本文選題：農(nóng)發(fā)行　切入點(diǎn)：信貸資產(chǎn)證券化　出處：《長(zhǎng)沙理工大學(xué)》2013年碩士論文

【摘要】：農(nóng)發(fā)行作為我國(guó)唯一的農(nóng)業(yè)性政策銀行，是金融系統(tǒng)的重要組成部分。其信貸資產(chǎn)的優(yōu)劣狀況對(duì)于它的健康運(yùn)行具有決定性的作用。但當(dāng)前農(nóng)發(fā)行的信貸資產(chǎn)結(jié)構(gòu)存在諸多問(wèn)題，如資本充足率較低、不良資產(chǎn)比率過(guò)高、籌融資渠道單一以及中間業(yè)務(wù)收入低等，這些問(wèn)題都嚴(yán)重制約了信貸資產(chǎn)流動(dòng)性、安全性和效益性的提高，使農(nóng)發(fā)行面臨較大的風(fēng)險(xiǎn)。因此優(yōu)化其信貸資產(chǎn)結(jié)構(gòu)對(duì)于有效化解農(nóng)發(fā)行內(nèi)部體系風(fēng)險(xiǎn)，以及提高我國(guó)銀行業(yè)乃至整個(gè)金融業(yè)的國(guó)際競(jìng)爭(zhēng)力都具有舉足輕重的作用。 資產(chǎn)證券化正是優(yōu)化信貸資產(chǎn)結(jié)構(gòu)的重要途徑之一。但與發(fā)達(dá)市場(chǎng)經(jīng)濟(jì)國(guó)家以及亞洲新興市場(chǎng)國(guó)家相比，中國(guó)資產(chǎn)證券化的發(fā)展遠(yuǎn)遠(yuǎn)落后，尤其是對(duì)于農(nóng)業(yè)性金融機(jī)構(gòu)的證券化研究幾乎是空白，這與我國(guó)金融改革與創(chuàng)新的迫切要求和農(nóng)業(yè)的基礎(chǔ)性地位是不相符的，可以說(shuō)農(nóng)發(fā)行的證券化問(wèn)題沒(méi)有得到應(yīng)有的重視。次貸危機(jī)之后，信貸資產(chǎn)證券化重新開(kāi)啟并體現(xiàn)出新的特點(diǎn)，比如基礎(chǔ)資產(chǎn)的種類進(jìn)一步擴(kuò)大，將經(jīng)過(guò)清理合規(guī)的地方政府融資平臺(tái)公司貸款、涉農(nóng)貸款、中小企業(yè)貸款等均可被納入其中，使得農(nóng)發(fā)行初步具備了實(shí)施證券化的條件，也為研究農(nóng)發(fā)行證券化提供了合理的現(xiàn)實(shí)依據(jù)。 本文以湖南省分行為例，對(duì)農(nóng)發(fā)行信貸資產(chǎn)證券化的實(shí)現(xiàn)路徑和定價(jià)問(wèn)題進(jìn)行研究。首先闡述了資產(chǎn)證券化的基礎(chǔ)理論，并介紹了信貸資產(chǎn)證券化的參與主體、運(yùn)作流程及在我國(guó)的發(fā)展歷程。接著從農(nóng)發(fā)行資產(chǎn)負(fù)債結(jié)構(gòu)的現(xiàn)狀出發(fā)，分析實(shí)施證券化的必要性、可行性及優(yōu)勢(shì)，并總結(jié)了農(nóng)發(fā)行實(shí)施證券化所具備的內(nèi)外部條件。然后以農(nóng)發(fā)行湖南省分行為例，探討了適合湖南農(nóng)發(fā)行的資產(chǎn)池形式，并設(shè)計(jì)出相應(yīng)的交易結(jié)構(gòu)、定價(jià)方式。最后通過(guò)對(duì)農(nóng)發(fā)行信貸資產(chǎn)證券化進(jìn)行的理論分析并聯(lián)系實(shí)際操作流程，總結(jié)出證券化過(guò)程存在的問(wèn)題，有針對(duì)性地提出了政策改進(jìn)意見(jiàn)。 文章在研究過(guò)程中著力突出以下幾點(diǎn)：首先，通過(guò)分析農(nóng)發(fā)行的資產(chǎn)負(fù)債業(yè)務(wù)特點(diǎn)及政策環(huán)境，總結(jié)了農(nóng)發(fā)行實(shí)施證券化的自身?xiàng)l件和優(yōu)勢(shì)。其次，針對(duì)農(nóng)發(fā)行實(shí)施證券化的具體情況，，設(shè)定了選取基礎(chǔ)資產(chǎn)的限制條件，提出了建立農(nóng)發(fā)行全資子公司SPV、在權(quán)益級(jí)債券基礎(chǔ)上嵌入期權(quán)和為期權(quán)設(shè)立保險(xiǎn)合同兩方面對(duì)證券化產(chǎn)品進(jìn)行設(shè)計(jì)的設(shè)想，并對(duì)如何定價(jià)進(jìn)行了仿真分析。最后，針對(duì)當(dāng)前金融環(huán)境以及我國(guó)資產(chǎn)證券化研究現(xiàn)狀，從法律及監(jiān)管機(jī)制、市場(chǎng)體系、稅收政策等方面提出了改善農(nóng)發(fā)行實(shí)施證券化外部環(huán)境的政策建議。本文的研究，可以為農(nóng)發(fā)行實(shí)施證券化提供一定的理論指導(dǎo)，希望農(nóng)發(fā)行能通過(guò)資產(chǎn)證券化分散風(fēng)險(xiǎn)，尤其是中長(zhǎng)期信貸資金風(fēng)險(xiǎn)，進(jìn)一步調(diào)節(jié)資產(chǎn)負(fù)債結(jié)構(gòu)，從而更好的肩負(fù)起支持農(nóng)村農(nóng)業(yè)經(jīng)濟(jì)發(fā)展的使命。
[Abstract]:As the only agricultural policy bank in China, Agricultural Development Bank is an important part of the financial system.The quality of its credit assets for its healthy operation has a decisive role.However, there are many problems in the credit asset structure of Agricultural Development Bank, such as the low capital adequacy ratio, the high ratio of non-performing assets, the single financing channel and the low income of intermediary business. These problems have seriously restricted the liquidity of credit assets.Safety and efficiency of the improvement, so that the Agricultural Development Bank is facing a greater risk.Therefore, optimizing the structure of credit assets plays an important role in effectively defusing the risks of Agricultural Development Bank's internal system and improving the international competitiveness of China's banking industry and even the whole financial industry.Asset securitization is one of the important ways to optimize the structure of credit assets.However, compared with developed market economy countries and Asian emerging market countries, the development of asset securitization in China lags far behind, especially the research on securitization of agricultural financial institutions is almost blank.This is inconsistent with the urgent requirement of financial reform and innovation in China and the basic position of agriculture. It can be said that the securitization problem of Agricultural Development Bank has not received due attention.After the subprime mortgage crisis, the securitization of credit assets re-opened and reflected new features, such as the further expansion of the types of basic assets, loans from local government financing platform companies and agriculture-related loans that will be cleared up and complied with.The loan of small and medium-sized enterprises can be included, which makes Agricultural Development Bank have the condition to implement securitization, and it also provides a reasonable practical basis for studying the securitization of Agricultural Development Bank.This paper takes Hunan Branch as an example to study the realization path and pricing of Agricultural Development Bank credit asset securitization.Firstly, the basic theory of asset securitization is expounded, and the main body, operation process and development process of credit asset securitization are introduced.Then, the necessity, feasibility and advantages of securitization are analyzed, and the internal and external conditions of the securitization are summarized.Then taking Hunan Branch of Agricultural Development Bank as an example, the paper discusses the form of asset pool suitable for Hunan Agricultural Development Bank, and designs the corresponding trading structure and pricing method.Finally, through the theoretical analysis of the credit asset securitization of Agricultural Development Bank and the practical operation process, the problems in the process of securitization are summarized, and the suggestions for policy improvement are put forward.This paper emphasizes the following points in the course of research: firstly, by analyzing the characteristics and policy environment of the asset-liability business of the Agricultural Development Bank, the author summarizes the conditions and advantages of the securitization implemented by the Agricultural Development Bank.Secondly, in view of the concrete situation of Agricultural Development Bank implementing securitization, the restriction conditions of selecting basic assets are set up.This paper puts forward the idea of establishing SPV, a wholly owned subsidiary of Agricultural Development Bank, embedding options on the basis of equity grade bonds and setting up insurance contracts for options to design securitization products, and analyzes how to price the securitized products by simulation.Finally, in view of the current financial environment and the current research situation of asset securitization in China, the paper puts forward some policy suggestions to improve the external environment of agricultural development bank securitization from the aspects of law and supervision mechanism, market system, tax policy and so on.The research in this paper can provide some theoretical guidance for Agricultural Development Bank to implement securitization. It is hoped that Agricultural Development Bank can further adjust the structure of assets and liabilities through asset securitization, especially the risk of medium and long-term credit funds.In order to better shoulder the mission of supporting the development of rural agricultural economy.
【學(xué)位授予單位】：長(zhǎng)沙理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.31;F832.51

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