【作者】 陈旭；

【导师】 杨青；

【作者基本信息】 复旦大学 ， 经济学（专业学位）， 2014， 硕士

【副题名】以欢乐谷主题公园入园凭证专项资产管理计划为例

【摘要】 1968年,资产证券化诞生于美国,之后推广到全世界,过去的40年间在发达国家中蓬勃发展。如今,资产证券化(Asset-Backed Securitization)已经成为国际资本市场上发展最快、创新最活跃的金融产品。它极大地推动了全球的金融创新,提高了资产的流动性,丰富了大众的投资渠道和企业的融资渠道,提高了社会资源的配置效率,促进了经济的发展。我国从20世纪80年代开始了资产证券化的理论研究和实践探索,遵循了先国外再国内、先试点后推广的发展模式。1996年我国实现了首例境外资产证券化融资,2004首例境内资产证券化产品发行成功。我国证券公司负责的企业资产证券化(Enterprise Asset-Backed Securitization)业务从2005年8月开始试点,2013年3月转为正式运行。国外对于资产证券化的研究开始于住房抵押贷款支持证券(MBS),20世纪80年代随着资产支持证券(ABS)的兴起,研究重点转为ABS,现在资产证券化研究的前沿领域主要是以担保债务凭证(CDO)为代表的创新型资产证券化产品。由于国内外对于资产证券化的分类不同,因此国外很少有专门针对企业资产证券化方面的研究。国内早期对于资产证券化的研究大多集中于信贷资产证券化,对于企业资产证券化的研究比较少,随着企业资产化的试点,相关研究也逐渐增多,不过大多停留在理论方面,对实务的研究较少,也缺乏详细的案例分析。本文通过调研报告的形式,利用比较分析、案例分析和实证分析等手段,围绕中国企业资产证券化这一主题进行了较为详尽的研究,希望能够在一定程度上加深人们对于中国企业资产证券化问题的认识,并为解决中国企业资产化实务中碰到的一些问题提供政策建议。本文首先回顾了国内外的研究现状,然后对企业资产证券化的基础知识进行了综述,从而对中国企业资产证券化有了一个比较全面的了解,接着重点研究了实务中的三个核心问题：基础资产、特殊目的载体(SPV)和信用增级,然后再通过对“欢乐谷专项计划”这一实例的案例分析,加深了对中国企业资产证券化实务的研究和认识,最后通过事件研究法的实证分析,研究了“欢乐谷专项计划”这一企业资产证券化实例对其发起机构华侨城的公司价值的影响。更多还原

【Abstract】 In 1968, asset securitization was created in the United States, before it was promoted to the world over the past 40 years. Nowadays, asset securitization has gained great development in the international capital markets. It improves the liquidity of the assets, enriches the investment and public financing channels.China began to introduce asset securitization from 1980s. In 1996 the country has achieved the first case of foreign assets of the securitization financing. In 2004 cases of domestic assets securitized product was released. China’s corporate asset securitization product was started from August 2005, and in March 2013, this financial instrument began to operate under supervision in formal.The study for asset securitization first focused on mortgage-backed securities (MBS). In 1980s, with the rise of asset-backed securities (ABS), the research focus into ABS, and cutting-edge research in the field of asset securitization is now mainly collateralized debt obligations (CDO).As the domestic classification of securitization is different, so there are few foreign studies on enterprise asset securitization. And domestic research focused largely on the securitization of credit assets, less for Enterprise Asset Securitization. So this paper focusing on enterprise asset securitization has its practical and theoretical significance.In this paper, we adopt comparative analysis, case studies and empirical analysis methods to study Chinese enterprise asset securitization issues and provide policy recommendations to solve some of the problems of Chinese corporate assets encountered in practice.This paper reviews the current research, enterprise asset securitization basics, and then focuses on the three core issues:underlying assets, a special purpose vehicle (SPV) and credit enhancement. Then through the case study of "Happy Valley specific plan", this paper practical analyzes the mechanisms of securitization. Finally, through the empirical analysis, we study the influence of securitization on the company’s stock performance.更多还原