租赁公司资产证券化（ABS）的应用研究

发布时间：2018-06-15 00:46

本文选题：融资租赁 + 资产证券化　；参考：《首都经济贸易大学》2017年硕士论文

【摘要】：资产证券化(Asset-backed Securities简称“ABS”)起源于美国至今不超过50年,属于当代金融业务创新,资产证券化的实质是借用资本市场的资源来解决融资问题。租赁资产证券化在我国还属于新生业务,在该领域我国的研究还比较少,而在西方主要经济发达国家2007年爆发的金融危机始发于美国房地产资产证券化,因此近些年国外资产证券化的发展规模受此影响很大,对于该理论的实践活动在减弱。我国的融资租赁行业自2007年迎来发展良机后,近些年在国民经济活动中的地位越来越重要,但融资租赁业务发展中面临的一个重要的问题就是融资难的问题,而恰恰资产证券化能够解决租赁公司业务发展中的这个问题,因此租赁资产与资产证券化的结合属于资本市场发展必然的产物。随着2014年11月银监会、证监会出台对于租赁资产证券化支持的办法后,这两年租赁资产证券化已经逐渐成为我国融资租赁行业的一个主要融资手段。西方经济发达国家对于资产证券化的实践在减弱,而我国的租赁业务发展又方兴未艾的大背景下,这就要求我们对于融资租赁业务的理论研究与实践活动必须加强,通过对租赁众多业务板块细致的分析与总结,开创出有中国特色的租赁业务发展道路,为促进我国国民经济的发展贡献应有的力量,这也是本次我选择对租赁资产证券化这个方向的研究意义所在。在准备本篇论文时,主要是结合了关于融资租赁的一些书籍、本人对租赁资产证券化的认识、工作实践以及当前国内租赁公司融资渠道现状,分析租赁资产证券化的优、劣势。本研究文章的观点在于:一方面租赁资产证券化对于解决目前融资租赁公司“融资难、融资贵”有很大的帮助,但另一方面,租赁资产证券化又绝非万能的“良药”,如何对资产证券化的风险做好有效防范非常重要。如:(1)有效做好对底层租赁资产的审查,(2)有效做好后续的租后管理,(3)做好相应法律风险规避,(4)根据产品自身特性做好结构的设计,(5)做好金融市场方面利率、汇率方面的风险防范等,只有这样才能使得租赁资产证券化真正成为有效解决租赁资金来源的重要渠道是此次研究中重点阐明的部分。此外,针对目前租赁资产证券化还面临的问题提出本人的观点:加快租赁行业人员的培养、完善租赁行业的法律与法规建设、强化对租赁资产证券化产品中底层资产的审核、切实提升租赁资产证券化业务结构设计的水平。通过此次对租赁资产证券化课题的研究,为未来该领域进一步理论的深化做出必要的先行探索。
[Abstract]:Asset-Backed Securities (ABS) originated in the United States for less than 50 years and belongs to the innovation of contemporary financial business. The essence of asset securitization is to borrow the resources of capital market to solve the financing problem. Leasing asset securitization is still a new business in our country, and the research in this field is still relatively few. However, the financial crisis that broke out in the major western developed countries in 2007 originated from the real estate asset securitization in the United States. Therefore, the development scale of foreign asset securitization is greatly affected by this in recent years, and the practice of this theory is weakening. Since 2007, the financial leasing industry in China has been playing a more and more important role in the national economic activities. However, the difficulty of financing is one of the most important problems in the development of financial leasing business. Asset securitization can solve this problem in the business development of leasing companies, so the combination of leasing assets and asset securitization belongs to the inevitable outcome of capital market development. With the CBRC in November 2014, the CSRC issued the measures to support the securitization of leased assets, and the securitization of leased assets has gradually become one of the main financing means of the financial leasing industry in China in the past two years. The practice of asset securitization in western developed countries is weakening, and the development of leasing business in our country is in the ascendant, which requires us to strengthen the theoretical research and practical activities of financial leasing business. Through the detailed analysis and summary of many business sectors of leasing, we can create the development path of leasing business with Chinese characteristics, and contribute to the development of our national economy. This is also my choice of securitization of leasing assets in this direction of research significance. In preparing this paper, I mainly combine some books on financial leasing, my understanding of securitization of leasing assets, working practice and current situation of domestic leasing companies' financing channels, and analyze the advantages and disadvantages of securitization of leasing assets. On the one hand, the securitization of leased assets is of great help to the financial leasing companies, but on the other hand, the securitization of leased assets is by no means a panacea. How to prevent the risk of asset securitization is very important. For example, 1) effectively do a good job in the examination of the underlying leasing assets; 2) effectively do a good job in the subsequent post-lease management; 3) do a good job in the corresponding legal risk aversion; 4) do a good job in the design of the structure according to the product's own characteristics; 5) do a good job in the interest rate on the financial market. Only in this way can the securitization of leasing assets become an important channel to solve the source of leasing funds effectively. In addition, in view of the problems facing the securitization of leasing assets at present, the author puts forward his own viewpoints: to speed up the training of personnel in the leasing industry, to perfect the construction of laws and regulations of the leasing industry, and to strengthen the audit of the underlying assets in the products of securitization of leasing assets. Improve the level of business structure design of leasing asset securitization. Through the research on the subject of securitization of leasing assets, it is necessary to explore the further theory of this field in the future.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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