本文選題：企業(yè)資產(chǎn)證券化 + 高速公路行業(yè)��； 參考：《東北財經(jīng)大學(xué)》2012年碩士論文

【摘要】：高速公路的建設(shè)情況能夠體現(xiàn)一個國家和地區(qū)的交通發(fā)達(dá)程度,作為推動社會經(jīng)濟(jì)快速發(fā)展的“加速器”,高速公路的發(fā)展程度也可以反映出這個國家和地區(qū)經(jīng)濟(jì)發(fā)展的整體水平。根據(jù)交通部發(fā)布的十二五規(guī)劃,高速公路十二五期間新增通車?yán)锍?.4萬公里,每年需要投入至少2000億的資金。高速公路網(wǎng)尚需大規(guī)模建設(shè)。同時根據(jù)發(fā)達(dá)國家經(jīng)驗(yàn),高速公路一般都是20-30年的集中建設(shè)期,我國高速公路從2000年開始開展大規(guī)模建設(shè),未來10年仍將是集中建設(shè)期。根據(jù)中金公司的數(shù)據(jù)統(tǒng)計,從整體公路投資的資金到位情況來看,資金到位情況從2001年的95.4%下降至2010年的88.5%。據(jù)有關(guān)媒體報道,2011年該比率進(jìn)一步下降至70%,資金緊張已經(jīng)成為制約高速公路建設(shè)的瓶頸。依靠傳統(tǒng)的融資方式(如財政支持、銀行貸款、交通規(guī)費(fèi)等)很難實(shí)現(xiàn)十二五的建設(shè)目標(biāo)。因此,開拓高速公路建設(shè)多元化融資渠道是當(dāng)務(wù)之急。 企業(yè)資產(chǎn)證券化是指非金融類的實(shí)體企業(yè)分離其擁有的流動性差但能產(chǎn)生預(yù)期穩(wěn)定現(xiàn)金流收益的基礎(chǔ)資產(chǎn),轉(zhuǎn)讓給SPV(特殊目的機(jī)構(gòu)),SPV通過一定的結(jié)構(gòu)設(shè)計,設(shè)立專項(xiàng)客戶資產(chǎn)管理計劃,將融資企業(yè)與基礎(chǔ)資產(chǎn)實(shí)現(xiàn)風(fēng)險和收益的隔離,利用基礎(chǔ)資產(chǎn)設(shè)計資產(chǎn)支持證券,經(jīng)過信用增級和信用評級達(dá)到理想的信用等級后,委托證券公司在證券市場上發(fā)行受益憑證,以發(fā)行證券取得的收入向?qū)嶓w企業(yè)償還購買基礎(chǔ)資產(chǎn)的資金。實(shí)體企業(yè)一方面得到融資款,另一方面需要定期支付受益憑證的本息。從我國已經(jīng)試點(diǎn)的資產(chǎn)證券化實(shí)例來看,目前資產(chǎn)證券化市場分為兩大體系,分別采用了兩個結(jié)構(gòu)：一個是在人民銀行、銀監(jiān)會體系下,采用信托結(jié)構(gòu)的信貸資產(chǎn)證券化；一個是在證監(jiān)會體系下,以專項(xiàng)客戶資產(chǎn)管理計劃的形式所開展的企業(yè)資產(chǎn)證券化。本文所述的我國高速公路資產(chǎn)證券化屬于后者,由證券公司成立專項(xiàng)客戶資產(chǎn)管理計劃項(xiàng)目作為企業(yè)資產(chǎn)證券化的SPV。 企業(yè)資產(chǎn)證券化能有效利用目前充足的資本市場上的閑置資金及外資,并具有風(fēng)險小、融資成本低等優(yōu)點(diǎn)。將資產(chǎn)證券化這一金融創(chuàng)新手段在高速公路建設(shè)領(lǐng)域應(yīng)用和推廣,可以有效彌補(bǔ)我國高速公路建設(shè)項(xiàng)目資金短缺的問題,促進(jìn)我國高速公路事業(yè)的健康、可持續(xù)性發(fā)展等。雖然我國的資產(chǎn)證券化發(fā)展已經(jīng)取得了重大的突破,但是企業(yè)資產(chǎn)證券化實(shí)踐,尤其是在我國高速公路建設(shè)方面仍然面臨著相關(guān)法律不完善、資本市場不成熟等障礙。如果不能很好地解決這些困難和問題,我國的資產(chǎn)證券化實(shí)踐將仍處于徘徊和間續(xù)發(fā)展的狀態(tài)。本文重點(diǎn)借鑒資產(chǎn)證券化實(shí)施比較成熟的國家經(jīng)驗(yàn),結(jié)合我國當(dāng)前企業(yè)資產(chǎn)證券化在高速公路建設(shè)實(shí)施中諸多障礙,對我國企業(yè)資產(chǎn)證券化的法律制度和實(shí)施環(huán)境問題進(jìn)行深入分析,探討我國企業(yè)資產(chǎn)證券化創(chuàng)新中的法律制度問題、環(huán)境問題及投資主體等問題,以促進(jìn)我國企業(yè)資產(chǎn)證券化在高速公路項(xiàng)目融資方面,進(jìn)而在實(shí)體經(jīng)濟(jì)領(lǐng)域的試行和推廣。 本文主要采用理論分析和案例分析方法進(jìn)行論述。通過理論分析,總結(jié)資產(chǎn)證券化的基本原理以及在高速公路行業(yè)實(shí)施的可能性；通過實(shí)際案例的操作分析,總結(jié)我國高速公路行業(yè)實(shí)施資產(chǎn)證券化的障礙及對策。 本文嘗試將資產(chǎn)證券化這個新型的融資模式應(yīng)用于我國的高速公路建設(shè),重點(diǎn)分析實(shí)施過程中所遇到的制度和市場方面的障礙,并據(jù)以提出相應(yīng)的應(yīng)對策略。 本文共分六章,大致內(nèi)容如下： 第一章是緒論部分。主要介紹本文的研究背景、國內(nèi)外的研究現(xiàn)狀,簡要說明論文的研究內(nèi)容及創(chuàng)新和不足點(diǎn)。 第二章主要介紹資產(chǎn)證券化的相關(guān)理論。分析資產(chǎn)證券化的基本原理和特征,借鑒國外發(fā)達(dá)國家資產(chǎn)證券化的成熟經(jīng)驗(yàn),為我國高速公路建設(shè)引入資產(chǎn)證券化融資模式打下理論基礎(chǔ)。 第三章是資產(chǎn)證券化融資模式在我國高速公路建設(shè)中的應(yīng)用分析。主要分析我國的高速公路建設(shè)采用資產(chǎn)證券化進(jìn)行融資的可行性,然后總結(jié)出具體的操作模式。 第四章是我國高速公路建設(shè)實(shí)施資產(chǎn)證券化所面臨的主要障礙。通過前面幾章的理論分析與具體的操作模式設(shè)計,結(jié)合我國資產(chǎn)證券化的實(shí)施環(huán)境,總結(jié)出可能出現(xiàn)的幾個主要障礙。 第五章是根據(jù)第四章所總結(jié)的主要障礙而有針對性的提出應(yīng)對策略。 第六章是對全文的總結(jié)。
[Abstract]:The construction of the expressway can reflect the developed degree of traffic in a country and region. As a "accelerator" to promote the rapid development of the society and economy, the development degree of the highway can also reflect the overall level of economic development in this country and region. According to the 12th Five-Year plan of the Ministry of communications, the expressway is in 12th Five-Year. The new traffic mileage is 34 thousand kilometers, each year needs to invest at least 200 billion of the capital. The highway network still needs large-scale construction. At the same time, according to the experience of the developed countries, the expressway is generally the centralized construction period of 20-30 years. The highway in China began to carry out large-scale construction from 2000 and will still be a centralized construction period in the next 10 years. According to the central government The company's data statistics, from the overall road investment funds in place, the position of funds in place from 95.4% in 2001 to 2010 88.5%. according to the media reports, in 2011, the ratio further dropped to 70%, capital shortage has become a bottleneck restricting the construction of the highway. Loans, transportation fees, etc. are hard to achieve the goal of building in 12th Five-Year. Therefore, it is urgent to develop diversified financing channels for expressway construction.
Enterprise asset securitization means that non financial entity enterprises separate the basic assets that have poor liquidity but can produce expected stable cash flow income, transfer to SPV (special purpose institution), SPV through a certain structure design, set up special customer asset management plan, the financing enterprise and basic assets to realize the risk and income separation. After the use of basic assets to design asset support securities, after credit rating and credit rating to achieve an ideal credit rating, the securities companies issue the benefit vouchers in the securities market to repay the funds for the purchase of basic assets to the real enterprises by issuing the income obtained by the securities. It is necessary to pay the principal and interest of the benefit voucher regularly. From the example of the asset securitization that has been pilot in our country, the current asset securitization market is divided into two major systems, and two structures are adopted respectively: one is the credit asset securitization of the trust structure under the people's Bank and the CBRC system; and the other is a special guest under the SFC system. The enterprise asset securitization in the form of the household asset management plan. In this paper, China's highway asset securitization is the latter, and the securities company establishes a special customer asset management plan as the SPV. of the enterprise asset securitization.
The asset securitization of enterprises can effectively utilize the idle capital and foreign capital in the current sufficient capital market, and has the advantages of small risk and low cost of financing. The application and popularization of the financial innovation of asset securitization in the field of expressway construction can effectively make up for the shortage of funds for high speed highway construction projects of our country and promote me. The health, sustainability and so on. Although China has made a major breakthrough in the development of asset securitization, the practice of asset securitization, especially in the construction of the highway in China, still faces obstacles such as imperfect laws and immaturity of capital market. If we can not solve these problems well Difficulties and problems, the practice of asset securitization in China will still be in the state of lingering and continuing development. This article focuses on the implementation of the relatively mature national experience of asset securitization, combined with many obstacles in the implementation of the current enterprise asset securitization in the implementation of the highway construction, and the legal system and implementation environment for the securitization of Chinese enterprises. The problem is deeply analyzed and the problems of legal system, environmental problem and investment subject in the innovation of Chinese enterprise asset securitization are discussed in order to promote the securitization of Chinese enterprises in the financing of highway project, and then to try and popularize in the real economic field.
This paper mainly uses theoretical analysis and case analysis method to discuss. Through theoretical analysis, the basic principles of asset securitization and the possibility of implementing in the expressway industry are summarized. Through the operation analysis of actual cases, the obstacles and Countermeasures of the implementation of asset securitization in the highway industry in China are summarized.
This paper tries to apply the new financing model of asset securitization to the construction of the expressway in China, focusing on the institutional and market obstacles encountered in the implementation process, and the corresponding countermeasures are put forward.
This article is divided into six chapters, and the general contents are as follows:
The first chapter is the introduction. It mainly introduces the research background, the research status at home and abroad, and briefly explains the research contents, innovations and deficiencies of the paper.
The second chapter mainly introduces the related theories of asset securitization, analyzes the basic principles and characteristics of asset securitization, and draws on the mature experience of foreign developed countries' securitization, and lays a theoretical foundation for the introduction of asset securitization financing mode in China's expressway construction.
The third chapter is the application of asset securitization financing model in the construction of the highway in China. It mainly analyzes the feasibility of using asset securitization to finance the highway construction in our country, and then summarizes the specific operation mode.
The fourth chapter is the main obstacle facing the implementation of asset securitization in China's expressway construction. Through the theoretical analysis of the previous chapters and the specific operation mode design, combined with the implementation environment of China's asset securitization, some major obstacles that may appear are summed up.
The fifth chapter puts forward countermeasures according to the main obstacles summarized in the fourth chapter.
The sixth chapter is a summary of the full text.

【學(xué)位授予單位】：東北財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51

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