东北国有企业资产证券化研究

发布时间：2018-05-08 11:53

本文选题：资产证券化 + 东北　；参考：《吉林大学》2017年硕士论文

【摘要】：本文在十八大召开重提全面振兴东北老工业基地和供给侧改革背景下,选择国有企业改革和资产证券化结合这一视角,聚焦东北区域经济,在吸收当前学者对东北国有企业改革的研究成果和我国资产证券化试点开展各项实践基础上,对东北国企改革如何从资本结构化改革端口开启改革试点进行讨论,以新的角度探讨解决东北国有企业存量资产巨大、国有资本运营效率低问题的方式。文中首先介绍了资产证券化的定义及当前可证券化资产的类型结构,并将资产证券化融资渠道同股权融资和债权融资进行比较分析,在此基础上对国有企业开展资产证券化融资的成本优势进行分析。在列示当前国有企业部分财务数据基础上论证国企资本效率低的现状,讨论了我国开展资产证券化国企改革应用的目的和动力。之后将论述焦点聚焦在东北地区国有企业在当前背景下改革现状,以及在供给侧改革中面临的盘活存量资本活力的任务,对东北国有企业开展资产证券化改革试点的必要性和可行性进行分析。资产证券化开展也是对国务院提出的“管资本”国企改革方向的实践。在东北国有企业开展资产证券化改革既有国企发展自身的要求,也包含国家区域经济振兴政策对东北提出的目标,即盘活存量资产和完善供给侧改革,同时也为了推动资本市场的完善发展。可行性分析是一个关键点,在东北国企改革中试行资产证券化需要相关资产满足一定的条件,包括企业组织机制、资产存量状况,更重要的是这些资产的现金流能否稳定可持续,该部分以国家统计局相关数据作为支撑展开讨论。接下来,本文在第二章资产证券户一般模式的讨论基础上对东北国有企业资产证券化的应用开展特殊性分析,探讨东北国企开展资产证券化的模式。从现金流分析到资产池构建、信用增级、投资者选择、定价发行、评级机构、后续管理,进行全面论述分析。通过对东北地区特殊性的分析,在最后一章,本文提出了应对东北开展资产证券化改革的制度建议。提出需要东北地区在微宏观两个方面健全区域内各项制度体系的建设,并完善政府推动和监管机制,才能更好地利用资本市场改革对国企改革的推动作用。
[Abstract]:Under the background of comprehensively revitalizing the old industrial base in Northeast China and the supply-side reform, this paper chooses the angle of view of the combination of state-owned enterprise reform and asset securitization to focus on the northeast regional economy. On the basis of absorbing the current research results of the reform of northeast state-owned enterprises and the practice of the asset securitization pilot in China, this paper discusses how to open the pilot reform of state-owned enterprises in Northeast China from the port of capital structural reform. A new way to solve the problem of large stock assets and low operating efficiency of state-owned enterprises in Northeast China is discussed in this paper. This paper first introduces the definition of asset securitization and the current structure of securitization assets, and compares the financing channels of asset securitization with equity financing and debt financing. On this basis, the cost advantages of asset securitization financing for state-owned enterprises are analyzed. On the basis of listing some financial data of state-owned enterprises, this paper demonstrates the present situation of low capital efficiency of state-owned enterprises, and discusses the purpose and motive force of the reform and application of state-owned enterprises in asset securitization in China. Then it will focus on the current situation of the reform of state-owned enterprises in Northeast China and the task of invigorating the vitality of the stock capital in the supply-side reform. This paper analyzes the necessity and feasibility of the pilot reform of asset securitization in northeast state-owned enterprises. The development of asset securitization is also the practice of the reform of state-owned enterprises put forward by the State Council. The development of asset securitization reform in state-owned enterprises in Northeast China has not only the requirements of state-owned enterprises to develop themselves, but also the goals put forward by the national regional economic revitalization policy for Northeast China, that is, to revitalize the stock of assets and improve the supply-side reform. At the same time, in order to promote the perfect development of the capital market. Feasibility analysis is a key point. To try out asset securitization in the reform of state-owned enterprises in Northeast China needs to meet certain conditions, including enterprise organization mechanism, asset stock situation, More important is whether the cash flow on these assets is stable and sustainable, supported by data from the National Bureau of Statistics. Then, based on the discussion of the general model of asset securities households in the second chapter, this paper analyzes the particularity of the application of asset securitization in northeast state-owned enterprises, and probes into the mode of asset securitization in Northeast state-owned enterprises. From cash flow analysis to asset pool construction, credit enhancement, investor selection, pricing and issuing, rating agencies, follow-up management, comprehensive discussion and analysis. Based on the analysis of the particularity of Northeast China, in the last chapter, this paper puts forward some institutional suggestions to carry out the reform of asset securitization in Northeast China. In order to make better use of the role of capital market reform in promoting the reform of state-owned enterprises, it is necessary to improve the construction of various systems in the region in the micro and macro aspects, and to perfect the mechanism of government promotion and supervision.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F276.1

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