本文選題：融資租賃 + 資產(chǎn)證券化��； 參考：《首都經(jīng)濟貿(mào)易大學(xué)》2017年碩士論文

【摘要】：資產(chǎn)證券化(Asset-backed Securities簡稱“ABS”)起源于美國至今不超過50年,屬于當(dāng)代金融業(yè)務(wù)創(chuàng)新,資產(chǎn)證券化的實質(zhì)是借用資本市場的資源來解決融資問題。租賃資產(chǎn)證券化在我國還屬于新生業(yè)務(wù),在該領(lǐng)域我國的研究還比較少,而在西方主要經(jīng)濟發(fā)達國家2007年爆發(fā)的金融危機始發(fā)于美國房地產(chǎn)資產(chǎn)證券化,因此近些年國外資產(chǎn)證券化的發(fā)展規(guī)模受此影響很大,對于該理論的實踐活動在減弱。我國的融資租賃行業(yè)自2007年迎來發(fā)展良機后,近些年在國民經(jīng)濟活動中的地位越來越重要,但融資租賃業(yè)務(wù)發(fā)展中面臨的一個重要的問題就是融資難的問題,而恰恰資產(chǎn)證券化能夠解決租賃公司業(yè)務(wù)發(fā)展中的這個問題,因此租賃資產(chǎn)與資產(chǎn)證券化的結(jié)合屬于資本市場發(fā)展必然的產(chǎn)物。隨著2014年11月銀監(jiān)會、證監(jiān)會出臺對于租賃資產(chǎn)證券化支持的辦法后,這兩年租賃資產(chǎn)證券化已經(jīng)逐漸成為我國融資租賃行業(yè)的一個主要融資手段。西方經(jīng)濟發(fā)達國家對于資產(chǎn)證券化的實踐在減弱,而我國的租賃業(yè)務(wù)發(fā)展又方興未艾的大背景下,這就要求我們對于融資租賃業(yè)務(wù)的理論研究與實踐活動必須加強,通過對租賃眾多業(yè)務(wù)板塊細致的分析與總結(jié),開創(chuàng)出有中國特色的租賃業(yè)務(wù)發(fā)展道路,為促進我國國民經(jīng)濟的發(fā)展貢獻應(yīng)有的力量,這也是本次我選擇對租賃資產(chǎn)證券化這個方向的研究意義所在。在準備本篇論文時,主要是結(jié)合了關(guān)于融資租賃的一些書籍、本人對租賃資產(chǎn)證券化的認識、工作實踐以及當(dāng)前國內(nèi)租賃公司融資渠道現(xiàn)狀,分析租賃資產(chǎn)證券化的優(yōu)、劣勢。本研究文章的觀點在于:一方面租賃資產(chǎn)證券化對于解決目前融資租賃公司“融資難、融資貴”有很大的幫助,但另一方面,租賃資產(chǎn)證券化又絕非萬能的“良藥”,如何對資產(chǎn)證券化的風(fēng)險做好有效防范非常重要。如:(1)有效做好對底層租賃資產(chǎn)的審查,(2)有效做好后續(xù)的租后管理,(3)做好相應(yīng)法律風(fēng)險規(guī)避,(4)根據(jù)產(chǎn)品自身特性做好結(jié)構(gòu)的設(shè)計,(5)做好金融市場方面利率、匯率方面的風(fēng)險防范等,只有這樣才能使得租賃資產(chǎn)證券化真正成為有效解決租賃資金來源的重要渠道是此次研究中重點闡明的部分。此外,針對目前租賃資產(chǎn)證券化還面臨的問題提出本人的觀點:加快租賃行業(yè)人員的培養(yǎng)、完善租賃行業(yè)的法律與法規(guī)建設(shè)、強化對租賃資產(chǎn)證券化產(chǎn)品中底層資產(chǎn)的審核、切實提升租賃資產(chǎn)證券化業(yè)務(wù)結(jié)構(gòu)設(shè)計的水平。通過此次對租賃資產(chǎn)證券化課題的研究,為未來該領(lǐng)域進一步理論的深化做出必要的先行探索。
[Abstract]:Asset-Backed Securities (ABS) originated in the United States for less than 50 years and belongs to the innovation of contemporary financial business. The essence of asset securitization is to borrow the resources of capital market to solve the financing problem. Leasing asset securitization is still a new business in our country, and the research in this field is still relatively few. However, the financial crisis that broke out in the major western developed countries in 2007 originated from the real estate asset securitization in the United States. Therefore, the development scale of foreign asset securitization is greatly affected by this in recent years, and the practice of this theory is weakening. Since 2007, the financial leasing industry in China has been playing a more and more important role in the national economic activities. However, the difficulty of financing is one of the most important problems in the development of financial leasing business. Asset securitization can solve this problem in the business development of leasing companies, so the combination of leasing assets and asset securitization belongs to the inevitable outcome of capital market development. With the CBRC in November 2014, the CSRC issued the measures to support the securitization of leased assets, and the securitization of leased assets has gradually become one of the main financing means of the financial leasing industry in China in the past two years. The practice of asset securitization in western developed countries is weakening, and the development of leasing business in our country is in the ascendant, which requires us to strengthen the theoretical research and practical activities of financial leasing business. Through the detailed analysis and summary of many business sectors of leasing, we can create the development path of leasing business with Chinese characteristics, and contribute to the development of our national economy. This is also my choice of securitization of leasing assets in this direction of research significance. In preparing this paper, I mainly combine some books on financial leasing, my understanding of securitization of leasing assets, working practice and current situation of domestic leasing companies' financing channels, and analyze the advantages and disadvantages of securitization of leasing assets. On the one hand, the securitization of leased assets is of great help to the financial leasing companies, but on the other hand, the securitization of leased assets is by no means a panacea. How to prevent the risk of asset securitization is very important. For example, 1) effectively do a good job in the examination of the underlying leasing assets; 2) effectively do a good job in the subsequent post-lease management; 3) do a good job in the corresponding legal risk aversion; 4) do a good job in the design of the structure according to the product's own characteristics; 5) do a good job in the interest rate on the financial market. Only in this way can the securitization of leasing assets become an important channel to solve the source of leasing funds effectively. In addition, in view of the problems facing the securitization of leasing assets at present, the author puts forward his own viewpoints: to speed up the training of personnel in the leasing industry, to perfect the construction of laws and regulations of the leasing industry, and to strengthen the audit of the underlying assets in the products of securitization of leasing assets. Improve the level of business structure design of leasing asset securitization. Through the research on the subject of securitization of leasing assets, it is necessary to explore the further theory of this field in the future.
【學(xué)位授予單位】：首都經(jīng)濟貿(mào)易大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.51

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