本文關(guān)鍵詞： 資產(chǎn)證券化 信貸資產(chǎn)證券化 企業(yè)資產(chǎn)證券化 資產(chǎn)支持票據(jù) 特殊目的機構(gòu)　出處：《吉林大學》2017年碩士論文　論文類型：學位論文

【摘要】：人類社會經(jīng)濟生活不斷變化與發(fā)展,隨之產(chǎn)生的金融工具與金融制度也不斷地深化與發(fā)展。資產(chǎn)證券化是四十多年以來,在金融領(lǐng)域中,發(fā)展速度最快同時發(fā)展進步最重大的金融領(lǐng)域創(chuàng)新和金融工具。作為有著這樣深遠意義的金融制度,其誕生于20世紀70年代的美國資本市場,憑借其獨特的融資結(jié)構(gòu)和融資優(yōu)勢,從80年代起,它迅速的傳播到了歐洲與拉丁美洲,并在90年代的時候傳播到了亞太地區(qū),在世界各地區(qū)的資本市場上取得了自己獨有的位置,成為了一種不可替代的資本市場融資方式。資產(chǎn)證券化是在世界范圍內(nèi),在金融領(lǐng)域中的一種創(chuàng)新與革新,無論是從歷史發(fā)展角度還是從實踐角度,無論是從覆蓋全世界還是僅僅包括我國的范圍角度,資產(chǎn)證券化都是金融市場成熟并發(fā)展到一定階段的自發(fā)形成的成果和產(chǎn)物。資產(chǎn)證券化的進步與發(fā)展,對于貨幣市場、信貸市場的發(fā)展與完善、對全世界范圍內(nèi)或者某個特定地區(qū)范圍內(nèi)的市場資源的配置方面,都有極大的促進作用。資產(chǎn)證券化于20世紀70年代的美國開始出現(xiàn),之后隨著經(jīng)濟的發(fā)展其不斷地演化與進步,憑借著獨特的優(yōu)勢,而逐漸被世界范圍內(nèi)所接受。資產(chǎn)證券化的過程比較復雜,其有多個參與主體,從其運作過程來看,資產(chǎn)證券化中的特殊目的機構(gòu)處于核心的位置,為發(fā)起人和投資人的重要連接點,資產(chǎn)證券化的特殊目的機構(gòu)有兩個最關(guān)鍵的功能,其中一點就是將證券化資產(chǎn)從資產(chǎn)原始所有人資產(chǎn)的破產(chǎn)風險中進行隔離,從而對證券投資者的利益進行保護。另一點便是避免了資產(chǎn)轉(zhuǎn)移過程中產(chǎn)生的“雙重征稅”問題。從上個世紀九十年代初,我國就開始對資產(chǎn)證券化進行了探索,比如1992年三亞地產(chǎn)投資券事件等。2005年3月,中國人民銀行會同有關(guān)部門經(jīng)國務(wù)院批準,成立了信貸資產(chǎn)證券化試點工作小組,率先進行了信貸資產(chǎn)證券化的試點,這個項目的啟動,標志著我國正式開始了資產(chǎn)證券化項目工作。依據(jù)我國現(xiàn)存的各種資產(chǎn)證券化項目,我國的資產(chǎn)證券化項目可以大致分為三種類型,分別是在證券監(jiān)督管理委員會與中央人民銀行兩方主導下的信貸資產(chǎn)證券化、在銀行業(yè)監(jiān)督管理委員會主導下的企業(yè)資產(chǎn)證券化以及在銀行間交易商協(xié)會主導下的資產(chǎn)支持票據(jù)。這三種類型的證券化項目,有著許多相似之處,但同時,也有著許多的不同之處,其中最大的不同就是關(guān)于特殊目的機構(gòu)的存在方式部分。這幾種存在方式尤其存在的合理性,同時一有不慎也會帶來不可避免的危害,正因為如此,我們需要在我國現(xiàn)存在的基礎(chǔ)上,借鑒國外的成功經(jīng)驗就我國金融業(yè)的發(fā)展現(xiàn)狀進行二者相結(jié)合,對我國資產(chǎn)證券化業(yè)務(wù)的制度建設(shè)進行合理規(guī)劃與建設(shè),以促進我國資產(chǎn)證券化業(yè)務(wù)更好的發(fā)展。
[Abstract]:With the continuous changes and development of human social economic life, the financial instruments and financial system have been deepening and developing constantly. Asset securitization has been in the financial field for more than 40 years. As a financial system of such far-reaching significance, it was born in the American capital market in 1970s. With its unique financing structure and advantages, it spread rapidly to Europe and Latin America since 80s, and to the Asia-Pacific region in 90s. Asset securitization is a kind of innovation and innovation in the world and in the field of finance because it has acquired its own unique position in the capital market of every region of the world and become an irreplaceable mode of financing in the capital market. Whether from the perspective of historical development or from the perspective of practice, whether from the point of view of covering the world or only including our country. Asset securitization is the result and product of the spontaneous formation of the financial market which matures and develops to a certain stage. The progress and development of asset securitization is the development and perfection of the money market and credit market. Asset securitization began in 1970s in the United States, where asset securitisation has played a significant role in the allocation of market resources worldwide or in a particular region. With the development of economy, it has been gradually accepted by the world with its unique advantages. The process of asset securitization is more complex, and it has many participants. From the point of view of its operation, the special purpose agency in asset securitization is in the core position. It is an important link point between the initiator and the investor. The special purpose agency of asset securitization has two most critical functions. One is to isolate securitised assets from the bankruptcy risk of the assets of the original owner. To protect the interests of securities investors. Another is to avoid the transfer of assets arising from the "double taxation" problem. Since the beginning of -10s. China began to explore asset securitization, such as the property investment bond incident in Sanya on 1992. On March 2005, the people's Bank of China and the relevant departments were approved by the State Council. A pilot working group on securitization of credit assets was set up to take the lead in the pilot project of securitization of credit assets. According to the existing asset securitization projects in China, asset securitization projects in China can be roughly divided into three types. They are the securitization of credit assets under the guidance of the Securities Regulatory Commission and the Central people's Bank of China. The securitisation of corporate assets led by the Banking Regulatory Commission and the asset-backed instruments under the auspices of the Inter-bank Dealers Association. These three types of securitization have many similarities, but at the same time. There are also many differences, among which the biggest difference is about the existence of special purpose agencies. These ways of existence are especially reasonable, at the same time a careless will also bring about inevitable harm. Because of this, we need to use the successful experience of foreign countries for reference on the basis of the current existence of our country. In order to promote the better development of asset securitization business in China, the system construction of asset securitization business in China is planned and constructed rationally.
【學位授予單位】：吉林大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：D922.287

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