本文關(guān)鍵詞：地方政府平臺(tái)貸款證券化模式研究　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

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【摘要】：2008年底,為應(yīng)對(duì)美國(guó)次貸危機(jī)給我國(guó)帶來(lái)的不利影響,國(guó)務(wù)院出臺(tái)了4萬(wàn)億經(jīng)濟(jì)刺激計(jì)劃,由此激起了地方政府巨大的投資沖動(dòng)。在此期間,我國(guó)地方平臺(tái)債務(wù)驟增,截至到2013年6月,全國(guó)地方政府平臺(tái)貸款余額40755.54億元,約占GDP的7%,這些貸款大多數(shù)來(lái)自于商業(yè)銀行貸款。大量的地方政府平臺(tái)貸款不僅影響我國(guó)經(jīng)濟(jì)持續(xù)穩(wěn)定發(fā)展,還可能危及我國(guó)金融體系的安全。而資產(chǎn)證券化對(duì)化解這些風(fēng)險(xiǎn)有著重要意義。對(duì)那些能在未來(lái)產(chǎn)生穩(wěn)定現(xiàn)金流的優(yōu)良資產(chǎn),商業(yè)銀行對(duì)這部分項(xiàng)目的貸款符合資產(chǎn)證券化對(duì)基礎(chǔ)資產(chǎn)的要求,通過(guò)將其資產(chǎn)證券化,能解決地方政府平臺(tái)融資渠道單一、風(fēng)險(xiǎn)不能分散的問(wèn)題,還能引導(dǎo)民間資本和社會(huì)資金投資到中長(zhǎng)期的基礎(chǔ)設(shè)施項(xiàng)目中,更大范圍的實(shí)現(xiàn)社會(huì)資源的優(yōu)化配置,進(jìn)一步繁榮我國(guó)金融市場(chǎng)。本文要探討的,正是地方政府平臺(tái)貸款證券化可能的模式選擇問(wèn)題。 首先,論文從我國(guó)地方政府平臺(tái)貸款的性質(zhì)和面臨的風(fēng)險(xiǎn)兩個(gè)方面作了詳細(xì)的分析,為論證地方政府平臺(tái)貸款證券化模式問(wèn)題奠定基礎(chǔ)。其中,討論了我國(guó)地方政府平臺(tái)貸款的必然性和必須性兩個(gè)性質(zhì),并從宏觀經(jīng)濟(jì)、地方政府、商業(yè)銀行三個(gè)角度分析了地方政府平臺(tái)貸款所面臨的風(fēng)險(xiǎn)。 其次,論文從地方政府、商業(yè)銀行、投資者、金融市場(chǎng)四個(gè)角度論證了將地方政府平臺(tái)進(jìn)行證券化的必要性。就證券化的可行性,論文分別從內(nèi)部基礎(chǔ)資產(chǎn)的適合性和外部金融環(huán)境的成熟性兩方面做了充分的論證。 再次,在對(duì)資產(chǎn)證券化兩種常用的模式進(jìn)行了分析和比較后,結(jié)合我國(guó)地方政府平臺(tái)貸款的特征,得出適合我國(guó)地方政府平臺(tái)貸款證券化的模式,即采用能夠使基礎(chǔ)資產(chǎn)實(shí)現(xiàn)“真實(shí)出售”的現(xiàn)金模式。 然后,在操作層面上,就證券化的發(fā)起人、SPV模式、基礎(chǔ)資產(chǎn)、信用增級(jí)措施以及風(fēng)險(xiǎn)管理等問(wèn)題進(jìn)行了詳細(xì)的論證分析。其中,對(duì)發(fā)起人的選擇上,創(chuàng)新性的提出了根據(jù)所選擇的基礎(chǔ)資產(chǎn)為起點(diǎn),將這些基礎(chǔ)資產(chǎn)所涉及的數(shù)家商業(yè)銀行組成銀團(tuán)作為發(fā)起人的模式；對(duì)SPV的模式選擇,在分析了常見(jiàn)的3種SPV模式后,結(jié)合地方政府平臺(tái)貸款數(shù)量巨大等特點(diǎn),選擇了信托SPV的形式；面臨基礎(chǔ)資產(chǎn)的選擇時(shí),在分析了國(guó)內(nèi)外資產(chǎn)證券化基礎(chǔ)資產(chǎn)的選擇標(biāo)準(zhǔn)后,對(duì)地方政府平臺(tái)貸款進(jìn)行了分類討論,提出了適宜證券化的地方政府平臺(tái)貸款的基本原理、框架和標(biāo)準(zhǔn)；在信用增級(jí)措施方面,論述了內(nèi)部增級(jí)和外部增級(jí)措施的操作原理以其優(yōu)劣,基于成本效益原則和地方政府平臺(tái)貸款的特征,得出了應(yīng)采用內(nèi)部和外部增級(jí)措施相結(jié)合的觀點(diǎn)；在風(fēng)險(xiǎn)管理措施方面,則分別從微觀、中觀和宏觀層面都進(jìn)行了討論。最后,基于所提出的證券化模式,分別從宏觀和微觀兩個(gè)層面提出了一些政策建議。
[Abstract]:By the end of 2008, the U.S. subprime mortgage crisis in response to the adverse impact of China, the State Council issued a 4 trillion economic stimulus plan, which caused a huge investment impulse of local government. In the meantime, China's local debt platform surge, as of June 2013, the local government platform loans 4 trillion and 75 billion 554 million yuan, accounting for about 7% of GDP. Most of these loans from commercial bank loans. A large number of local government loan platform not only affects the sustainable and stable development of China's economy, it may endanger the safety of China's financial system. Asset securitization has important significance to resolve these risks. For those who can produce good assets with stable cash flow in the future, the commercial bank loans this part of the project in accordance with the asset securitization assets on the basis of the requirements of the asset securitization can solve the local government financing channels for a single, not risk The problem of fragmentation, but also guide the private capital and social capital to invest in long-term infrastructure projects, optimize the allocation of social resources in a larger scope, further prosperity of the financial market of our country. This article will discuss, is the mode selection of local government platform loans securitization possible.
First of all, from the two aspects of the nature of the local government loan platform in our country and risk are analyzed in detail, and lay the foundation for the demonstration of local government platform loans securitization model. Among them, we discussed the necessity of local government loan platform in China and must have two properties, and from the macro economy, local the government, in three aspects of commercial bank risk of local government platform loans are facing.
Secondly, from the local government, commercial banks, investors, four aspects of financial market demonstrates the necessity of securitization of local government platform. The feasibility of securitization, the paper made a full demonstration of basic assets separately from the internal and external financial environment for the maturity of two aspects.
Again, analysis and comparison are made in two kinds of mode of asset securitization, combined with the characteristics of local government loan platform in China, that is suitable for China's local government platform loans securitization model, which uses can make the asset base to achieve "true sale cash" mode.
Then, at the operational level, then securitization sponsors, SPV mode, basic assets were analysed in detail the credit enhancement measures and risk management issues. Among them, the sponsors of the selection, puts forward the innovation based on the choice of assets as a starting point, the number of commercial banks involved in these asset base consisting of syndicated as promoters; selection of SPV model in the analysis of the 3 modes of SPV in common, with a huge number of local government platform loans and other characteristics, choose the trust in the form of SPV; facing the choice of assets based on the analysis of the selection criteria, both at home and abroad asset based asset securitization, the local government platform loans were classified and discussed, put forward the basic principle for the securitization of local government platform loans, framework and standard; in the aspect of credit enhancement measures, were discussed The operating principle of enhancement and external enhancement measures for its advantages and disadvantages, characteristics of cost benefit principle and local government platform loans based on the obtained by internal and external enhancement measures combined with the view; in terms of risk management measures, respectively, from the micro, meso and macro level are discussed. Finally, the Securitization mode based on the proposed some policy suggestions were put forward from the two macro and micro level.

【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)】：F832.4

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