资产证券化理论及其在我国的应用分析

【作者】 邢乃歌；

【导师】 王志强；

【作者基本信息】 东北财经大学 ， 金融学， 2005， 硕士

【摘要】 资产证券化是近30多年来世界金融领域发展最迅速的金融创新工具,目前已成为国际资本市场上广为流行的融资方式。资产证券化将资产中的风险和收益通过结构性分离与重组,使其转化为可在金融市场出售和流通的证券,并据以融资。国际运作经验表明,资产证券化能极大地促进银行业、证券市场和房地产行业的健康发展。为适应国际金融证券化的趋势和发展我国的证券市场,需要借鉴和运用资产证券化这一金融创新工具,建立适合我国特点的资产证券化运行体制。本文在系统分析了资产证券化理论和运作的基础上,探讨了如何实现我国银行资产证券化及所需的市场环境。本文共分五部分。第一部分介绍资产证券化的内涵,分析了资产证券化的产生背景及其发展情况。第二部分介绍了资产证券化涉及的参与者、具体运作程序,其中对真实出售、破产隔离和信用增级几个资产证券化的关键环节作了重点分析。第三部分探讨了资产证券化的动因,对几种主要的理论作了深入的介绍和分析。第四部分是风险分析,该部分围绕资产证券化过程,探讨了资产证券化中可能蕴藏的巨大潜在风险,并且以安然破产为例,具体分析了安然公司利用资产证券化交易操纵会计报表的手段和方法,指出安然公司的交易与真实、合法的资产证券化交易的区别,在此基础上,针对处于起步阶段的我国的资产证券化,提出了自己的一些看法和认识,希望有助于我国资产证券化的健康发展。第五部分对我国银行开展住房抵押贷款证券化作了讨论,对具体运作流程进行了设计,并对相关的环境进行了分析,提出了意见和建议。更多还原

【Abstract】 Asset securitization is the most important and the fastest-developing financial innovation tool in the world financial sector for the last three decades. It has become a widely accepted way of financing in the international capital market. International operational experience has shown that asset securitization can gave great impetus to the development of commercial banks, securities markets and real estate industry.In order to adapt to the trends of international financial securitization and the requirement of developing china’s own financial and securities market, we should take reference to and apply the financial innovation tool, and establish an operational mechanism that suits Chinese characteristics. Based on a systematic analysis of the operational mechanism of asset securitization, this paper focuses on the theory of asset securitization and explores how to use it in china’s banking sector and secure an operational environment required.This paper is composed of five parts. Part one makes a clear definition of asset securitization and looks into its background and recent development in the world. Part two introduces the partners and the operating procedures involved in asset securitization, and thoroughly analyses the key procedures including real sale, bankruptcy remote, credit enhancement and credit rating.Part three and part four make up of the key part of this paper. Part three discusses the reasons and incentives for securitization, and introduces and analyses several important theories. Part four is about risks analysis. This part investigates the huge potential risks in asset securitization by focusing on the securitization procedure, and analyzes the methods of manipulative accounting statements through securitization transactions by using case study on Enron bankruptcy. The evidence shows that there are several fundamental differences between Enron’s transactions and the true, legitimate securitization. On the basis of examinations, we also put forward some views and perspectives, hoping to attribute to the healthy development of securitization in our country.Part five elaborates on the operational thinking that mortgage-bakedsecuritization can be implemented by Chinese banks. This part also proposes operating framework and procedures, analyses conditions and environment, and puts out suggestions.更多还原