XYZ集团资产证券化风险管理研究

发布时间：2018-02-01 20:39

本文关键词： 资产证券化法律约束参与主体市场环境　出处：《天津商业大学》2014年硕士论文　论文类型：学位论文

【摘要】：资产证券化是指以特定基础资产的未来现金流流入为依托发行证券的活动。资产证券化具有参与主体多、专业性强、结构化等特点。目前，资产证券化在西方社会得到了广泛的应用并且发展迅速，已经成为一种极具创新性和可行性的金融工具。以西方为参照，我国资产证券化仍处于发展的初级阶段。不健全的法律环境和市场环境是其发展缓慢的主要原因，，我国现行的某些法律法规和规章制度诸如信托法、税法、会计准则不仅不能满足资产证券化的发展需要，在某种程度上甚至阻碍了我国资产证券化的发展。另外，我国提供资产证券化的中介服务机构也缺乏一套规范的、可行的制度准则，所以企业在发行资产支持型票据时将面临着来自企业内部和外部的风险，这些风险可能来自不健全的法律法规，也可能来自提供证券服务的各参与主体，另外企业在进行资产证券化行为时也需要考虑到利率、汇率、信息披露等风险点。本论文通过对XYZ集团资产证券化风险管理的案例研究，以XYZ集团的资产证券化行为为例，结合我国的宏观法律环境和经济环境探讨了了资产证券化风险管理问题，并针对XYZ集团资产证券化项目提出适合其风险管理的建议。
[Abstract]:Asset securitization refers to the activities of issuing securities based on the inflow of future cash flows from specific basic assets. Asset securitization has the characteristics of many participants, strong specialization and structurization. At present, asset securitization has many characteristics. Asset securitization has been widely used and developed rapidly in western society and has become a very innovative and feasible financial tool. Taking the West as a reference, asset securitization in China is still in the primary stage of development. The main reason for its slow development is the imperfect legal environment and market environment. Some laws and regulations, such as trust law, tax law and accounting standards, can not meet the needs of the development of asset securitization. To some extent, it even hinders the development of asset securitization in our country. In addition, the intermediary service organizations that provide asset securitization also lack a set of normative and feasible system standards. Therefore, enterprises will be faced with internal and external risks when issuing asset-backed notes. These risks may come from imperfect laws and regulations, or from the participants who provide securities services. In addition, enterprises also need to take into account the interest rate, exchange rate, information disclosure and other risk points in asset securitization behavior. This paper through the XYZ group asset securitization risk management case study. Taking the behavior of asset securitization of XYZ Group as an example, this paper discusses the risk management of asset securitization by combining the macro legal environment and economic environment of our country. And put forward suitable risk management suggestion for the asset securitization project of XYZ Group.
【学位授予单位】：天津商业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F592.6

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