【摘要】：資產(chǎn)證券化被譽(yù)為近年來(lái)發(fā)展速度最快、最為成功的金融創(chuàng)新之一：作為一種新型金融工具,在轉(zhuǎn)移、化解、分散風(fēng)險(xiǎn)過(guò)程中發(fā)揮了很大的積極作用：發(fā)行人通過(guò)將具有穩(wěn)定未來(lái)現(xiàn)金流的資產(chǎn)經(jīng)過(guò)一定的程序打包并發(fā)行證券,通過(guò)資產(chǎn)證券化,原本集中于發(fā)行人的風(fēng)險(xiǎn)分散到所有的資產(chǎn)證券化證券的投資人。同時(shí),隨著資產(chǎn)證券化的快速發(fā)展,基礎(chǔ)資產(chǎn)的種類(lèi)不斷增多,其運(yùn)作與結(jié)構(gòu)越來(lái)越復(fù)雜,導(dǎo)致普通投資人對(duì)于資產(chǎn)證券化證券所蘊(yùn)含的風(fēng)險(xiǎn)難以識(shí)別。 早在上個(gè)世紀(jì)90年代資產(chǎn)證券化這一金融創(chuàng)新就被國(guó)內(nèi)實(shí)業(yè)界人士所注意,并通過(guò)離岸金融機(jī)構(gòu)進(jìn)行過(guò)相關(guān)試點(diǎn)；2005年3月,經(jīng)過(guò)一系列前準(zhǔn)備,我中國(guó)正式開(kāi)始進(jìn)行資產(chǎn)證券化的試點(diǎn)：國(guó)家開(kāi)發(fā)銀行和中國(guó)建設(shè)銀行率先行動(dòng),成為我國(guó)首批發(fā)行資產(chǎn)支持證券和抵押貸款證券的銀行；但2008年金融危機(jī)的爆發(fā)使得資產(chǎn)證券化試點(diǎn)暫停,資產(chǎn)證券化的發(fā)展一度進(jìn)入停滯。 2013年,資產(chǎn)證券化試點(diǎn)再次啟動(dòng),相比上一輪試點(diǎn),這次參與的機(jī)構(gòu)數(shù)量大增,試點(diǎn)額度也有較大規(guī)模增長(zhǎng)。如何在經(jīng)歷變革中的中國(guó)使用好資產(chǎn)證券化這一工具,實(shí)現(xiàn)為金融機(jī)構(gòu)提供流動(dòng)性、分散金融風(fēng)險(xiǎn)的作用顯得十分重要,尤其是對(duì)商業(yè)銀行。由于商業(yè)銀行在我國(guó)經(jīng)濟(jì)體系中占比較大,銀行業(yè)的穩(wěn)定在很大程度上代表著中國(guó)的金融經(jīng)濟(jì)安全與穩(wěn)定。所以針對(duì)我國(guó)商業(yè)銀行的資產(chǎn)證券化業(yè)務(wù)的風(fēng)險(xiǎn)監(jiān)管是十分必要的。 本文首先對(duì)現(xiàn)在商業(yè)銀行面臨的金融經(jīng)濟(jì)環(huán)境作出簡(jiǎn)要分析并提出現(xiàn)階段資產(chǎn)證券化業(yè)務(wù)開(kāi)展的迫切性：2013年,新一屆政府上臺(tái)之后進(jìn)行了一系列金融經(jīng)濟(jì)制度改革措施,由此導(dǎo)致我國(guó)商業(yè)銀行面臨了新的挑戰(zhàn)：如以貸款利率下限放開(kāi)為象征的利率市場(chǎng)化等沖擊著商業(yè)銀行原有的以存貸款利差為主要盈利來(lái)源的盈利模式等。在這種新的經(jīng)濟(jì)背景之下,資產(chǎn)證券化試點(diǎn)重新啟動(dòng),吸引了很多金融機(jī)構(gòu)尤其是商業(yè)銀行的關(guān)注。其次對(duì)從理論角度對(duì)資產(chǎn)證券化進(jìn)行了分析：實(shí)踐操作中,未來(lái)現(xiàn)金流可以說(shuō)是資產(chǎn)證券化的核心,結(jié)合現(xiàn)金流定價(jià)模型可以為證券化證券定價(jià)；結(jié)合現(xiàn)階段我國(guó)商業(yè)銀行面臨的主要挑戰(zhàn)說(shuō)明了商業(yè)銀行開(kāi)展資產(chǎn)證券化業(yè)務(wù)的必要性及資產(chǎn)證券化的運(yùn)作流程。同時(shí),分析了我國(guó)資產(chǎn)證券化市場(chǎng)的歷史發(fā)展及現(xiàn)狀與分析了我國(guó)商業(yè)銀行在資產(chǎn)證券化業(yè)務(wù)中所面臨的各種風(fēng)險(xiǎn)。在分析過(guò)中國(guó)的資產(chǎn)證券化市場(chǎng)后,又緊接著分析了美國(guó)資產(chǎn)證券化市場(chǎng)的發(fā)展及現(xiàn)狀,次貸危機(jī)對(duì)資產(chǎn)證券化市場(chǎng)的影響,美國(guó)當(dāng)局金融監(jiān)管體系的重建等內(nèi)容。將兩個(gè)國(guó)家的資產(chǎn)證券化市場(chǎng)對(duì)比發(fā)現(xiàn),我國(guó)的資產(chǎn)證券化業(yè)務(wù)目前還有很多不完善不健全之處,只是處于資產(chǎn)證券化業(yè)務(wù)的發(fā)展的最初階段。最后,根據(jù)現(xiàn)實(shí)及美國(guó)的經(jīng)驗(yàn),提出有關(guān)我國(guó)商業(yè)銀行資產(chǎn)證券化風(fēng)險(xiǎn)管理的有關(guān)建議。
[Abstract]:Asset securitization has been hailed as one of the fastest growing and most successful financial innovations in recent years: as a new financial tool, it is being transferred and resolved. In the process of risk diversification, the issuer plays a very positive role: the issuer securitizes the assets through the process of packaging and issuing securities, which have stable future cash flow. The risk originally concentrated on the issuer is spread to investors in all asset-backed securities. At the same time, with the rapid development of asset securitization, the types of basic assets are increasing, and its operation and structure are becoming more and more complex. As early as the 1990s, the financial innovation of asset securitization has been paid attention to by the domestic businessmen, and the relevant pilot projects have been carried out through offshore financial institutions. In March 2005, after a series of preparations, China officially began to pilot asset securitization: China Development Bank and China Construction Bank took the lead, becoming the first bank to issue asset-backed securities and mortgage-backed securities in China; However, the outbreak of the financial crisis in 2008 halted the pilot project of asset securitization, and the development of asset securitization once came to a standstill. In 2013, the asset securitisation pilot started again, compared with the previous round of pilot, this time the number of institutions involved, pilot quotas have also increased on a larger scale. How to make good use of asset securitization as a tool to provide liquidity for financial institutions and disperse financial risks is very important in China, especially for commercial banks. As commercial banks account for a large part of China's economic system, the stability of the banking industry to a large extent represents the security and stability of China's financial economy. Therefore, it is necessary to supervise the risk of asset securitization of commercial banks in China. This paper first briefly analyzes the financial and economic environment facing commercial banks and points out the urgency of developing asset securitization business at this stage: in 2013, a series of financial and economic system reform measures were carried out after the new government came to power. As a result, Chinese commercial banks are facing new challenges, such as the liberalization of interest rates, which symbolizes the lower limit of loan interest rates, and so on, which impinge on the original profit model of commercial banks with deposit and loan interest margin as the main source of profit, and so on. In this new economic background, asset securitization pilot restart, attracted the attention of many financial institutions, especially commercial banks. Secondly, it analyzes the asset securitization from a theoretical point of view: in practice, the future cash flow can be said to be the core of asset securitization, and combined with the cash flow pricing model, the securitization securities can be priced; Combined with the main challenges faced by Chinese commercial banks at present, the necessity of developing asset securitization business and the operation process of asset securitization are explained. At the same time, it analyzes the historical development and present situation of asset securitization market in China, and analyzes the various risks faced by commercial banks in asset securitization business. After analyzing the asset securitization market in China, it then analyzes the development and present situation of the asset securitization market in the United States, the influence of the subprime mortgage crisis on the asset securitization market, and the reconstruction of the financial supervision system of the American authorities. By comparing the asset securitization markets of the two countries, it is found that there are still many imperfections in the asset securitization business in our country, which is only in the initial stage of the development of asset securitization business. Finally, according to the reality and American experience, the paper puts forward some suggestions on the risk management of asset securitization of commercial banks in China.
【學(xué)位授予單位】：內(nèi)蒙古大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類(lèi)號(hào)】：F832.51;F832.33

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