构建工程担保安全网的关键要素研究

发布时间：2018-07-14 20:16

【摘要】：工程担保安全网是为保护保函持有人和索赔权利人的经济利益安全,积极应对工程担保风险而设定的制度体系和政策框架。我国自引入工程担保制度以来,保函持有人和索赔权利人的经济利益保护缺失,行业公信力不高。特别是近期出现的担保公司倒闭潮,对工程担保行业形成了巨大冲击,保函持有人和索赔权利人的经济利益安全问题再一次受到广泛的关注。因此,对构建工程担保安全网的关键要素展开研究,具有重要的现实和理论意义。从现有的研究来看,国内外学者对工程担保安全网的认识还比较模糊。基于已有研究,本文首先利用文献研究和定性分析的方法,识别出构建工程担保安全网的关键要素,从案例实证角度,对美国、加拿大和英国的工程担保安全网实践情况进行调研,并分析我国工程担保安全网的建设现状;其次,阐述审慎监管在工程担保三方协议框架下的作用原理,并以业主支付担保为例,构建基于二叉树方法的保函价值量测模型;再次,在分析工程再担保的作用原理之后,运用演化博弈理论,探寻工程再担保体系演化稳定条件;然后,在阐述工程担保保证基金和市场退出机制作用原理的基础上,进一步揭示工程担保安全网各个关键构成要素之间的内在联系。主要研究结论:1)构建工程担保安全网的关键要素包括审慎监管、工程再担保、保证基金和市场退出机制,但这些构成要素并非一成不变,在不同的经济制度环境中,某些要素可能被强化或弱化。2)从保函价值量测模型和仿真结果来看,业主支付担保的公平价受诸多因素影响;其中,业主资产波动率、担保金额或有效期的增加,保函价格会上升,但担保金额增加到一定程度后,保函价格将保持不变;业主初始资产价值或无风险利率的增加,保函价格会下降;保函价值量测为完善审慎监管提供了理论基础。3)工程再担保体系稳定演化必须满足保函需求旺盛,最大杠杆系数不充足,接受保证人加入再担保体系后再担保机构增加的收益为正、保证人增加的收益大于申请成本;明确的稳定演化条件为我国工程再担保机制的实施提供了理论参考。4)在一般经济制度环境下,四个关键要素内在联系紧密,互为前提,相辅相成,共同保护保函持有人和索赔权利人的经济利益安全。以上述研究结论为基础,最后提出完善我国工程担保安全网的建议:完善工程担保的审慎监管,规范专业工程担保保证人的行为;构建工程担保保证基金制度,建立市场信任;分步实施工程再担保机制,有效分担担保风险;完善工程担保的市场退出机制,筑好最后一道防线。
[Abstract]:The project guarantee safety net is a system and policy framework to protect the economic interests of guaranty holders and claim holders and to actively deal with the risk of engineering guarantee. Since the introduction of the engineering guarantee system in China, the economic interests of the holders of guarantee and the claimants of claims are not protected, and the credibility of the industry is not high. Especially the recent bankruptcy of guarantee companies has a huge impact on the engineering guarantee industry. The security of the economic interests of guaranty holders and claims holders is once again widely concerned. Therefore, it is of great practical and theoretical significance to study the key elements of the construction of engineering security safety net. From the existing research, domestic and foreign scholars' understanding of engineering security safety net is still relatively vague. Based on the existing research, this paper first uses the methods of literature research and qualitative analysis to identify the key elements of constructing engineering guarantee safety net. The practical situation of engineering security safety net in Canada and Britain is investigated, and the present situation of construction of engineering guarantee safety net in China is analyzed. Secondly, the principle of prudential supervision under the framework of tripartite agreement on engineering guarantee is expounded. Taking the owner's payment guarantee as an example, this paper constructs the model of measuring the value of guarantee based on the binary tree method. Thirdly, after analyzing the principle of engineering reguarantee, the evolutionary game theory is used to explore the evolutionary stability conditions of engineering reguarantee system. On the basis of expounding the working principle of engineering guarantee fund and market exit mechanism, this paper further reveals the internal relations among the key elements of engineering guarantee safety net. Conclusion: 1) the key elements of constructing a safety net for engineering guarantee include prudential supervision, engineering reguarantee, guarantee of fund and market exit mechanism, but these elements are not fixed, in different economic system environment. Some elements may be strengthened or weakened .2) from the value measurement model and simulation results, the fair price of the owner to pay the guarantee is affected by many factors, among which, the volatility of the owner's assets, the amount of the guarantee or the increase of the period of validity. The price of guarantee will rise, but when the amount of guarantee increases to a certain extent, the price of guarantee will remain unchanged, and the price of guarantee will decrease with the increase of initial asset value or risk-free interest rate. The measurement of the value of guarantee provides a theoretical basis for the improvement of prudential supervision. 3) the stable evolution of the engineering reguarantee system must meet the strong demand for guarantee, and the maximum leverage coefficient is not sufficient. After accepting the guarantor to join the reguarantee system, the income increased by the guarantee institution is positive, and the income increased by the guarantor is greater than the application cost; Under the general economic system environment, the four key elements are closely related, mutually reinforcing and mutually reinforcing. Jointly protect the security of the economic interests of the holder of the guarantee and the claimant. On the basis of the above conclusions, some suggestions are put forward to perfect the safety net of engineering guarantee in China: to perfect the prudential supervision of engineering guarantee, to standardize the behavior of professional guarantee guarantor, to construct the system of engineering guarantee fund, and to establish market trust. Step by step implement the project reguarantee mechanism, share the guarantee risk effectively, perfect the market exit mechanism of the engineering guarantee, build the last line of defense.
【学位授予单位】：清华大学
【学位级别】：博士
【学位授予年份】：2015
【分类号】：TU714;F284;F832.4

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