阿里巴巴小额贷款资产证券化案例研究

发布时间：2018-05-23 13:20

本文选题：资产证券化 + 小额贷款公司　；参考：《暨南大学》2014年硕士论文

【摘要】：资产证券化是近四十年来最重要的金融创新之一。从住房抵押贷款支持证券开始，资产证券化如今发展成为可将大量类型的资产进行证券化的金融技术，被称为金融的“炼金之术”。我国从2005年开始了正式的资产证券化试点，，在这八年发展并不平稳。对于小额贷款公司而言，其不能吸收存款并且债务融资受限的问题，限制了其发展。本次研究的案例——“阿里巴巴1-5号专项资产证券化”，是国内首例小额贷款公司发行的小额贷款资产证券化，该项目具有重要的意义。本文回顾了资产证券化相关的理论和文献，介绍了小额贷款公司的发展现状，以阿里巴巴小额贷款资产证券化项目为切入点，分析了我国券商资产证券化以及小额贷款公司资产证券化特点和问题，发现本次项目仍然存在流动性不足、存在动态资产池管理风险、未实现法律意义上的破产隔离等问题。针对于此，对本次项目所反映的问题提出解决思路，并对完善相关法律制度、提高资产支持证券市场流动性和促进小额贷款公司资产证券化提出了建议。
[Abstract]:Asset securitization is one of the most important financial innovations in the past 40 years. Starting from mortgage-backed securities, asset securitization has developed into a financial technology that can securitize a large number of types of assets, which is called the "alchemy" of finance. China began the formal asset securitization pilot in 2005, the development in these eight years is not stable. For microfinance companies, their inability to take deposits and limited debt financing limit their development. The case of "Alibaba 1-5 Special Asset Securitization" is the first microloan asset securitization issued by a small loan company in China. This project is of great significance. This paper reviews the relevant theories and literatures of asset securitization, introduces the current situation of the development of micro-loan companies, and takes the Alibaba micro-loan asset securitization project as the starting point. This paper analyzes the characteristics and problems of asset securitization of securities firms and small loan companies in China, and finds that there are still some problems in this project, such as lack of liquidity, management risk of dynamic asset pool, failure to realize bankruptcy isolation in the sense of law, and so on. In view of this, the paper puts forward the solutions to the problems reflected in this project, and puts forward some suggestions on perfecting the relevant legal system, improving the liquidity of the asset-backed securities market and promoting the asset-backed securitization of micro-loan companies.
【学位授予单位】：暨南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.4;F832.51

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