【摘要】：工程擔保安全網是為保護保函持有人和索賠權利人的經濟利益安全,積極應對工程擔保風險而設定的制度體系和政策框架。我國自引入工程擔保制度以來,保函持有人和索賠權利人的經濟利益保護缺失,行業(yè)公信力不高。特別是近期出現(xiàn)的擔保公司倒閉潮,對工程擔保行業(yè)形成了巨大沖擊,保函持有人和索賠權利人的經濟利益安全問題再一次受到廣泛的關注。因此,對構建工程擔保安全網的關鍵要素展開研究,具有重要的現(xiàn)實和理論意義。從現(xiàn)有的研究來看,國內外學者對工程擔保安全網的認識還比較模糊�；谝延醒芯�,本文首先利用文獻研究和定性分析的方法,識別出構建工程擔保安全網的關鍵要素,從案例實證角度,對美國、加拿大和英國的工程擔保安全網實踐情況進行調研,并分析我國工程擔保安全網的建設現(xiàn)狀;其次,闡述審慎監(jiān)管在工程擔保三方協(xié)議框架下的作用原理,并以業(yè)主支付擔保為例,構建基于二叉樹方法的保函價值量測模型;再次,在分析工程再擔保的作用原理之后,運用演化博弈理論,探尋工程再擔保體系演化穩(wěn)定條件;然后,在闡述工程擔保保證基金和市場退出機制作用原理的基礎上,進一步揭示工程擔保安全網各個關鍵構成要素之間的內在聯(lián)系。主要研究結論:1)構建工程擔保安全網的關鍵要素包括審慎監(jiān)管、工程再擔保、保證基金和市場退出機制,但這些構成要素并非一成不變,在不同的經濟制度環(huán)境中,某些要素可能被強化或弱化。2)從保函價值量測模型和仿真結果來看,業(yè)主支付擔保的公平價受諸多因素影響;其中,業(yè)主資產波動率、擔保金額或有效期的增加,保函價格會上升,但擔保金額增加到一定程度后,保函價格將保持不變;業(yè)主初始資產價值或無風險利率的增加,保函價格會下降;保函價值量測為完善審慎監(jiān)管提供了理論基礎。3)工程再擔保體系穩(wěn)定演化必須滿足保函需求旺盛,最大杠桿系數(shù)不充足,接受保證人加入再擔保體系后再擔保機構增加的收益為正、保證人增加的收益大于申請成本;明確的穩(wěn)定演化條件為我國工程再擔保機制的實施提供了理論參考。4)在一般經濟制度環(huán)境下,四個關鍵要素內在聯(lián)系緊密,互為前提,相輔相成,共同保護保函持有人和索賠權利人的經濟利益安全。以上述研究結論為基礎,最后提出完善我國工程擔保安全網的建議:完善工程擔保的審慎監(jiān)管,規(guī)范專業(yè)工程擔保保證人的行為;構建工程擔保保證基金制度,建立市場信任;分步實施工程再擔保機制,有效分擔擔保風險;完善工程擔保的市場退出機制,筑好最后一道防線。
[Abstract]:The project guarantee safety net is a system and policy framework to protect the economic interests of guaranty holders and claim holders and to actively deal with the risk of engineering guarantee. Since the introduction of the engineering guarantee system in China, the economic interests of the holders of guarantee and the claimants of claims are not protected, and the credibility of the industry is not high. Especially the recent bankruptcy of guarantee companies has a huge impact on the engineering guarantee industry. The security of the economic interests of guaranty holders and claims holders is once again widely concerned. Therefore, it is of great practical and theoretical significance to study the key elements of the construction of engineering security safety net. From the existing research, domestic and foreign scholars' understanding of engineering security safety net is still relatively vague. Based on the existing research, this paper first uses the methods of literature research and qualitative analysis to identify the key elements of constructing engineering guarantee safety net. The practical situation of engineering security safety net in Canada and Britain is investigated, and the present situation of construction of engineering guarantee safety net in China is analyzed. Secondly, the principle of prudential supervision under the framework of tripartite agreement on engineering guarantee is expounded. Taking the owner's payment guarantee as an example, this paper constructs the model of measuring the value of guarantee based on the binary tree method. Thirdly, after analyzing the principle of engineering reguarantee, the evolutionary game theory is used to explore the evolutionary stability conditions of engineering reguarantee system. On the basis of expounding the working principle of engineering guarantee fund and market exit mechanism, this paper further reveals the internal relations among the key elements of engineering guarantee safety net. Conclusion: 1) the key elements of constructing a safety net for engineering guarantee include prudential supervision, engineering reguarantee, guarantee of fund and market exit mechanism, but these elements are not fixed, in different economic system environment. Some elements may be strengthened or weakened .2) from the value measurement model and simulation results, the fair price of the owner to pay the guarantee is affected by many factors, among which, the volatility of the owner's assets, the amount of the guarantee or the increase of the period of validity. The price of guarantee will rise, but when the amount of guarantee increases to a certain extent, the price of guarantee will remain unchanged, and the price of guarantee will decrease with the increase of initial asset value or risk-free interest rate. The measurement of the value of guarantee provides a theoretical basis for the improvement of prudential supervision. 3) the stable evolution of the engineering reguarantee system must meet the strong demand for guarantee, and the maximum leverage coefficient is not sufficient. After accepting the guarantor to join the reguarantee system, the income increased by the guarantee institution is positive, and the income increased by the guarantor is greater than the application cost; Under the general economic system environment, the four key elements are closely related, mutually reinforcing and mutually reinforcing. Jointly protect the security of the economic interests of the holder of the guarantee and the claimant. On the basis of the above conclusions, some suggestions are put forward to perfect the safety net of engineering guarantee in China: to perfect the prudential supervision of engineering guarantee, to standardize the behavior of professional guarantee guarantor, to construct the system of engineering guarantee fund, and to establish market trust. Step by step implement the project reguarantee mechanism, share the guarantee risk effectively, perfect the market exit mechanism of the engineering guarantee, build the last line of defense.
【學位授予單位】：清華大學
【學位級別】：博士
【學位授予年份】：2015
【分類號】：TU714;F284;F832.4

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