本文選題：結(jié)構(gòu)性融資　切入點(diǎn)：專項(xiàng)資產(chǎn)管理計(jì)劃　出處：《沈陽(yáng)大學(xué)》2012年碩士論文

【摘要】：資產(chǎn)證券化作為一種創(chuàng)新融資技術(shù),將缺乏流動(dòng)性但有未來(lái)可預(yù)測(cè)現(xiàn)金流的資產(chǎn)集合、建池,以資產(chǎn)池內(nèi)資產(chǎn)產(chǎn)生的現(xiàn)金流為支持,通過(guò)資產(chǎn)重組、風(fēng)險(xiǎn)隔離、信用增級(jí)等技術(shù)手段,在資本市場(chǎng)上發(fā)行資產(chǎn)支持證券的結(jié)構(gòu)性融資過(guò)程。將資產(chǎn)證券化這一金融創(chuàng)新工具運(yùn)用于我國(guó)的企業(yè)融資,能夠?yàn)榻鉀Q企業(yè)融資難題提供有益幫助,使之成為我國(guó)企業(yè)融資體系的補(bǔ)充和完善,促進(jìn)我國(guó)企業(yè)快速穩(wěn)定發(fā)展。 企業(yè)資產(chǎn)證券化的核心原理是基礎(chǔ)資產(chǎn)的現(xiàn)金流分析,其基本原理包括資產(chǎn)重組原理、風(fēng)險(xiǎn)隔離原理、信用增級(jí)原理。企業(yè)資產(chǎn)證券化業(yè)務(wù)作為一項(xiàng)復(fù)雜的金融工程,其參與主體包括原始權(quán)益人、特殊目的載體、承銷商、托管機(jī)構(gòu)、資信評(píng)級(jí)機(jī)構(gòu)、信用增級(jí)機(jī)構(gòu)、投資者、服務(wù)商和原始債務(wù)人。與傳統(tǒng)融資方式相比風(fēng),企業(yè)資產(chǎn)證券化融資的風(fēng)險(xiǎn)和收益基礎(chǔ)不同,對(duì)資本結(jié)構(gòu)影響不同,因此融資成本更低,融資效率更高。 本文結(jié)合“浦建收益”專項(xiàng)計(jì)劃的案例分析我國(guó)企業(yè)資產(chǎn)證券化的發(fā)展現(xiàn)狀,并指出了我國(guó)企業(yè)資產(chǎn)證券化發(fā)展中存在的問(wèn)題,在此基礎(chǔ)上提出重啟我國(guó)企業(yè)資產(chǎn)證券化融資的政策建議,包括：加大對(duì)跨境資產(chǎn)證券化的支持力度；完善資產(chǎn)證券化的相關(guān)法律法規(guī)；完善資產(chǎn)證券化的信用增級(jí)；規(guī)范資產(chǎn)證券化的信用評(píng)級(jí)；完善配套的會(huì)計(jì)和稅收制度；提高資產(chǎn)證券化產(chǎn)品的流動(dòng)性；加強(qiáng)資產(chǎn)證券化人才的培養(yǎng)和技術(shù)的引進(jìn)。 資產(chǎn)證券化作為企業(yè)一項(xiàng)重要的融資工具,有待于盡快配以相應(yīng)的市場(chǎng)環(huán)境和制度環(huán)境,而我國(guó)在這兩方而都還不夠成熟和完善,應(yīng)該盡快健全和完善資產(chǎn)證券化的市場(chǎng)和制度環(huán)境,從而推動(dòng)我國(guó)企業(yè)資產(chǎn)證券化盡快重啟。隨著我國(guó)市場(chǎng)環(huán)境、法律環(huán)境、投資環(huán)境的日臻成熟,企業(yè)核心經(jīng)營(yíng)能力的不斷提高,資產(chǎn)證券化應(yīng)用于企業(yè)融資將具有極為廣闊的發(fā)展前景。
[Abstract]:Asset securitization, as a kind of innovative financing technology, sets up assets that are short of liquidity but have future predictable cash flow. The pool is supported by the cash flow generated by assets in the asset pool, and the risk is isolated through asset reorganization. Credit upgrading and other technical means, such as issuing asset-backed securities in the capital market, can provide useful help for solving the problem of corporate financing by applying asset securitization, a financial innovation tool, to the financing of enterprises in China. Make it become the supplement and perfect of our country's enterprise financing system, promote our country enterprise to develop rapidly and stably. The core principle of enterprise asset securitization is the cash flow analysis of basic assets. Its basic principles include the principle of asset reorganization, the principle of risk isolation, the principle of credit enhancement, the business of enterprise asset securitization as a complex financial project, Its participants include original rights holders, special purpose carriers, underwriters, custodians, credit rating agencies, credit enhancement agencies, investors, service providers and original debtors. The risk and income basis of enterprise asset securitization is different, which has different influence on the capital structure, so the financing cost is lower and the financing efficiency is higher. This paper analyzes the present situation of enterprise asset securitization in China, and points out the existing problems in the development of enterprise asset securitization. On this basis, the paper puts forward some policy suggestions for restarting the financing of asset securitization in China, including: strengthening the support for cross-border asset securitization; perfecting the relevant laws and regulations of asset securitization; improving the credit rating of asset securitization; To standardize the credit rating of asset securitization; to perfect the supporting accounting and taxation system; to improve the fluidity of asset securitization products; to strengthen the training of asset securitization talents and the introduction of technology. As an important financing tool for enterprises, asset securitization needs to be matched with corresponding market environment and institutional environment as soon as possible. We should improve and perfect the market and institutional environment of asset securitization as soon as possible, so as to promote the asset securitization of enterprises in our country to restart as soon as possible. With the improvement of enterprise's core management ability, asset securitization will have a very broad development prospect in enterprise financing.
【學(xué)位授予單位】：沈陽(yáng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51

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