發(fā)布時(shí)間：2018-03-21 20:32

  本文選題：資產(chǎn)證券化　切入點(diǎn)：金融創(chuàng)新　出處：《西南財(cái)經(jīng)大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：20世紀(jì)60、70年代,美國(guó)經(jīng)濟(jì)出現(xiàn)滯漲局面,美聯(lián)儲(chǔ)推行了利率市場(chǎng)化改革,信貸機(jī)構(gòu)的利率風(fēng)險(xiǎn)、流動(dòng)性風(fēng)險(xiǎn)等金融風(fēng)險(xiǎn)日益凸顯。為適應(yīng)金融市場(chǎng)的這一變化,資產(chǎn)證券化在政府的推動(dòng)下發(fā)展起來(lái)。資產(chǎn)證券化是將流動(dòng)性差的,但是具有可預(yù)期的未來(lái)收益的資產(chǎn)打包重組為可以銷售的證券,賣給投資者而迅速回籠資金的一項(xiàng)金融創(chuàng)新工具,它的產(chǎn)生和發(fā)展也得益于信息技術(shù)的革命性發(fā)展。資產(chǎn)證券化在當(dāng)時(shí)有效地解決了儲(chǔ)蓄機(jī)構(gòu)因發(fā)放大量長(zhǎng)期貸款而造成的嚴(yán)重期限錯(cuò)配問(wèn)題,盤活了資產(chǎn),增強(qiáng)了儲(chǔ)蓄機(jī)構(gòu)資金流動(dòng)性。以此為契機(jī),資產(chǎn)證券化被日益廣泛地應(yīng)用到其他不同領(lǐng)域,并被其他國(guó)家借鑒使用。作為一項(xiàng)金融創(chuàng)新工具,資產(chǎn)證券化同時(shí)也給金融系統(tǒng)帶來(lái)了新的風(fēng)險(xiǎn),資產(chǎn)證券化的過(guò)度使用和過(guò)度創(chuàng)新被認(rèn)為是造成次貸危機(jī)的重要原因之一。美國(guó)次貸危機(jī)給全球經(jīng)濟(jì)帶來(lái)深重災(zāi)難,但是資產(chǎn)證券化并沒(méi)有因此而消亡,美國(guó)監(jiān)管機(jī)構(gòu)在如何監(jiān)管這項(xiàng)業(yè)務(wù)上進(jìn)行了一系列改革,以規(guī)范和引導(dǎo)資產(chǎn)證券化的良性發(fā)展。 我國(guó)在2005年開(kāi)始試點(diǎn)資產(chǎn)證券化,在次貸危機(jī)的影響下08年后暫停試點(diǎn)。隨著網(wǎng)絡(luò)金融的創(chuàng)新發(fā)展和經(jīng)濟(jì)發(fā)展的客觀需要,我國(guó)也在不斷推動(dòng)利率市場(chǎng)化,銀行系統(tǒng)的流動(dòng)性風(fēng)險(xiǎn)、期限錯(cuò)配風(fēng)險(xiǎn)也日益嚴(yán)重,中小企業(yè)的融資難問(wèn)題以及我國(guó)在推進(jìn)城市化進(jìn)程中所面臨的巨大資金缺口,金融系統(tǒng)面臨更為嚴(yán)格的資本約束都需通過(guò)資產(chǎn)證券化途徑,盤活資產(chǎn)增加流動(dòng)性。在2012年我國(guó)重啟資產(chǎn)證券化試點(diǎn),2013年加快了試點(diǎn)節(jié)奏,擴(kuò)大試點(diǎn)規(guī)模3000億元。2014年證監(jiān)會(huì)表示將全面推動(dòng)資產(chǎn)證券化深入發(fā)展,大力發(fā)展應(yīng)收賬款證券化等企業(yè)資產(chǎn)證券化業(yè)務(wù),借鑒成熟市場(chǎng),加強(qiáng)立法研究和立法建議。從我國(guó)開(kāi)始的試點(diǎn)來(lái)看,政府部門始終保持審慎的態(tài)度,注重對(duì)風(fēng)險(xiǎn)的防范。截止2013年底,我國(guó)發(fā)行證券化產(chǎn)品約為1408億元,信貸支持產(chǎn)品占比為72.88%,其中基礎(chǔ)資產(chǎn)主要是優(yōu)質(zhì)貸款；證券類產(chǎn)品占比為27.12%,其基礎(chǔ)資產(chǎn)主要是國(guó)資企業(yè)類資產(chǎn)。在擴(kuò)大的試點(diǎn)規(guī)模中,國(guó)開(kāi)行獲得1000億元的配額,其主要也是滿足國(guó)有企業(yè)的資產(chǎn)證券化需求。與美國(guó)資產(chǎn)證券化的發(fā)展相比,我國(guó)的資產(chǎn)證券化發(fā)展處于初步發(fā)展的階段,因此,研究美國(guó)資產(chǎn)證券化,從中汲取經(jīng)驗(yàn)和教訓(xùn),結(jié)合我國(guó)資產(chǎn)證券化發(fā)展的現(xiàn)狀,為更好地發(fā)展我國(guó)資產(chǎn)證券化提供經(jīng)驗(yàn)與借鑒具有重要的現(xiàn)實(shí)意義。 本文主要是從金融監(jiān)管和金融創(chuàng)新的視角研究美國(guó)的資產(chǎn)證券化,分析在其發(fā)展的過(guò)程中與金融監(jiān)管之間的相互聯(lián)系和影響。 本文運(yùn)用歷史分析與現(xiàn)實(shí)分析相結(jié)合的方法,定量分析與定性分析相結(jié)合的方法,以資產(chǎn)證券化的相關(guān)理論為依托,首先以歷史為主線,從金融創(chuàng)新和金融監(jiān)管的視角,研究美國(guó)資產(chǎn)證券化的發(fā)展歷程,并論述了資產(chǎn)證券化帶來(lái)的影響、潛在的風(fēng)險(xiǎn)以及給金融監(jiān)管帶來(lái)的風(fēng)險(xiǎn),在分析資產(chǎn)證券化的積極影響時(shí)先給出定性的分析,再結(jié)合具體數(shù)據(jù),借助EViews對(duì)證券化的積極影響進(jìn)行實(shí)證檢驗(yàn)；其次是以次貸危機(jī)為案例分析了次貸危機(jī)的發(fā)展過(guò)程以及危機(jī)過(guò)后的監(jiān)管改革；最后結(jié)合我國(guó)目前資產(chǎn)證券化發(fā)展的現(xiàn)狀及存在的問(wèn)題,試圖從美國(guó)證券化發(fā)展歷程中獲得有益的啟示。全文分為六章,具體結(jié)構(gòu)如下： 第一章為緒論,闡述了本文的選題背景和意義、梳理了資產(chǎn)證券化相關(guān)研究現(xiàn)狀,闡述了本文的結(jié)構(gòu)以及本文的創(chuàng)新和不足。 第二章為相關(guān)理論概述。首先闡述了資產(chǎn)證券化的概念、一般運(yùn)作流程以及資產(chǎn)證券化的現(xiàn)金流原理,它是證券化的基礎(chǔ)。資產(chǎn)重組機(jī)制、風(fēng)險(xiǎn)隔離機(jī)制和信用增級(jí)機(jī)制。其次歸納了金融創(chuàng)新和金融監(jiān)管的概念,歸納了金融創(chuàng)新的動(dòng)因理論和金融監(jiān)管基礎(chǔ)理論。最后分析金融創(chuàng)新與金融監(jiān)管的相互影響,得出金融創(chuàng)新與金融監(jiān)管對(duì)立統(tǒng)一的關(guān)系。 第三章回顧了美國(guó)資產(chǎn)證券化的發(fā)展歷程。從金融創(chuàng)新和金融監(jiān)管的角度,結(jié)合當(dāng)時(shí)具體的經(jīng)濟(jì)環(huán)境等各個(gè)方面的因素分析,我們發(fā)現(xiàn)在美國(guó)資產(chǎn)證券化發(fā)展過(guò)程中,金融監(jiān)管能夠有效的引導(dǎo)和規(guī)范資產(chǎn)證券化的發(fā)展,證券化的發(fā)展也促進(jìn)了金融監(jiān)管的不斷完善。但本文也說(shuō)明金融監(jiān)管不是資產(chǎn)證券化產(chǎn)生和發(fā)展的唯一原因,而是多種因素綜合的結(jié)果。 第四章分析了資產(chǎn)證券化的影響。作為一項(xiàng)金融創(chuàng)新,資產(chǎn)證券化為金融領(lǐng)域注入了活力,但同時(shí)也伴隨著風(fēng)險(xiǎn)。本章從資產(chǎn)證券化的利弊兩方面進(jìn)行了論述,分析其積極的影響和消極影響,在分析積極影響部分時(shí),先結(jié)合資產(chǎn)證券化的相關(guān)理論,定性地分析了資產(chǎn)證券化為金融領(lǐng)域帶來(lái)的革新變化,再利用單位根檢驗(yàn)、協(xié)整檢驗(yàn)、線性回歸模型等計(jì)量分析方法對(duì)美國(guó)商業(yè)銀行具體數(shù)據(jù)進(jìn)行檢驗(yàn),實(shí)證表明資產(chǎn)證券化對(duì)于提高商業(yè)銀行的流動(dòng)性具有顯著作用；其次分析了資產(chǎn)證券化在沒(méi)有適當(dāng)金融監(jiān)管下對(duì)金融系統(tǒng)造成的潛在風(fēng)險(xiǎn),主要是造成系統(tǒng)性風(fēng)險(xiǎn)的可能,最后分析了資產(chǎn)證券化對(duì)金融監(jiān)管本身造成的風(fēng)險(xiǎn)。 第五章是在第四章分析的基礎(chǔ)上研究了次貸危機(jī)的發(fā)生以及危機(jī)后的金融監(jiān)管改革。資產(chǎn)證券化的過(guò)度使用和過(guò)度創(chuàng)新是次貸危機(jī)發(fā)生的重要原因,監(jiān)管的缺失誘發(fā)了各方的道德風(fēng)險(xiǎn),最終形成系統(tǒng)性風(fēng)險(xiǎn)。本章最后一部分梳理了次貸危機(jī)后美國(guó)一系列的監(jiān)管改革,為最后一章發(fā)展我國(guó)資產(chǎn)證券化,提出參考意見(jiàn)做出鋪墊。 第六章主要是講述美國(guó)資產(chǎn)證券化對(duì)我國(guó)的啟示。首先分析了我國(guó)資產(chǎn)證券化的現(xiàn)狀,具體有目前的規(guī)模和產(chǎn)品結(jié)構(gòu)特征,其次分析了我國(guó)目前發(fā)展資產(chǎn)證券化過(guò)程中的相關(guān)問(wèn)題,最后結(jié)合美國(guó)資產(chǎn)證券化的發(fā)展歷程,特別是次貸危機(jī)后的監(jiān)管改革,提出了對(duì)我國(guó)發(fā)展資產(chǎn)證券化的參考建議。
[Abstract]:In twentieth Century 60,70, the United States economic stagflation situation, the Fed implemented market-oriented interest rate reform, the credit mechanism of interest rate risk, liquidity risk, financial risk has become increasingly prominent. In order to adapt to the change of the financial market, Asset Securitization under the impetus of the government. The development of Asset Securitization is the poor liquidity however, with the expected future earnings assets reorganization can sell securities, a financial innovation tool sold to investors and the rapid return of funds, the emergence and development of information technology has also benefited from the revolutionary development. At the time of asset securitization can effectively solve the serious maturity mismatch problem by making savings institutions a large number of long-term loans caused, revitalize the assets, enhance the savings institutions liquidity. With this opportunity, asset securitization is widely applied to different fields, and Other countries use. As a tool of financial innovation, brings new risks of asset securitization also to the financial system, and the excessive use of excessive asset securitization is considered to be one of the important causes of the subprime mortgage crisis. The U.S. subprime mortgage crisis to the global economy brought grave disaster, but asset securitization is not so and die, US regulators conducted a series of reforms on how to regulate the business, to standardize and guide the benign development of asset securitization.
China began to pilot asset securitization in 2005, under the influence of the sub-prime crisis in 08 years suspended pilot. With the needs of network financial innovation and economic development, China is also constantly promote the marketization of interest rate, liquidity risk in the banking system, the maturity mismatch risk is becoming more and more serious, and the problem of our country facing the city in advance in the process of huge funding gap to the financing of small and medium enterprises, the financial system is facing more stringent capital constraints are required by the way of asset securitization, make an inventory of assets to increase liquidity. In 2012 the resumption of China's asset securitization pilot, the pilot in 2013 to accelerate the pace of expansion of the pilot scale, 300 billion yuan.2014 the Commission said it will comprehensively promote asset securitization development, vigorously develop the corporate accounts receivable securitization asset securitization business, learn from the mature market, strengthen the legislative research and legislative suggestions. Discussion. From the beginning of the pilot's point of view, the government has always maintained a cautious attitude, paying attention to the prevention of the risks. By the end of 2013, China's issuance of securitized products is about 140 billion 800 million yuan, credit products accounted for 72.88%, which is the basis of quality assets are mainly loans; securities products accounted for 27.12%, the the basic assets are mainly state-owned enterprise assets. In the pilot scale, CDB 100 billion yuan quota, the main asset securitization is to meet the needs of state-owned enterprises. Compared with the development of asset securitization in the United States, the development of asset securitization in our country is still at the preliminary stage of development, therefore, the study of asset securitization and learn from the experience and lessons learned, combined with the status quo of the development of asset securitization in our country, for the better development of China's asset securitization to provide experience and reference has important practical significance.
This paper studies asset securitization in the United States from the perspective of financial regulation and financial innovation, and analyzes the relationship and influence between financial regulation and its development process.
This paper uses the method of combining historical analysis and realistic analysis, quantitative analysis and qualitative analysis, based on the related theory of Asset Securitization Based on the first in history, from the perspective of financial innovation and financial supervision of asset securitization in the United States, development process, and discusses the impact of asset securitization the potential risks and risks to financial supervision, in the positive impact of asset securitization, the analysis is first given qualitative, combined with the specific data, with the help of EViews positive impact on Securitization empirical test; the second is taking the case of the subprime crisis after the development process of the subprime mortgage crisis and the crisis finally, in connection with the current regulatory reform; asset securitization development in China and the existing problems, trying to obtain beneficial enlightenment from the development of the American securitization. This paper is divided For the six chapter, the concrete structure is as follows:
The first chapter is the introduction, which describes the background and significance of this paper, combs the related research status of asset securitization, and expounds the structure of this paper, as well as the innovation and deficiency of this paper.
The second chapter is an overview of the relevant theory. First elaborated the concept of asset securitization, general operation flow and asset securitization cash flow principle, which is the foundation of securitization. Asset restructuring mechanism, risk isolation mechanism and credit enhancement mechanism. Secondly summarized the concept of financial innovation and financial supervision, summarizes the theory of motivation theory the basis of financial innovation and financial supervision. Finally, the analysis of interaction between financial innovation and financial supervision and the relationship between the unity of opposites of financial innovation and financial supervision.
The third chapter reviews the development of asset securitization in the United States. From the perspective of financial innovation and financial supervision, combining the factors of the specific economic environment and other aspects of the analysis, we found that in the United States the development of asset securitization in the process of financial supervision can effectively guide and regulate the development of asset securitization, securitization of development to promote the perfection of financial supervision. But this paper also shows that the financial supervision is not only cause the emergence and development of asset securitization, but various factors result.
The fourth chapter analyzes the influence of asset securitization as a financial innovation, asset securitization for the financial sector has injected vitality, but also accompanied by risks. This chapter from the two aspects of the pros and cons of asset securitization are discussed, analyzed the positive and negative effects, positive effects in the analysis. First, combined with the theory of asset securitization, qualitative analysis of asset securitization innovation changes in financial field, and then use the unit root test, cointegration analysis, linear regression model and other measurement methods to test the commercial bank specific data, empirical evidence shows that asset securitization has a significant effect to improve the liquidity of commercial banks the analysis of asset securitization; secondly, the potential risk caused in the absence of adequate financial supervision under the financial system, is mainly caused by systemic risk, the final analysis of the assets card Voucher's risks to financial regulation itself.
The fifth chapter is based on the fourth chapter of the sub-prime crisis and post crisis financial regulatory reform. And the excessive use of excessive asset securitization is an important cause of the subprime crisis, the absence of supervision of the moral hazard of all parties, and ultimately the formation of systemic risk. A series of the US regulatory reform last part of the chapter reviews after the subprime crisis, for the last chapter of the development of asset securitization in our country, put forward suggestions to make bedding.
The sixth chapter is mainly about the asset securitization enlightenment. Firstly analyzed the status quo of China's asset securitization, specifically the current scale and product structure characteristics, followed by analysis of the related problems in the process of asset securitization, the current development of our country, and finally combined with the development of asset securitization in the United States, especially after the subprime mortgage crisis regulatory reform, put forward the development of China's asset securitization proposals.

【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F837.12;F832.51

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