中国信贷资产证券化效应研究

发布时间：2018-01-01 21:34

本文关键词：中国信贷资产证券化效应研究　出处：《辽宁大学》2014年博士论文　论文类型：学位论文

【摘要】：资产证券化，是指发起人将缺乏流动性但能在未来产生可预见的稳定现金流的资产或资产集合出售给特设信托机构（Special Purpose Vehicle，SPV），通过一定的结构安排，分离和重组资产的收益和风险并增强资产的信用，最终将其转化成由资产产生的现金流担保的可自由流通的证券，销售给金融市场上的投资者。资产证券化（asset securitization）是二十世纪以来一种重要的金融创新工具，是金融实践和金融创新领域最为惊心动魄的事件。信贷资产证券化是其中的一个重要产品分支和类型。自资产证券化诞生以来，发展迅速，在美国的金融市场上三分天下有其一，并成为金融创新浪潮中崛起的一种主流融资技术，，同时伴随着经济全球化的快速发展，资产证券化不断得到深化和推广---“这种信用体制也逐渐在全球范围内确立起来，正在改变全球的金融结构和信用配置格局”（李传全，2001）。由于资产证券化过程通过精巧的结构安排，可以设计出标准型的衍生金融商品，可以增强资金在金融市场上的流动性，优化资金配置，提高资金使用效率，因此，资产证券化功能与效应的充分发挥对推动各国乃至全球经济与金融的发展意义重大。然而，次贷危机席的爆发席卷全球。次贷危机的一个关键元凶就是过度的资产证券化，这让人们充分认识了资产证券化狰狞和残酷的一面。后次贷危机时代，做为主要发达经济体的美国和欧洲都进行了监管改革的努力和尝试，纷纷推出了一系列监管改革措施。这些措施旨在约束和限制金融衍生工具的过度杠杆化和自由化发展。未来，这些监管改革措施无疑会对重塑投资者的信心起到重要作用，并帮助提高信息披露要求和产品透明度。因此，资产证券化业务已在全球范围内得到了实质性的恢复性发展和增长。即资产证券化在全球依然蓬勃振兴。国外一些学者甚至认为，资产证券化业务的有力复苏未来将对世界经济的复苏和发展产生积极的、巨大的正向影响和效应。同时，近半个世纪以来全球资产证券化业务的发展实践已经深刻证明，资产证券化工具本身作为一项优质的金融创新工具，其丰富的内在效用和机制对全球金融市场的发展和制度创新做出了重要贡献。而这一点还将在未来世界经济的发展进程中得到不断印证。因此，大力推动资产证券化的效应在中国的研究，深入探讨资产证券化效应如何在我国经济发展进程中得到有效发挥，以及充分研究如何结合我国当前的经济体制改革和金融体制改革的迫切需求，深化其效应与功能的运用，亟待破题。论文正是以此为研究目标和出发点，在着力分析了中国信贷资产证券化业务发展的现状和特点的基础上，总结了其在发展过程中存在的主要问题；同时，着力对我国信贷资产证券化效应在金融与经济宏观和微观领域所发挥的作用以及未来即将产生的影响和意义做了深入的剖析和研究，并以我国上市商业银行相关数据为样本，建立模型，对实施信贷资产证券化业务前后，其经济指标与财务指标的变化进行了实证分析和研究，以检验和论证信贷资产资产证券化业务的实施对我国银行业发展所产生的效应和影响。此外，还对未来信贷资产证券化业务在我国的深入发展及其效用和功能的进一步充分发挥所需要的内外部环境和条件展开了深入研究，并经总结归纳，提出了一系列具有较高可操作性和参考价值的对策与措施。在研究过程中，论文综合运用了多种研究手段和方法，包括：规范研究与实证研究相结合、综合归纳与具体分析相结合、静态分析与动态分析相结合、定性与定量研究相结合等方式。论文的主要结论是：一方面，从实证分析的结果可以看出，信贷资产证券化业务对促进我国银行业的财务效应与经济效应的提升有着十分积极的、正向的影响和作用，对推进我国银行业的业务发展与改革具有重要的现实意义；另一方面，分析当前我国的金融发展形势，不难看出，我国的金融体系伴随着中国经济体制改革的步伐正在逐步发展、完善，并已取得了长足的进步。但还必须看到，我国的金融市场结构还有诸多问题尚需得到进一步解决和完善：各市场间缺乏有效的联系和贯通，直接融资比重依然很低，企业长期融资依然主要依赖银行业贷款，银行业与资本市场之间存在着较为严重的功能与职能错位等问题，这些问题依然严重困扰着我国经济的发展。此外，从我国金融产品发展趋势看，金融业产品品种和结构还很不丰富、合理，银行资产过于向信贷集中，资本市场上固定收益类的债权产品还较少，可以有效联系和沟通货币市场与资本市场的金融产品品种和规模还很有限，等等。因此，大力推进我国信贷资产证券化业务的发展，充分发挥其对我国经济和金融发展的促进作用和效应是大势所趋，且时不我待。
[Abstract]:Asset securitization refers to the promoters that lack liquidity but can produce assets or predictable and stable cash flow in the future to sell ad hoc trust collection (Special Purpose Vehicle, SPV), through a certain arrangement, separation and reorganization of assets returns and risks and enhance the credit assets, will eventually converted by the cash flow from assets guaranteed by the free circulation of securities sold to investors in the market. The financial asset securitization (asset securitization) since twentieth Century is an important tool of financial innovation, financial innovation and financial practice is the most thrilling event. Credit asset securitization is one of the an important branch of products and types. Since the birth of the rapid development of asset securitization in the financial markets of the United States, three of the world, and become a rise in the tide of financial innovation Mainstream financing technology, along with the rapid development of economic globalization, asset securitization has been deepened and promoted. "This credit system has been established globally, and is changing the global financial structure and credit allocation pattern" (Li Chuanquan, 2001).
Because the process of asset securitization arrangements through the ingenious structure, can design the standard type of financial derivatives, can enhance liquidity in the financial markets, optimize the allocation of funds, improve capital efficiency, therefore, function and effect of asset securitization and give full play to the significance of promoting the development of all countries and the world economic and financial great.
However, the outbreak of the subprime crisis is sweeping the globe. A key culprit of the subprime crisis is over the asset securitization, which make people fully aware of the grim and brutal side of asset securitization. After the subprime mortgage crisis, as efforts to the major developed economies, the United States and Europe for regulatory reform and have introduced a series of regulatory reform measures. These measures aim to restrict the financial derivatives excessive leverage and free development. The future, these regulatory reform measures to restore the confidence of investors will undoubtedly play an important role, and help to improve the information disclosure requirements and product transparency. Therefore, asset securitization business get a substantial recovery of development and growth in the global scope. The asset securitization in the world still vigorous revitalization. Some scholars even believe that the asset securitization business The strong recovery in the future of the world economic recovery and development have a positive, positive effect and great effect. At the same time, nearly half a century, the development of the practice of global asset securitization has been profoundly demonstrated, asset securitization tools as a good tool of financial innovation, made an important contribution to the development and innovation of the system rich in intrinsic utility and mechanism of the global financial market. And this point will be in the future development of the world economy in has been confirmed.
Therefore, vigorously promote the study on the effects of asset securitization in China, in-depth study of asset securitization effect how to get effective play in the process of China's economic development, and fully study how to combine the urgent needs of China's current economic system reform and financial system reform, deepen the application, effect and function of the urgent essay.
This paper is based on the starting point and research objectives, the focus on the analysis of the basic situation and characteristics of China credit asset securitization business development, summarizes the main problems in the development process; at the same time, to play the credit asset securitization in our country financial and economic effect in the macro and micro field the role and significance influence to the future and made an in-depth analysis and research, taking the listed commercial bank related data model, before and after the implementation of the credit asset securitization business, change the economic indicators and financial indicators for empirical analysis and research, in order to implement the test and demonstration of credit assets the asset securitization business in China's banking industry development effect and influence. In addition, also on the future of credit asset securitization business in China and its utility function and development To further give full play to the needed internal and external environment and conditions, we have carried out in-depth research, and summarized and concluded a series of countermeasures and measures with high operability and reference value.
In the process of research, many research methods and methods were applied, including normative research and empirical research, comprehensive induction and concrete analysis, static analysis and dynamic analysis, qualitative and quantitative research.
The main conclusions of this paper are: on the one hand, from the results of empirical analysis can be seen that the credit asset securitization business to enhance the financial effect and economic effect to promote China's banking industry has a very positive, positive influence and role, has important practical significance for promoting China's banking business development and reform; on the other hand, the analysis of the current situation of financial development in our country, it is not difficult to see that China's financial system Chinese accompanied by the pace of economic reform is gradually developing and perfecting, and has made great progress. But we must see that the financial market structure in our country there are many problems still need to get to solve and improve the market: the lack of effective contact and penetration, the proportion of direct financing is still very low, corporate long-term financing is still mainly rely on bank loans, the banking and capital markets there is The function and function of dislocation and other serious problems, these problems still plagued China's economic development. In addition, the development trend of China's financial products, financial products and structure is not reasonable, too rich, bank assets to the credit concentration, fixed income capital market debt products are still less. Can effectively communicate the money market and the capital market financial products and scale is very limited, and so on. Therefore, vigorously promote the development of China's credit asset securitization business, give full play to the China's economic and financial development to promote the role and effect is represent the general trend, and Time will not wait for me..

【学位授予单位】：辽宁大学
【学位级别】：博士
【学位授予年份】：2014
【分类号】：F832.4;F832.51

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