资产证券化在小城镇基础设施建设中的应用研究

发布时间：2018-01-31 10:05

本文关键词： 资产证券化小城镇基础设施融资方式　出处：《天津大学》2014年硕士论文　论文类型：学位论文

【摘要】：近年来，随着国民经济的高速发展，我国已进入工业化中期，新型城镇化成为国家新的发展战略，是扩大内需的最大潜力，支撑着未来二十年我国经济的平稳快速发展。加快城镇化意味着对城市基础设施需求的不断增加，传统的融资方式已难以满足我国目前小城镇基础设施建设的资金需求。如何扩大小城镇基础设施建设资金的来源，关乎城镇化的健康发展。资产证券化作为一种新兴的融资方式，，应用于小城镇基础设施建设，可以有效地缓解我国城镇化建设中遇到的资金难题，并促进我国投融资体制的改革。本文以小城镇基础设施建设资产证券化为研究对象，首先阐述了在小城镇基础设施项目中应用资产证券化的重要意义，并对资产证券化在国内外的研究现状和发展现状进行了回顾；接着，在资产证券化和小城镇基础设施相关概念和理论的基础上，通过对我国小城镇基础设施建设与投融资现状及存在问题进行的分析，提出应该在小城镇基础设施建设中引入资产证券化，以解决小城镇基础设施建设资金短缺和资金结构不合理的问题；然后，结合天津市蓟县正在开展的某项宅基地换房示范小城镇建设项目的实际情况，设计出一套以小城镇出让土地收益权为支持进行离岸资产证券化的实施方案，并对该方案的可行性和风险进行分析；最后，从法律法规、监管、会计准则和税收四个方面对该方案实施的外部环境进行总结，并提出我国要想在国内资本市场成功发行资产支持证券（ABS），就应该从相关法律法规和税收优惠政策的制定，会计制度的调整，市场监管机构的建立等方面入手改善实施资产证券化的外部环境，在此基础上还要采取一系列措施来培育国内的资产证券化市场。
[Abstract]:In recent years, with the rapid development of the national economy, China has entered the middle of industrialization, new urbanization has become a new development strategy of the country, is the maximum potential to expand domestic demand. It will support the steady and rapid development of our economy in the next two decades. Accelerating urbanization means increasing demand for urban infrastructure. Traditional financing methods have been difficult to meet the current capital needs of infrastructure construction of small towns in China. How to expand the sources of capital for infrastructure construction of small towns. Asset securitization, as a new financing method, can be used in the infrastructure construction of small towns, which can effectively alleviate the financial problems encountered in the construction of urbanization in China. And promote the reform of China's investment and financing system. This paper takes the asset securitization of infrastructure construction in small towns as the research object. Firstly, it expounds the significance of applying asset securitization in the infrastructure projects of small towns. The research and development of asset securitization at home and abroad are reviewed. Then, on the basis of the related concepts and theories of asset securitization and small town infrastructure, this paper analyzes the present situation and existing problems of infrastructure construction, investment and financing of small towns in China. It is suggested that asset securitization should be introduced into the infrastructure construction of small towns in order to solve the problems of capital shortage and unreasonable capital structure in infrastructure construction of small towns. Then, combining with the actual situation of the small town construction project of a homestead exchange model which is being carried out in Jixian county of Tianjin city. This paper designs a set of implementation scheme of offshore asset securitization supported by the right of land transfer in small towns and analyzes the feasibility and risk of the scheme. Finally, from the laws and regulations, supervision, accounting standards and tax four aspects of the implementation of the external environment of the program summarized, and proposed that China want to successfully issue asset-backed securities in the domestic capital market (ABS). We should improve the external environment of asset securitization from the aspects of relevant laws and regulations and preferential tax policies, the adjustment of accounting system, the establishment of market supervision agencies and so on. On this basis, we should take a series of measures to cultivate the domestic asset securitization market.
【学位授予单位】：天津大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F299.24

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