我国银行信贷资产证券化研究

发布时间：2018-08-26 09:52

【摘要】：2012年5月底，中国人民银行、中国银监会与财政部联合颁布了《关于进一步扩大信贷资产证券化试点有关事项的通知》（以下简称为《通知》），这一通知的颁布标志着我国停滞了4年的信贷资产证券化试点再度重启，信贷资产证券化的试点额度共计500亿元人民币。回顾我国信贷资产证券化发展的历程，我国第一次信贷资产证券化试点工作开始于2005年，国家开发银行与建设银行作为头两家信贷资产证券化试点单位分别发行了开元一期与建元一期资产支持证券产品，这标志着我国信贷资产证券化的试点工作不再只停留于理论阶段，而是已经开始了实践性的尝试。第一次信贷资产证券化试点一共进行了两批，第一批的发行主体是国有大型银行，第二批的发行主体扩展到国有大型银行与股份制银行，两批额度分别为200亿元与600亿元。在我国信贷资产证券化进行的如火如荼的时候，突如其来的2007年全球金融危机，给信贷资产证券化的试点泼了一盆冷水，因为很多专家认为资产证券化的过度创新是导致金融危机波及范围广、破坏性大的主要原因，在这种情况下我国为了减小金融危机对我国经济的的波及程度及时叫停了第二批资产证券化试点，到此为止我国的第一次资产证券化试点陷入停滞状态。 2012年信贷资产证券化的重启，应该充分借鉴上次试点过程中的经验与教训，同时吸取国外资产证券化发展过程中的精华，以便我国信贷资产证券化重启后够少走弯路。本文主要采用理论联系实际的方法，结合信贷资产证券化重启后的第一个产品——开元2012第一期信贷资产证券化产品的具体数据，对我国信贷资产证券化的未来进行展望，提出自己的一些看法。文章首先对信贷资产证券化的相关理论：包括信贷资产证券化的运作流程、参与主体、基本原理等方面进行表述，然后结合我国的经济现状，对我国信贷资产证券化的重启的可行性与必要性进行论述，然后结合开元第一期信贷资产证券化产品的具体数据：主要包括对产品的交易结构、基础池的构建以及产品的评价意见几方面对产品的优劣势进行分析，发现我国信贷资产证券化产品在重启之前并没有多大改进，仍然存在诸多不足，其中包括产品资产池的资产品种比较单一，资产质量过高，法律、会计方面的框架制度不够完善，，并且我国目前发行的信贷资产证券化产品大都是被银行互相持有，无法起到剥离银行不良资产，降低银行风险的作用，与银行从事信贷资产证券化的初衷是相违背的，所以提出了我国信贷资产证券化产品要循序渐进的降低基础资产的质量，扩大资产支持证券机构投资者范围，起到剥离银行高风险贷款，降低银行行业风险这一结论。对于降低基础资产的质量，扩大投资者范围会增大证券化产品风险的情况，文章最后提出从完善法律法规、优化资产证券化交易结构等方面入手提出相应的政策建议，期望能为我国银行的信贷资产证券化的发展提供具有参考价值与操作性的意见与建议。
[Abstract]:At the end of May 2012, the People's Bank of China, the China Banking Regulatory Commission and the Ministry of Finance jointly promulgated the Notice on Further Expanding the Pilot Project of Credit Asset Securitization (hereinafter referred to as the Notice). The promulgation of the Notice marked the restart of the pilot project of Credit Asset Securitization, which has been stagnant for four years, and the pilot amount of Credit Asset Securi Reviewing the course of the development of China's credit asset securitization, the first pilot project of China's credit asset securitization began in 2005. As the first two pilot units of credit asset securitization, China Development Bank and China Construction Bank issued Kaiyuan I and Jianyuan I asset-backed securities respectively, which marked the beginning of the pilot project. The first trial of credit asset securitization has been carried out in two batches, the first batch of issuers are large state-owned banks, the second batch of issuers are extended to large state-owned banks and joint-stock banks, with two batches. At a time when China's credit asset securitization is in full swing, the unexpected 2007 global financial crisis has thrown cold water on the pilot project of credit asset securitization, because many experts believe that the excessive innovation of asset securitization is the main cause of the financial crisis with a wide range of damage. The main reason is that, in order to reduce the financial crisis's impact on China's economy, China stopped the second batch of pilot projects of asset securitization in time, and so far the first pilot project of asset securitization in China has stagnated.
The restart of credit asset securitization in 2012 should draw on the experience and lessons of the last pilot project and the essence of the development of asset securitization abroad, so as to avoid detours after the restart of credit asset securitization in China. The first product, the specific data of Kaiyuan 2012 Credit Asset Securitization, looks forward to the future of China's credit asset securitization and puts forward some views. Then it discusses the feasibility and necessity of restarting the credit asset securitization in our country according to the present economic situation of our country, and then it combines the concrete data of the credit asset securitization products of the first phase of Kaiyuan, mainly including the excellence of the products in terms of the transaction structure, the construction of the basic pool and the evaluation opinions of the products. The disadvantage analysis shows that the credit asset securitization products in China have not been greatly improved before the restart, and there are still many shortcomings, including the product pool of assets is relatively single, the quality of assets is too high, the legal and accounting framework system is not perfect, and the credit asset securitization products issued in China are large. It is contrary to the original intention of the bank to engage in the securitization of credit assets. Therefore, it is proposed that the quality of basic assets should be gradually reduced and the scope of institutional investors of asset-backed securities should be expanded. To strip the high-risk loans from the banks and reduce the risks of the banking industry, this paper puts forward some corresponding policy suggestions to reduce the quality of basic assets and expand the scope of investors, which will increase the risks of securitized products. The development of bank credit asset securitization provides reference and operational suggestions and suggestions.
【学位授予单位】：云南财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.4;F832.51

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