试论资产证券化及其中国发展之路

发布时间：2018-07-08 17:59

本文选题：资产证券化 + 真实销售　；参考：《复旦大学》2013年硕士论文

【摘要】：资产证券化始于20世纪70年代末美国住房抵押贷款证券,经过近四十年的发展,如今已经显示出强大的生命力。总体来说,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殊目的载体,由特殊目的载体通过一定的结构安排,分离和重组资产的收益及风险,并增强资产的信用,最后转化成由资产产生的现金流担保的、可以自由流通的证券,销售给金融市场上的合格投资者。这是资产证券化通常的交易结构。资产证券化和传统的融资工具不同,它兼具资产信用融资、结构性融资和表外融资三种特征。首先资产证券化是依据基础资产的信用进行融资,投资者决定是否投资主要看组成资产池的资产的质量、未来现金流的稳定性、安全性等。真实销售和风险隔离是资产证券化的两大核心特征,真实销售最终要达到的目的在于实现基础资产与发起人其他资产的破产隔离。传统理论认为,资产证券化风险隔离有四种方式：更新、让与、信托和从属参与。现实中,资产证券化更多采用让与和信托的方式进行风险隔离,更新和从属参与已经基本不用。特殊目的载体是资产证券化过程中用以风险隔离的工具,它在资产证券化交易结构中处于中心地位。从各国资产证券化的实践经验来看,特殊目的载体的组织形态有三种：公司型、有限合伙型和信托型。这三种类型各有利弊,但是都有一个共同点,就是能够将基础资产和发起人的其他财产隔离开来,使它们相互独立,彼此不受对方破产清算的影响。在我国现有的法律体系下特殊目的载体仅采用信托和专项计划两种形式。我国的资产证券化起步晚,大致可以分为两个阶段：从1990年到2005年是探索阶段。从2005年至今则是试点阶段。而且我国资产证券化走的是一条和发达国家相反的道路,即先立法后试点,先管制后发展。尽管陆陆续续有配套法规出台,但整体发展水平仍很滞后。中国资产证券化在未来的发展道路上,依然任重道远。
[Abstract]:Asset securitization began at the end of 1970s in American mortgage securities. After nearly 40 years of development, asset securitization has now shown a strong vitality. In general, sponsors sell assets or asset sets that lack liquidity but produce predictable and stable cash flows in the future to special purpose vehicles, which are structured by special purpose vehicles. The proceeds and risks of assets are separated and reorganized, and the credit of the assets is enhanced, which is eventually converted into securities that can be freely circulated and sold to qualified investors in the financial market, guaranteed by the cash flow generated by the assets. This is the usual trading structure of asset securitization. Asset securitization is different from traditional financing tools. It has three characteristics: asset credit financing, structured financing and off-balance-sheet financing. Firstly, asset securitization is based on the credit of the underlying assets. Investors decide whether to invest or not mainly depends on the quality of the assets that constitute the asset pool, the stability of future cash flow, the security and so on. Real sales and risk isolation are the two core features of asset securitization. The ultimate goal of real sales is to achieve bankruptcy isolation between the underlying assets and other assets of promoters. The traditional theory holds that there are four ways to isolate the risk of asset securitization: renewal, transfer, trust and subordinate participation. In reality, asset securitization uses the way of transfer and trust to isolate risks, but renewal and subordinate participation are not necessary. Special purpose vehicle is a tool for risk isolation in the process of asset securitization, and it plays a central role in the transaction structure of asset securitization. From the practical experience of asset securitization in various countries, there are three kinds of special purpose carriers: corporate type, limited partnership type and trust type. The three types have their pros and cons, but one thing in common is the ability to separate the underlying assets from the other assets of the originator, leaving them independent of each other's insolvency. Under the present legal system of our country, the special purpose carrier only adopts two forms: trust and special plan. China's asset securitization started late, can be divided into two stages: from 1990 to 2005 is the exploration phase. From 2005 to now is the pilot phase. Moreover, asset securitization in China is a contrary road to developed countries, that is, legislating first, then experimenting, regulating first and then developing. Despite the successive introduction of supporting laws, but the overall level of development is still lagging behind. China's asset securitization in the future development road, still have a long way to go.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：D922.287;D922.282

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