资产证券化的国外经验借鉴与中国发展

发布时间：2018-06-10 12:42

本文选题：资产证券化 + 国外经验　；参考：《上海交通大学》2014年硕士论文

【摘要】：作为近30年来影响最为重大、发展最为迅速的金融创新之一，资产证券化产品利用现金流重新包装组合和信用增级等方式将原本不具有流动性的资产转化为标准化程度较高能够进行交易的证券产品。不仅为原始资产拥有人优化了资产负债结构，也为投资者提供了一种全新的能够带来稳定收益的金融产品。它的出现不但有利于丰富金融市场品种、完善资本市场结构，也推动了金融深化和金融发展。自20世纪70年代在美国诞生以来，资产证券化产品发展迅速，目前已成为发达国家非常重要的金融工具，并且在全球范围内被广泛应用。本文主要利用比较研究与实证分析相结合的方法，对美国欧洲等发达国家资产证券化发展历史和现状进行分析，总结其发展的成功经验，并利用美国的发展数据进行实证分析，验证了资产证券化产品对经济的积极推动作用以及其发展的的影响因素，总结了发达国家资产证券化的成功经验。同时，对我国资产证券化业务的发展现状和存在的问题进行分析，针对我国现阶段资产支持证券存在的问题，从宏观和微观两个角度，，提出了相关发展建议。
[Abstract]:As one of the most influential and rapidly developing financial innovations in the past 30 years, Asset securitization products use cash flow repackaging combination and credit enhancement to convert illiquid assets into securities products with a high degree of standardization which can be traded. It not only optimizes the structure of assets and liabilities for original asset owners, but also provides investors with a new financial product that can bring stable returns. Its appearance not only helps to enrich the variety of financial market and perfect the structure of capital market, but also promotes financial deepening and financial development. Since the birth of asset securitization products in the United States in the 1970s, asset securitization products have developed rapidly and have become very important financial instruments in developed countries. And is widely used in the world. This paper mainly uses the method of comparative research and empirical analysis to analyze the history and current situation of asset securitization in developed countries, such as the United States and Europe, and sum up its successful experience. By using the development data of the United States, the paper verifies the positive role of asset securitization products in promoting the economy and the influencing factors of their development, and sums up the successful experience of asset securitization in developed countries. At the same time, this paper analyzes the present situation and existing problems of asset securitization business in China. Aiming at the problems existing in asset backed securities in our country at present, the author puts forward some relevant development suggestions from macro and micro perspectives.
【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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