本文選題：資產(chǎn)證券化 + 東北��； 參考：《吉林大學》2017年碩士論文

【摘要】：本文在十八大召開重提全面振興東北老工業(yè)基地和供給側(cè)改革背景下,選擇國有企業(yè)改革和資產(chǎn)證券化結(jié)合這一視角,聚焦東北區(qū)域經(jīng)濟,在吸收當前學者對東北國有企業(yè)改革的研究成果和我國資產(chǎn)證券化試點開展各項實踐基礎上,對東北國企改革如何從資本結(jié)構(gòu)化改革端口開啟改革試點進行討論,以新的角度探討解決東北國有企業(yè)存量資產(chǎn)巨大、國有資本運營效率低問題的方式。文中首先介紹了資產(chǎn)證券化的定義及當前可證券化資產(chǎn)的類型結(jié)構(gòu),并將資產(chǎn)證券化融資渠道同股權融資和債權融資進行比較分析,在此基礎上對國有企業(yè)開展資產(chǎn)證券化融資的成本優(yōu)勢進行分析。在列示當前國有企業(yè)部分財務數(shù)據(jù)基礎上論證國企資本效率低的現(xiàn)狀,討論了我國開展資產(chǎn)證券化國企改革應用的目的和動力。之后將論述焦點聚焦在東北地區(qū)國有企業(yè)在當前背景下改革現(xiàn)狀,以及在供給側(cè)改革中面臨的盤活存量資本活力的任務,對東北國有企業(yè)開展資產(chǎn)證券化改革試點的必要性和可行性進行分析。資產(chǎn)證券化開展也是對國務院提出的“管資本”國企改革方向的實踐。在東北國有企業(yè)開展資產(chǎn)證券化改革既有國企發(fā)展自身的要求,也包含國家區(qū)域經(jīng)濟振興政策對東北提出的目標,即盤活存量資產(chǎn)和完善供給側(cè)改革,同時也為了推動資本市場的完善發(fā)展�？尚行苑治鍪且粋�關鍵點,在東北國企改革中試行資產(chǎn)證券化需要相關資產(chǎn)滿足一定的條件,包括企業(yè)組織機制、資產(chǎn)存量狀況,更重要的是這些資產(chǎn)的現(xiàn)金流能否穩(wěn)定可持續(xù),該部分以國家統(tǒng)計局相關數(shù)據(jù)作為支撐展開討論。接下來,本文在第二章資產(chǎn)證券戶一般模式的討論基礎上對東北國有企業(yè)資產(chǎn)證券化的應用開展特殊性分析,探討東北國企開展資產(chǎn)證券化的模式。從現(xiàn)金流分析到資產(chǎn)池構(gòu)建、信用增級、投資者選擇、定價發(fā)行、評級機構(gòu)、后續(xù)管理,進行全面論述分析。通過對東北地區(qū)特殊性的分析,在最后一章,本文提出了應對東北開展資產(chǎn)證券化改革的制度建議。提出需要東北地區(qū)在微宏觀兩個方面健全區(qū)域內(nèi)各項制度體系的建設,并完善政府推動和監(jiān)管機制,才能更好地利用資本市場改革對國企改革的推動作用。
[Abstract]:Under the background of comprehensively revitalizing the old industrial base in Northeast China and the supply-side reform, this paper chooses the angle of view of the combination of state-owned enterprise reform and asset securitization to focus on the northeast regional economy. On the basis of absorbing the current research results of the reform of northeast state-owned enterprises and the practice of the asset securitization pilot in China, this paper discusses how to open the pilot reform of state-owned enterprises in Northeast China from the port of capital structural reform. A new way to solve the problem of large stock assets and low operating efficiency of state-owned enterprises in Northeast China is discussed in this paper. This paper first introduces the definition of asset securitization and the current structure of securitization assets, and compares the financing channels of asset securitization with equity financing and debt financing. On this basis, the cost advantages of asset securitization financing for state-owned enterprises are analyzed. On the basis of listing some financial data of state-owned enterprises, this paper demonstrates the present situation of low capital efficiency of state-owned enterprises, and discusses the purpose and motive force of the reform and application of state-owned enterprises in asset securitization in China. Then it will focus on the current situation of the reform of state-owned enterprises in Northeast China and the task of invigorating the vitality of the stock capital in the supply-side reform. This paper analyzes the necessity and feasibility of the pilot reform of asset securitization in northeast state-owned enterprises. The development of asset securitization is also the practice of the reform of state-owned enterprises put forward by the State Council. The development of asset securitization reform in state-owned enterprises in Northeast China has not only the requirements of state-owned enterprises to develop themselves, but also the goals put forward by the national regional economic revitalization policy for Northeast China, that is, to revitalize the stock of assets and improve the supply-side reform. At the same time, in order to promote the perfect development of the capital market. Feasibility analysis is a key point. To try out asset securitization in the reform of state-owned enterprises in Northeast China needs to meet certain conditions, including enterprise organization mechanism, asset stock situation, More important is whether the cash flow on these assets is stable and sustainable, supported by data from the National Bureau of Statistics. Then, based on the discussion of the general model of asset securities households in the second chapter, this paper analyzes the particularity of the application of asset securitization in northeast state-owned enterprises, and probes into the mode of asset securitization in Northeast state-owned enterprises. From cash flow analysis to asset pool construction, credit enhancement, investor selection, pricing and issuing, rating agencies, follow-up management, comprehensive discussion and analysis. Based on the analysis of the particularity of Northeast China, in the last chapter, this paper puts forward some institutional suggestions to carry out the reform of asset securitization in Northeast China. In order to make better use of the role of capital market reform in promoting the reform of state-owned enterprises, it is necessary to improve the construction of various systems in the region in the micro and macro aspects, and to perfect the mechanism of government promotion and supervision.
【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】：F832.51;F276.1

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