本文選題：信用卡 + 應(yīng)收賬款　； 參考：《復(fù)旦大學(xué)》2012年碩士論文

【摘要】：信用卡應(yīng)收賬款資產(chǎn)證券化在歐美目前已經(jīng)成為僅次于住房抵押貸款證券化的產(chǎn)品,但在我國(guó),有關(guān)信貸資產(chǎn)證券證券化的相關(guān)法規(guī)直至2005年才發(fā)布,此后,中國(guó)尚未來(lái)得及推出真正的信貸資產(chǎn)證券化產(chǎn)品,全球性的金融危機(jī)即告來(lái)襲。時(shí)至今日,金融危機(jī)雖然尚未走遠(yuǎn),國(guó)內(nèi)商業(yè)銀行信用卡業(yè)務(wù)卻迅速發(fā)展,大幅增加的信用卡發(fā)行量使得信用卡應(yīng)收賬款資產(chǎn)證券化變得逐漸迫切。 本文首先回顧了金融資產(chǎn)證券化和信用卡應(yīng)收賬款資產(chǎn)證券化的理論基礎(chǔ)、美國(guó)應(yīng)收賬款資產(chǎn)證券化的發(fā)展歷程和次貸危機(jī)遭受的影響；然后分析了國(guó)內(nèi)信用卡市場(chǎng)的現(xiàn)狀以及推行信用卡應(yīng)收賬款資產(chǎn)證券化的可行性；最后分析了發(fā)行信用卡應(yīng)收賬款資產(chǎn)證券化的架構(gòu),從發(fā)起機(jī)構(gòu)、資產(chǎn)池、特殊目的工具、發(fā)行收益憑證、現(xiàn)金流結(jié)構(gòu)、信用增強(qiáng)與信用評(píng)級(jí)、投資人等層面一一剖析；特別是針對(duì)證券產(chǎn)品的定價(jià),結(jié)合資本資產(chǎn)定價(jià)模型,提出了基于信用卡評(píng)分模型的CAPM模型風(fēng)險(xiǎn)因子貝塔值修正的定價(jià)方法。 本文采用比較研究法、定性和定量相結(jié)合、理論研究和實(shí)證研究相結(jié)合、統(tǒng)計(jì)學(xué)等方法來(lái)開(kāi)展信用卡應(yīng)收賬款資產(chǎn)證券化可行性分析,提出了具體實(shí)施的架構(gòu)和定價(jià)方法及相關(guān)建議。
[Abstract]:Asset securitization of credit card accounts receivable has become second only to mortgage securitization in Europe and America at present. However, in China, the relevant laws and regulations on securitization of credit assets were not issued until 2005, since then, China has not had time to launch real credit asset securitisation products, the global financial crisis has hit. Up to now, although the financial crisis has not gone far, the domestic commercial bank credit card business has developed rapidly, and the credit card issuance volume has greatly increased, which makes the securitization of credit card accounts receivable assets become more and more urgent. Firstly, this paper reviews the theoretical basis of financial asset securitization and credit card receivable asset securitization, the development course of American accounts receivable asset securitization and the influence of the subprime mortgage crisis. Then it analyzes the current situation of domestic credit card market and the feasibility of implementing asset securitization of credit card accounts receivable. Finally, it analyzes the structure of issuing credit card receivable asset securitization, from the initiating agency, asset pool, special purpose tool. Issue income certificate, cash flow structure, credit enhancement and credit rating, investors and so on; especially for the pricing of securities products, combined with the capital asset pricing model, This paper presents a pricing method based on credit card scoring model for risk factor Beta correction in CAPM model. This paper uses comparative research, qualitative and quantitative analysis, theoretical and empirical research, statistics and other methods to carry out credit card accounts receivable asset securitization feasibility analysis. Put forward the specific implementation of the framework and pricing methods and related recommendations.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類(lèi)號(hào)】：F830.42;F832.51

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相關(guān)期刊論文 前2條

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本文編號(hào)：1775652