the business is in general, housing mortgage loans, corporate loans and other more high-quality assets as the basis of asset securitization, so the bank will cause stock price decline, the shareholders of the company income reduced accordingly; secondly, credit asset securitization business have a positive influence on the financial effect and economic effect to enhance China's banking industry; finally, credit asset securitization business in China can effectively reduce the risk level of commercial banks. The commercial bank credit asset securitization business Effect analysis has important practical significance for promoting the reform and development of China's banking business; China's current financial system has been in development and gradually improve, but there are still many problems in the financial market structure will have a serious impediment to the economic development of our country, which needs to be solved. For example, the weak foundation of financial markets, the lag stock market; imperfect financial market environment, the low efficiency of financial market and the innovation ability and the lack of perfect and effective financial supervision system. Therefore, to promote the commercial bank credit asset securitization business development, give full play to promote the role of credit asset securitization business in China's economic development, to establish and improve the financial market system, strengthen the supervision of the financial system, promote the steady development of the financial market is very necessary.

【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F832.4

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