资产管理公司开展资产证券化业务的研究

发布时间：2018-04-18 22:13

本文选题：资产证券化 + 风险控制　；参考：《上海交通大学》2013年硕士论文

【摘要】：资产证券化是世界金融领域非常重要而且发展迅速的直接融资创新产品之一，资产证券化的目的在于将缺乏流动性的资产（含债权）或资产组合再次包装出售，提高资产流动性和资金运作效率。中国的金融业长期以来都将流动资本高度集中在银行业，为化解银行业的信用风险，资产证券化成为重新分配风险和资本的创新手段之一。资产证券化于2005年在国内试点，2008年因国际金融危机暂停，时隔四年又于2012年被重新启动。中国尚处在资产证券化业务开展的初级阶段，各监管部门不断出台的支持资产证券化的政策法规，体现了中国金融业的监管层推进金融创新的意图，也彰显了资产证券化在中国发展的广阔前景。在此背景下，本文结合工作实践，试图对资产证券化特别是资产管理公司开展资产证券化业务进行专题论述与研究。本文首先阐述了资产证券化的形成与发展，理解与运用，对资产证券化这一热点议题进行了有效分析与总结；其次较详细地介绍了包括美国、欧洲、日本在内的国外成熟的资产证券化市场和资产证券化产品，与此同时，比较与回顾了我国资产证券化发展历程与产品设计。本文最后阐述了资产管理公司主要的资产证券化业务模式，，并通过本文作者供职的国内一家大型资产管理公司所运作的一个具体的案例，详尽地分析了资产证券化中的项目要素和风险控制，结合理论知识，试图探究资产管理公司在我国资产证券化发展中的业务方向和趋势。
[Abstract]:Asset securitization is one of the most important and rapidly developing direct financing products in the world's financial field. The purpose of asset securitization is to repackage and sell illiquid assets (including claims) or asset portfolios.Improve the liquidity of assets and the efficiency of capital operation.For a long time, China's financial industry has concentrated its working capital on the banking industry. In order to resolve the credit risk of the banking industry, asset-backed securitization has become one of the innovative means to redistribute the risk and capital.Asset securitization was piloted in China in 2005, suspended in 2008 because of the international financial crisis, and restarted in 2012 after four years.China is still in the initial stage of asset securitization business. The policies and regulations that various regulatory departments have constantly issued to support asset securitization reflect the intention of China's financial industry regulators to promote financial innovation.It also highlights the broad prospect of asset securitization in China.Under this background, this paper tries to discuss and study the asset securitization, especially the asset securitization business of the asset management company.In this paper, the formation and development, understanding and application of asset securitization are discussed, and the hot topic of asset securitization is analyzed and summarized.The mature market of asset securitization and the products of asset securitization are developed in Japan. At the same time, the development course and product design of asset securitization in China are compared and reviewed.At the end of this paper, the main business models of asset securitization of asset management companies are described, and a specific case of the operation of a large domestic asset management company for which the author of this paper works is given.This paper analyzes in detail the project elements and risk control in asset securitization, and attempts to explore the business direction and trend of asset management companies in the development of asset securitization in China.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.39;F832.5

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