發(fā)布時(shí)間：2018-01-21 12:02

  本文關(guān)鍵詞： 資產(chǎn)證券化 信貸資產(chǎn)證券化 商業(yè)銀行 宏觀效應(yīng) 微觀效應(yīng)　出處：《安徽大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：信貸資產(chǎn)證券化,實(shí)質(zhì)上是一種新型的融資方式。它是指商業(yè)銀行等金融機(jī)構(gòu)將自持的特定資產(chǎn)真實(shí)出售給特設(shè)信托機(jī)構(gòu)。這些資產(chǎn)相較于一般資產(chǎn)來說,其特別之處就在于雖欠缺流動性但是卻可以在未來產(chǎn)生利息。所以,發(fā)起人通過對這類資產(chǎn)或資產(chǎn)組合進(jìn)行重新的結(jié)構(gòu)設(shè)計(jì)和安排,在增強(qiáng)其信用的同時(shí),也分別對其收益與風(fēng)險(xiǎn)進(jìn)行重組和分離,從而利用基礎(chǔ)資產(chǎn)在未來能夠生息的特點(diǎn),將該類資產(chǎn)或資產(chǎn)組合轉(zhuǎn)化為在證券二級市場自由流通和交易的證券產(chǎn)品,這樣也讓金融市場上的投資者可以對其進(jìn)行購買投資,幫助發(fā)起人實(shí)現(xiàn)了融資的目的。信貸資產(chǎn)證券化是資產(chǎn)證券化的類型之一,也是二十一世紀(jì)以來獨(dú)具創(chuàng)新意義的一種金融工具。在本文的研究中,信貸資產(chǎn)證券化則主要是指商業(yè)銀行在將自己的貸款、應(yīng)收賬款等經(jīng)過重組設(shè)計(jì)與安排,形成新的資產(chǎn)池的基礎(chǔ)上,發(fā)行證券化產(chǎn)品。所以,本文就是通過以中國商業(yè)銀行開展信貸資產(chǎn)證券化業(yè)務(wù)為出發(fā)點(diǎn),分析信貸資產(chǎn)證券化業(yè)務(wù)是如何發(fā)揮其優(yōu)勢,影響我國商業(yè)銀行的經(jīng)營活動;進(jìn)一步研究商業(yè)銀行如何利用好信貸資產(chǎn)證券化這一業(yè)務(wù),促進(jìn)金融行業(yè)的發(fā)展,進(jìn)而帶動我國經(jīng)濟(jì)金融市場的有利發(fā)展。這對于深入探討其在我國經(jīng)濟(jì)發(fā)展中的作用具有重要的理論指導(dǎo)意義�；谶@樣的研究目的,本文在分析了商業(yè)銀行信貸資產(chǎn)證券化業(yè)務(wù)的運(yùn)行機(jī)制和發(fā)展現(xiàn)狀之后,以我國商業(yè)銀行的信貸資產(chǎn)證券化業(yè)務(wù)的效應(yīng)分析為重點(diǎn),且分別從宏觀和微觀的角度進(jìn)行分析,運(yùn)用事件研究方法、定量與定性相結(jié)合的方法,并以我國上市商業(yè)銀行的數(shù)據(jù)為樣本建立模型,以此進(jìn)行實(shí)證分析,檢驗(yàn)和論證信貸資產(chǎn)證券化業(yè)務(wù)的實(shí)施對商業(yè)銀行的效應(yīng)影響。最后對此進(jìn)行總結(jié)并提出一些有關(guān)商業(yè)銀行信貸資產(chǎn)證券化業(yè)務(wù)發(fā)展的措施與建議。本文的分析結(jié)論主要有:第一,從宏觀角度來看,商業(yè)銀行信貸資產(chǎn)證券化業(yè)務(wù)會從三個(gè)不同層面對商業(yè)銀行的經(jīng)營發(fā)展產(chǎn)生影響:即風(fēng)險(xiǎn)層面、貨幣政策傳導(dǎo)層面以及資源配置層面。第二,從實(shí)證結(jié)果看來,商業(yè)銀行實(shí)施信貸資產(chǎn)證券化,會給商業(yè)銀行帶來價(jià)值效應(yīng)及風(fēng)險(xiǎn)效應(yīng)。首先,商業(yè)銀行的信貸資產(chǎn)證券化業(yè)務(wù)短期內(nèi)通常會使銀行股東的財(cái)富減少,亦即股東的財(cái)富效應(yīng)。因?yàn)殂y行發(fā)起信貸資產(chǎn)證券化業(yè)務(wù),一般是以住房抵押貸款、公司貸款等一些較為優(yōu)質(zhì)的資產(chǎn)作為證券化的基礎(chǔ)資產(chǎn),所以會導(dǎo)致銀行股票價(jià)格下降,公司股東收益相應(yīng)減少;其次,信貸資產(chǎn)證券化業(yè)務(wù)對提升我國銀行業(yè)的財(cái)務(wù)效應(yīng)與經(jīng)濟(jì)效應(yīng)有著正向的影響;最后,信貸資產(chǎn)證券化業(yè)務(wù)的開展能夠有效降低我國商業(yè)銀行的風(fēng)險(xiǎn)水平。通過對商業(yè)銀行信貸資產(chǎn)證券化業(yè)務(wù)的效應(yīng)分析,對推進(jìn)我國銀行業(yè)業(yè)務(wù)的發(fā)展與改革具有重要的現(xiàn)實(shí)意義;我國當(dāng)前的金融體系已經(jīng)在逐步的發(fā)展并完善,但金融市場結(jié)構(gòu)還存在很多問題會對我國經(jīng)濟(jì)發(fā)展產(chǎn)生嚴(yán)重阻礙,因而需要解決。例如薄弱的金融市場基礎(chǔ),滯后的證券市場;不完善的金融市場環(huán)境、較低的金融市場效率和創(chuàng)新能力以及缺乏完善且有效的金融監(jiān)管體制等。因此,推進(jìn)商業(yè)銀行信貸資產(chǎn)證券化業(yè)務(wù)的發(fā)展,充分發(fā)揮信貸資產(chǎn)證券化業(yè)務(wù)對我國經(jīng)濟(jì)發(fā)展的促進(jìn)作用,對于建立和完善金融市場體系,加強(qiáng)對金融體系的監(jiān)管力度,促進(jìn)金融市場的穩(wěn)定發(fā)展十分必要。
[Abstract]:Credit asset securitization is essentially a new way of financing. It refers to the commercial banks and other financial institutions to specific assets sold to real self trust institutions. These assets compared with general assets, the point is that although the lack of liquidity but can produce interest in the future. So, launched through the structure design and re arrangement of this kind of assets or portfolio, in enhancing the credit at the same time, respectively, restructuring and separation of its benefits and risks, so as to use basic assets in future to live, the kind of asset or portfolio into securities market two free circulation and trading of securities products, it makes the financial market investors can carry on the purchase of investment, help sponsors to achieve the purpose of financing. The credit asset securitization is the asset securitization One type of a financial instrument since twenty-first Century is the innovative significance. In this study, the securitization of credit assets is mainly refers to the commercial banks in their loans, accounts receivable, etc. through the design and arrangement of the reorganization, the formation of a new foundation of the asset pool, the issuance of securities products. So, this paper takes the commercial bank Chinese securitization of credit assets as a starting point, analysis of credit asset securitization business is how to play the advantage, the impact of China's commercial banks operating activities; further research on how to make good use of commercial bank credit assets securitization of the business, to promote the development of the financial industry, and promote the beneficial development in our country the economic and financial market. For this study in China's economic development plays an important theoretical guiding significance. The purposes of the study in this paper based on points After the operation mechanism and development analysis of the current situation of commercial bank credit assets securitization, the effect of China's commercial banks credit asset securitization business analysis as the key point, and from the perspective of macro and micro analysis, by using the event research method, quantitative and qualitative methods, and the commercial banks in China the listed data as the sample model, the empirical analysis, effect of test and demonstration of credit assets securitization of commercial banks. This effect finally summarizes and puts forward some measures and suggestions about commercial bank credit asset securitization business development. The conclusions of this paper are as follows: first, from a macro perspective commercial bank, credit asset securitization business from three different aspects of the management of commercial bank development influence: namely the risk level, the level of monetary policy conduction And the resource allocation level. Second, from the point of view of the empirical results, the implementation of commercial bank credit asset securitization, will bring value effect and risk effect to commercial banks. Firstly, commercial bank credit asset securitization business in the short term will usually reduce bank shareholders' wealth, the wealth effect of shareholders. That is because the Bank launched the credit asset securitization the business is in general, housing mortgage loans, corporate loans and other more high-quality assets as the basis of asset securitization, so the bank will cause stock price decline, the shareholders of the company income reduced accordingly; secondly, credit asset securitization business have a positive influence on the financial effect and economic effect to enhance China's banking industry; finally, credit asset securitization business in China can effectively reduce the risk level of commercial banks. The commercial bank credit asset securitization business Effect analysis has important practical significance for promoting the reform and development of China's banking business; China's current financial system has been in development and gradually improve, but there are still many problems in the financial market structure will have a serious impediment to the economic development of our country, which needs to be solved. For example, the weak foundation of financial markets, the lag stock market; imperfect financial market environment, the low efficiency of financial market and the innovation ability and the lack of perfect and effective financial supervision system. Therefore, to promote the commercial bank credit asset securitization business development, give full play to promote the role of credit asset securitization business in China's economic development, to establish and improve the financial market system, strengthen the supervision of the financial system, promote the steady development of the financial market is very necessary.

【學(xué)位授予單位】：安徽大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.51;F832.4

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