本文選題：資產(chǎn)證券化 + 企業(yè)融資　； 參考：《江西財(cái)經(jīng)大學(xué)》2017年碩士論文

【摘要】：在近三十多年,資產(chǎn)證券化這一金融創(chuàng)新推動(dòng)著資本市場的快速發(fā)展。但是資產(chǎn)證券化業(yè)務(wù)在我國的發(fā)展依然處于起步階段,而證券公司資產(chǎn)證券化也是走走停停。在2015年4月中國人民銀行宣布信貸資產(chǎn)支持證券發(fā)行將由注冊(cè)制取代審批制,監(jiān)管部門的再次簡政放權(quán),使得我國資產(chǎn)證券化市場健康有序地發(fā)展。在中國的企業(yè)資產(chǎn)支持專項(xiàng)計(jì)劃開始井噴式發(fā)展,資產(chǎn)證券化產(chǎn)品日益增多,基礎(chǔ)資產(chǎn)不斷豐富。證券公司資產(chǎn)證券化業(yè)務(wù)是指證券公司設(shè)立特定目的的載體,發(fā)起人把能在未來產(chǎn)生現(xiàn)金流入的基礎(chǔ)資產(chǎn)出售給特定目的載體,擔(dān)保公司對(duì)基礎(chǔ)資產(chǎn)提進(jìn)行信用增級(jí),證券公司發(fā)起專項(xiàng)資產(chǎn)管理計(jì)劃向投資者發(fā)售有價(jià)證券的過程。C證券公司憑借其獨(dú)特的優(yōu)勢(shì),使得業(yè)務(wù)的融資主體廣泛,同時(shí)以高于國債利率的固定收益吸引投資者。證券公司在滿足企業(yè)資產(chǎn)證券化基本要求的基礎(chǔ)上,對(duì)原始權(quán)益人所在行業(yè)提出顯性或隱性的要求,通過引導(dǎo)社會(huì)資金進(jìn)入政策鼓勵(lì)行業(yè),可以起到有效配合我國經(jīng)濟(jì)政策實(shí)施的目的。同時(shí),企業(yè)資產(chǎn)證券化可以改變當(dāng)前企業(yè)過度依賴銀行進(jìn)行間接融資的格局,提高直接融資在融資渠道中的比重,從而促進(jìn)多層次資本市場的形成。C證券公司資產(chǎn)證券化模式本身存在著某些問題,并不是面面俱到。該模式在基礎(chǔ)資產(chǎn)、信用評(píng)級(jí)、產(chǎn)品流動(dòng)性等因素制約著資產(chǎn)證券化發(fā)展,必須提出相應(yīng)措施解決,例如優(yōu)化基礎(chǔ)資產(chǎn)、拓寬投資者范圍、多元化信用增級(jí)、提高二級(jí)市場流動(dòng)性、明確會(huì)計(jì)與稅收處理規(guī)定等等。在對(duì)C證券公司資產(chǎn)證券化業(yè)務(wù)進(jìn)行深入分析后,可以得出以下結(jié)論:證券公司資產(chǎn)證券化作為結(jié)構(gòu)化融資產(chǎn)品,為中小企業(yè)提供了一種全新的融資渠道,其可能難以發(fā)行債券進(jìn)行融資,或者從銀行借款比較困難,但如果有比較好的證券化基礎(chǔ)資產(chǎn),就可以運(yùn)用資產(chǎn)證券化工具進(jìn)行融資,同時(shí)也為投資者提供了更多的固定收益產(chǎn)品;證券公司自身應(yīng)著重提高對(duì)基礎(chǔ)資產(chǎn)的質(zhì)量選擇和風(fēng)險(xiǎn)防控能力,另外政府出臺(tái)相關(guān)法律制度也迫在眉睫,頒布有關(guān)資產(chǎn)證券化法,完善中小企業(yè)的信用體系,才能更好地推動(dòng)國內(nèi)資產(chǎn)證券化市場健康發(fā)展。
[Abstract]:In the past thirty years, the financial innovation of asset securitization has promoted the rapid development of capital market. However, the development of asset securitization in China is still in its infancy, and the asset securitization of securities companies also stops. In April 2015, the people's Bank of China announced that the issuance of credit asset-backed securities would be replaced by the registration system. In China, the enterprise asset support program began to blowout, asset securitization products are increasing and basic assets are abundant. The asset securitization business of a securities company means that the securities company sets up a carrier for a specific purpose, and the promoter sells the basic assets which can generate cash inflow in the future to a specific purpose carrier, and the guarantee company raises the credit grade of the underlying asset. The process of issuing marketable securities to investors under the special asset management plan. C securities company makes the financing of business extensive and attracts investors with fixed income higher than the interest rate of national debt by virtue of its unique advantages. On the basis of satisfying the basic requirements of asset securitization of enterprises, securities companies put forward explicit or implicit demands on the industries in which the original equity holders belong, and encourage industries by guiding social funds into policies. Can play an effective part in the implementation of China's economic policy. At the same time, asset securitization of enterprises can change the current pattern of enterprises relying excessively on banks for indirect financing, and increase the proportion of direct financing in financing channels. In order to promote the formation of multi-level capital market. C securities company asset securitization model itself has some problems, not all aspects. This model restricts the development of asset securitization by factors such as basic assets, credit rating, product liquidity and so on. It must be solved by corresponding measures, such as optimizing basic assets, widening the scope of investors, diversifying credit rating, increasing credit grade, and so on. Improve the liquidity of the secondary market, clear accounting and tax treatment regulations and so on. After deeply analyzing the asset securitization business of C Securities Company, we can draw the following conclusions: as a structured financing product, asset securitization of securities company provides a new financing channel for small and medium-sized enterprises. It may be difficult to issue bonds for financing, or to borrow money from banks, but if there are relatively good securitization base assets, they can use asset securitization instruments to finance, At the same time, it also provides investors with more fixed-income products; the securities companies themselves should focus on improving the quality selection and risk prevention and control capability of basic assets. Only by promulgating the law on asset securitization and perfecting the credit system of small and medium-sized enterprises can we better promote the healthy development of domestic asset securitization market.
【學(xué)位授予單位】：江西財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51

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本文編號(hào)：2009474