【摘要】：2012年5月底，中國(guó)人民銀行、中國(guó)銀監(jiān)會(huì)與財(cái)政部聯(lián)合頒布了《關(guān)于進(jìn)一步擴(kuò)大信貸資產(chǎn)證券化試點(diǎn)有關(guān)事項(xiàng)的通知》（以下簡(jiǎn)稱為《通知》），這一通知的頒布標(biāo)志著我國(guó)停滯了4年的信貸資產(chǎn)證券化試點(diǎn)再度重啟，信貸資產(chǎn)證券化的試點(diǎn)額度共計(jì)500億元人民幣。回顧我國(guó)信貸資產(chǎn)證券化發(fā)展的歷程，我國(guó)第一次信貸資產(chǎn)證券化試點(diǎn)工作開(kāi)始于2005年，國(guó)家開(kāi)發(fā)銀行與建設(shè)銀行作為頭兩家信貸資產(chǎn)證券化試點(diǎn)單位分別發(fā)行了開(kāi)元一期與建元一期資產(chǎn)支持證券產(chǎn)品，這標(biāo)志著我國(guó)信貸資產(chǎn)證券化的試點(diǎn)工作不再只停留于理論階段，而是已經(jīng)開(kāi)始了實(shí)踐性的嘗試。第一次信貸資產(chǎn)證券化試點(diǎn)一共進(jìn)行了兩批，第一批的發(fā)行主體是國(guó)有大型銀行，第二批的發(fā)行主體擴(kuò)展到國(guó)有大型銀行與股份制銀行，兩批額度分別為200億元與600億元。在我國(guó)信貸資產(chǎn)證券化進(jìn)行的如火如荼的時(shí)候，突如其來(lái)的2007年全球金融危機(jī)，給信貸資產(chǎn)證券化的試點(diǎn)潑了一盆冷水，因?yàn)楹芏鄬＜艺J(rèn)為資產(chǎn)證券化的過(guò)度創(chuàng)新是導(dǎo)致金融危機(jī)波及范圍廣、破壞性大的主要原因，在這種情況下我國(guó)為了減小金融危機(jī)對(duì)我國(guó)經(jīng)濟(jì)的的波及程度及時(shí)叫停了第二批資產(chǎn)證券化試點(diǎn)，到此為止我國(guó)的第一次資產(chǎn)證券化試點(diǎn)陷入停滯狀態(tài)。 2012年信貸資產(chǎn)證券化的重啟，應(yīng)該充分借鑒上次試點(diǎn)過(guò)程中的經(jīng)驗(yàn)與教訓(xùn)，同時(shí)吸取國(guó)外資產(chǎn)證券化發(fā)展過(guò)程中的精華，以便我國(guó)信貸資產(chǎn)證券化重啟后夠少走彎路。本文主要采用理論聯(lián)系實(shí)際的方法，結(jié)合信貸資產(chǎn)證券化重啟后的第一個(gè)產(chǎn)品——開(kāi)元2012第一期信貸資產(chǎn)證券化產(chǎn)品的具體數(shù)據(jù)，對(duì)我國(guó)信貸資產(chǎn)證券化的未來(lái)進(jìn)行展望，提出自己的一些看法。文章首先對(duì)信貸資產(chǎn)證券化的相關(guān)理論：包括信貸資產(chǎn)證券化的運(yùn)作流程、參與主體、基本原理等方面進(jìn)行表述，然后結(jié)合我國(guó)的經(jīng)濟(jì)現(xiàn)狀，對(duì)我國(guó)信貸資產(chǎn)證券化的重啟的可行性與必要性進(jìn)行論述，然后結(jié)合開(kāi)元第一期信貸資產(chǎn)證券化產(chǎn)品的具體數(shù)據(jù)：主要包括對(duì)產(chǎn)品的交易結(jié)構(gòu)、基礎(chǔ)池的構(gòu)建以及產(chǎn)品的評(píng)價(jià)意見(jiàn)幾方面對(duì)產(chǎn)品的優(yōu)劣勢(shì)進(jìn)行分析，發(fā)現(xiàn)我國(guó)信貸資產(chǎn)證券化產(chǎn)品在重啟之前并沒(méi)有多大改進(jìn)，仍然存在諸多不足，其中包括產(chǎn)品資產(chǎn)池的資產(chǎn)品種比較單一，資產(chǎn)質(zhì)量過(guò)高，法律、會(huì)計(jì)方面的框架制度不夠完善，，并且我國(guó)目前發(fā)行的信貸資產(chǎn)證券化產(chǎn)品大都是被銀行互相持有，無(wú)法起到剝離銀行不良資產(chǎn)，降低銀行風(fēng)險(xiǎn)的作用，與銀行從事信貸資產(chǎn)證券化的初衷是相違背的，所以提出了我國(guó)信貸資產(chǎn)證券化產(chǎn)品要循序漸進(jìn)的降低基礎(chǔ)資產(chǎn)的質(zhì)量，擴(kuò)大資產(chǎn)支持證券機(jī)構(gòu)投資者范圍，起到剝離銀行高風(fēng)險(xiǎn)貸款，降低銀行行業(yè)風(fēng)險(xiǎn)這一結(jié)論。對(duì)于降低基礎(chǔ)資產(chǎn)的質(zhì)量，擴(kuò)大投資者范圍會(huì)增大證券化產(chǎn)品風(fēng)險(xiǎn)的情況，文章最后提出從完善法律法規(guī)、優(yōu)化資產(chǎn)證券化交易結(jié)構(gòu)等方面入手提出相應(yīng)的政策建議，期望能為我國(guó)銀行的信貸資產(chǎn)證券化的發(fā)展提供具有參考價(jià)值與操作性的意見(jiàn)與建議。
[Abstract]:At the end of May 2012, the People's Bank of China, the China Banking Regulatory Commission and the Ministry of Finance jointly promulgated the Notice on Further Expanding the Pilot Project of Credit Asset Securitization (hereinafter referred to as the Notice). The promulgation of the Notice marked the restart of the pilot project of Credit Asset Securitization, which has been stagnant for four years, and the pilot amount of Credit Asset Securi Reviewing the course of the development of China's credit asset securitization, the first pilot project of China's credit asset securitization began in 2005. As the first two pilot units of credit asset securitization, China Development Bank and China Construction Bank issued Kaiyuan I and Jianyuan I asset-backed securities respectively, which marked the beginning of the pilot project. The first trial of credit asset securitization has been carried out in two batches, the first batch of issuers are large state-owned banks, the second batch of issuers are extended to large state-owned banks and joint-stock banks, with two batches. At a time when China's credit asset securitization is in full swing, the unexpected 2007 global financial crisis has thrown cold water on the pilot project of credit asset securitization, because many experts believe that the excessive innovation of asset securitization is the main cause of the financial crisis with a wide range of damage. The main reason is that, in order to reduce the financial crisis's impact on China's economy, China stopped the second batch of pilot projects of asset securitization in time, and so far the first pilot project of asset securitization in China has stagnated.
The restart of credit asset securitization in 2012 should draw on the experience and lessons of the last pilot project and the essence of the development of asset securitization abroad, so as to avoid detours after the restart of credit asset securitization in China. The first product, the specific data of Kaiyuan 2012 Credit Asset Securitization, looks forward to the future of China's credit asset securitization and puts forward some views. Then it discusses the feasibility and necessity of restarting the credit asset securitization in our country according to the present economic situation of our country, and then it combines the concrete data of the credit asset securitization products of the first phase of Kaiyuan, mainly including the excellence of the products in terms of the transaction structure, the construction of the basic pool and the evaluation opinions of the products. The disadvantage analysis shows that the credit asset securitization products in China have not been greatly improved before the restart, and there are still many shortcomings, including the product pool of assets is relatively single, the quality of assets is too high, the legal and accounting framework system is not perfect, and the credit asset securitization products issued in China are large. It is contrary to the original intention of the bank to engage in the securitization of credit assets. Therefore, it is proposed that the quality of basic assets should be gradually reduced and the scope of institutional investors of asset-backed securities should be expanded. To strip the high-risk loans from the banks and reduce the risks of the banking industry, this paper puts forward some corresponding policy suggestions to reduce the quality of basic assets and expand the scope of investors, which will increase the risks of securitized products. The development of bank credit asset securitization provides reference and operational suggestions and suggestions.
【學(xué)位授予單位】：云南財(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;F832.51

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