【摘要】：根據(jù)統(tǒng)計(jì)數(shù)據(jù)，全國1042萬戶中小企業(yè)貢獻(xiàn)了近60%的工業(yè)產(chǎn)值和80%的就業(yè)崗位，中小企業(yè)對我國經(jīng)濟(jì)又快又好發(fā)展和社會長期穩(wěn)定繁榮做出了巨大貢獻(xiàn)。為了繼續(xù)促進(jìn)中小企業(yè)健康發(fā)展，必須建立專業(yè)高效的中小企業(yè)融資平臺。而作為中小企業(yè)外源融資90%以上資金來源的商業(yè)銀行，卻因?yàn)閷χ行∑髽I(yè)的惜貸行為阻礙了中小企業(yè)的發(fā)展。通過實(shí)施中小企業(yè)貸款證券化的方法緩解銀行惜貸行為是本文研究的中心問題。 中小企業(yè)本身的財務(wù)制度不透明，造成了銀企之間的信息不對稱，再結(jié)合中小企業(yè)經(jīng)營風(fēng)險較高的特點(diǎn)，導(dǎo)致銀行發(fā)生惜貸行為，表現(xiàn)為融資市場的信貸配給。要解決銀行惜貸問題，就要幫助銀行化解中小企業(yè)較高的信貸風(fēng)險帶來的困擾。而通過運(yùn)用資產(chǎn)證券化原理將多筆中小企業(yè)貸款組成資產(chǎn)池發(fā)行資產(chǎn)支持證券，可以將銀行貸款的風(fēng)險轉(zhuǎn)移給證券投資者。同時，通過真實(shí)出售、信用增級等手段，，可以增加銀行的資本收益率，降低資本管制稅，提高資產(chǎn)流動性。因此提高了銀行對中小企業(yè)貸款的積極性。 本文從論證中小企業(yè)貸款證券化的必要性和可行性入手，比較了在國外已經(jīng)開始實(shí)踐的兩類證券化方案。最后，分析了浙元一期中小企業(yè)貸款證券化的案例，得到在中國現(xiàn)階段適合實(shí)施現(xiàn)金流型CDO模式的結(jié)論。
[Abstract]:According to the statistics, 10.42 million small and medium-sized enterprises in China contributed nearly 60% of the industrial output value and 80% of the jobs. The small and medium-sized enterprises have made great contributions to the rapid and good development of our economy and the long-term stability and prosperity of our society. In order to continue to promote the healthy development of SMEs, we must establish a professional and efficient financing platform for SMEs. However, commercial banks, which are the source of 90% or more of external financing for SMEs, hinder the development of SMEs because of their reluctance to lend. It is the central problem of this paper to alleviate the behavior of bank loan-sparing through the implementation of loan securitization of small and medium-sized enterprises. The financial system of small and medium-sized enterprises is not transparent, which results in asymmetric information between banks and enterprises. Combined with the characteristics of high risk of small and medium-sized enterprises, banks are reluctant to lend, which is represented by credit rationing in the financing market. In order to solve the problem of bank lending, it is necessary to help the bank solve the problem caused by the high credit risk of small and medium-sized enterprises. The risk of bank loans can be transferred to securities investors by using the principle of asset securitization to form asset pools of small and medium-sized enterprises to issue asset-backed securities. At the same time, by means of real sale and credit enhancement, banks can increase the return on capital, reduce the tax on capital control, and improve the liquidity of assets. As a result, banks to improve the enthusiasm of small and medium-sized loans. This paper discusses the necessity and feasibility of loan securitization of small and medium-sized enterprises, and compares two kinds of securitization schemes that have been put into practice in foreign countries. Finally, the paper analyzes the case of Zhejiang Yuan first term loan securitization of small and medium-sized enterprises, and draws the conclusion that cashflow CDO model is suitable to be implemented in China at the present stage.
【學(xué)位授予單位】：東北師范大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.4;F276.3

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 安燁;信貸資產(chǎn)證券化在中國的資產(chǎn)選擇及制度障礙[J];財經(jīng)問題研究;2001年04期

2 汪利娜;抵押貸款證券化在美國的興起與發(fā)展[J];財貿(mào)經(jīng)濟(jì);2000年06期

3 何德旭;銀行不良資產(chǎn)證券化:若干判斷與分析[J];財貿(mào)經(jīng)濟(jì);2000年08期

4 衛(wèi)紅;;中小企業(yè)直接融資問題研究[J];產(chǎn)權(quán)導(dǎo)刊;2011年03期

5 張明;;透視CDO:類型、構(gòu)造、評級與市場[J];國際金融研究;2008年06期

6 秦建文;黃嘉;;后金融危機(jī)時期我國商業(yè)銀行資產(chǎn)證券化發(fā)展研究[J];廣西大學(xué)學(xué)報(哲學(xué)社會科學(xué)版);2011年02期

7 葛勇;;銀行信貸資產(chǎn)證券化競爭力的實(shí)證分析[J];海南金融;2009年03期

8 郝平,黃飛;信貸資產(chǎn)證券化的結(jié)構(gòu)與風(fēng)險[J];經(jīng)濟(jì)論壇;2001年10期

9 張振高,何德旭;論中國資產(chǎn)證券化的現(xiàn)實(shí)選擇[J];經(jīng)濟(jì)評論;2001年06期

10 王霄,張捷;銀行信貸配給與中小企業(yè)貸款——一個內(nèi)生化抵押品和企業(yè)規(guī)模的理論模型[J];經(jīng)濟(jì)研究;2003年07期

相關(guān)碩士學(xué)位論文 前2條

1 郭春靜;我國商業(yè)銀行中小企業(yè)貸款證券化研究[D];中國海洋大學(xué);2008年

2 陳科;我國中小企業(yè)貸款證券化研究[D];西南財經(jīng)大學(xué);2009年

本文編號：2202857