本文選題：銀行信貸資產(chǎn)證券化　切入點(diǎn)：盈利能力效應(yīng)　出處：《遼寧大學(xué)》2017年碩士論文

【摘要】：1970年2月,美國(guó)房屋和城市發(fā)展部發(fā)行了首支現(xiàn)代住房抵押貸款支持證券。從此,資產(chǎn)證券化登上了歷史的舞臺(tái)。所謂資產(chǎn)證券化,即發(fā)起者與投資者通過(guò)市場(chǎng)機(jī)制進(jìn)行債券交易的過(guò)程,將流動(dòng)性較差、可產(chǎn)生穩(wěn)定現(xiàn)金流的資產(chǎn)轉(zhuǎn)化成債券的過(guò)程。銀行信貸資產(chǎn)證券化是資產(chǎn)證券化的一種類型,銀行將缺乏流動(dòng)性的信貸資產(chǎn)打包出售轉(zhuǎn)化成債券,短期內(nèi)獲得資金,增強(qiáng)資金的流動(dòng)性,以信貸資產(chǎn)利息作為債券的收益。美國(guó)商業(yè)銀行最初開(kāi)展資產(chǎn)證券化目的是轉(zhuǎn)嫁信用風(fēng)險(xiǎn)以及解決金融市場(chǎng)上的資金流通問(wèn)題。銀行實(shí)行信貸資產(chǎn)證券化,首先,可以有效盤(pán)活存量信貸資產(chǎn),釋放信貸資源,降低資本消耗,從而促進(jìn)實(shí)體經(jīng)濟(jì)的發(fā)展。其次,可拓寬融資渠道,降低融資成本。最后,使資本存量得到有效盤(pán)活,資金使用效率得到快速提高,銀行資產(chǎn)負(fù)債結(jié)構(gòu)得到優(yōu)化。因此,信貸資產(chǎn)證券化對(duì)銀行業(yè)的發(fā)展意義重大。然而,2008年金融危機(jī)爆發(fā),讓我們深刻認(rèn)識(shí)到資產(chǎn)證券化殘酷的一面。之后四年,中國(guó)銀行業(yè)暫停了信貸資產(chǎn)證券化業(yè)務(wù)的開(kāi)展,在此期間監(jiān)管部門(mén)推出了一系列監(jiān)管改革措施,規(guī)避信貸資產(chǎn)證券不利之處。直到2012年,我國(guó)再次啟動(dòng)發(fā)行試點(diǎn),各家銀行相繼推出信貸資產(chǎn)證券化產(chǎn)品。2013年,政府部門(mén)加快改革步伐,銀行信貸資產(chǎn)證券化得到了快速發(fā)展。深入剖析信貸資產(chǎn)證券化對(duì)銀行業(yè)的作用機(jī)制,能夠有效加強(qiáng)我國(guó)銀行業(yè)風(fēng)險(xiǎn)抵御能力,從而更好的應(yīng)對(duì)將來(lái)在證券化市場(chǎng)發(fā)展過(guò)程中遇到的各種風(fēng)險(xiǎn)難題。本文通過(guò)研究銀行信貸資產(chǎn)證券化的發(fā)展歷程和現(xiàn)狀,理論分析了運(yùn)用這一金融工具的經(jīng)濟(jì)效應(yīng),并以我國(guó)上市商業(yè)銀行相關(guān)數(shù)據(jù)為樣本建立實(shí)證模型,實(shí)證檢驗(yàn)銀行業(yè)開(kāi)展信貸資產(chǎn)證券化業(yè)務(wù)產(chǎn)生的效應(yīng)和影響。最后,分析實(shí)證結(jié)果并提出合理的建議。
[Abstract]:In February 1970, the United States Department of Housing and Urban Development issued the first modern mortgage-backed securities.Since then, asset securitization has mounted the stage of history.The so-called asset securitization is the process of bond trading between the initiator and the investor through the market mechanism, which converts the assets with poor liquidity and stable cash flow into bonds.The securitization of bank credit assets is a kind of asset securitization. Banks turn the illiquid credit assets into bonds, obtain funds in the short term, enhance the liquidity of funds, and take interest on credit assets as the income of bonds.The purpose of asset securitization of American commercial banks is to transfer credit risk and solve the problem of capital circulation in financial market.Firstly, the bank can activate the stock credit assets effectively, release the credit resources, reduce the capital consumption, and promote the development of the real economy.Secondly, can widen financing channel, reduce financing cost.Finally, the capital stock is effectively activated, the efficiency of capital utilization is improved rapidly, and the structure of bank assets and liabilities is optimized.Therefore, the securitization of credit assets is of great significance to the development of the banking industry.However, the financial crisis broke out in 2008, let us deeply realize the cruel side of asset securitization.In the next four years, China's banks suspended the securitisation of credit assets, during which time regulators introduced a series of regulatory reforms to circumvent the disadvantages of credit asset-backed securities.Until 2012, China again launched a pilot issue, each bank has launched credit asset securitization products. In 2013, government departments accelerated the pace of reform, bank credit asset securitization has been rapid development.By deeply analyzing the mechanism of credit asset securitization to the banking industry, we can effectively strengthen the ability of resisting risks in China's banking industry, so as to better deal with the various risk problems encountered in the course of the development of securitization market in the future.By studying the development and present situation of bank credit asset securitization, this paper theoretically analyzes the economic effect of using this financial instrument, and sets up an empirical model based on the relevant data of listed commercial banks in China.Empirical test of the banking sector to carry out credit asset securitization business effect and impact.Finally, the empirical results are analyzed and reasonable suggestions are put forward.
【學(xué)位授予單位】：遼寧大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.4;F832.51

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