资产证券化研究

【作者】 张峰；

【导师】 张大军；

【作者基本信息】 中共中央党校 ， 政治经济学， 2003， 博士

【摘要】 资产证券化作为三十多年来全球金融领域最重要的金融创新之一，问世至今，已迅速成为发达国家资本市场的主流融资工具。资产证券化凭借其独特的交易机制实现了对金融资产风险—收益的明晰化，从而使金融资产的市场交易摆脱了传统融资机制风险混同困境的束缚，促使价值规律的调节作用在真实价格的基础上得以充分发挥，最终实现金融资产社会配置的最优化。资产证券化不但为市场机制作用的充分发挥奠定了基础，而且充分体现了金融市场一体化的客观要求。通过创造出标准的金融产品，使金融资产得以在全球范围内优化配置。同时，金融工具的创新还带来了金融理念和金融业分工格局的革新。围绕金融资产真实交易价格的形成过程，整个金融体系重新定位，金融体系的运作效率进一步提高。不仅如此，资产证券化还逐步渗透到社会经济领域的各个层面，对整个经济运行效率产生巨大的影响。当前，我国社会主义市场经济体制改革正稳步推进。改革的主要使命是在宏观调控的引导下充分发挥市场机制的资源配置作用。改革迫切需要引进资产证券化这样的能充分体现市场机制本质要求的创新性成果。 在这一背景下，本文紧扣资产证券化的本质特征，以资产证券化的基本运行机制——“风险—收益真实化机制”为主线，从金融史观出发，站在生产力发展的高度，全面阐释资产证券化的核心原理。本文力图揭示资产证券化的内在发展逻辑，力图揭示资产证券化的运行机制与市场机制的一致性，并以此为基础全面阐述资产证券化的开创性意义，从而还资产证券化以本来面目。全文共八章。 第一章通过对资产证券化的内涵和本质的创新性阐述，奠定了本文的理论基础。长期以来，国内外对资产证券化的理论研究缺乏明确的主线。尤其集中表现在对资产证券化内涵的混乱表述上。本文以马克思经济学说为指导，首先通过对资产内涵的明确界定，说明了资产作为经济物品的本质要求，以及这一本质要求如何通过资产的五种存在形式间的互相转化来满足。继而说明，证券化这种资产交易形式能较好的体现资产的特性和交易需求。在此基础上，本文通过对世界金融体制发展史以及美国资产证券化发展史的分析，进一步说明，资产证券化是资产交易方式在资产本性的客观要求下发展的高级成果，并据此给出资产证券化的基础定义：即以特定的风险—收益真实化机制为核心，借助证券化手段，实现存量资产的市场优化配置的过程或者机制。该存量资产的风险—收益组合效用的基础是其具有的未来可预期的收益。在本章的第二节，根据资产证券化的基础定义，结合资产运营的基本形式，本文得出资产证券化的一般模式。并按照资产流通、形式转换的内在要求将资产证券化的特征概括为“一个基础、一套机制”：也即以现实资产为信用基础和以风险—收益真实化为运作机制，从而最终界定了资产证券化的本质。 第二章力图通过对资产证券化一般操作流程的概括，来进一步诠释资产证券化的本质特点。第一节总结了资产证券化运作中体现的三大机制，即资产重组机制、风险—收益真实化机制和信用增级机制。第二、三节展示了资产证券化流程的参与主体和主要交易环节是如何体现资产交易的内在要求，是如何体现资产证券化的先进性的。本章对资产证券化运行的三大机制以及参与主体的分类具有一定的创新性。 第三章遵循一般上升到特殊的理论逻辑，通过对资产证券化不同表现形式的分析，使资产证券化抽象的内涵和本质进一步丰满起来。第一节从证券化的核心一资产出发，创造性按照资产的价值存在形式将资产证券化形式划分为四类，并阐释资产证券化是如何满足资产价值形式转换的内在要求。第二节按照证券化的构造方式将现存资产证券化品种划分为两大类，通过对资产证券化实践模式革新的分析来说明资产证券化是如何满足资产交易的内在要求。 第四章是本文相对独立的一个部分。通过市场运行主体资产选择行为的数理分析，来说明在一定外部约束条件下，市场主体如何根据自身资产状况和融资需求来构建满足其盈利最大化要求的证券化资产和其他资产的资产组合。从而帮助我们从另一个侧面去理解资产证券化的基本动机和比较优势。 第五章是本文重点。风险一收益真实化机制是资产证券化的核心机制。资产证券化作为独特的金融创新工具的奥妙几乎都蕴含在这一机制中。因此，本文用一章的篇幅来集中展示这一机制的特征和要求。本文将风险一收益真实化机制进一步划分为“风险隔离机制”和“收益保证机制”。本章用前三节的篇幅来论述风险隔离机制特征，并用“两个合格、一个真实”来概括风险隔离机制的特殊要求。第四节集中说明收益保证机制的内容。 前五章的分析构成了对资产证券化基本原理的分析。本文的第六、七两章分别从微观和宏观效益角度，展示资产证券化的创新优势，并进一步深化对资产证券化本质的认识。 第六章从微观角度出发，论述了资产证券化给资产交易的两大参与主体（供给者和需求者）带来的收益。从而揭示了资产证券化发展的历史推动力。 第七章从宏观角度出发，分别论述了资产证券化对金融体系和国民经?更多还原

【Abstract】 Assets Securitization, regard as one of the most important financial innovation of global financial field for over 30 years, has already become major financing instrument of the capital market of developed country rapidly so far. Assets Securitization, relying on unique transaction mechanism, realizes to financial assets risk- benefit distinct to take, thus impels the marketing of the financial assets to change the predicament that the traditional financing mechanism risk confuses, makes the regulating action of law of value be given full play on the basis of true price, realizes optimization that the society of the financial assets allocation finally. Assets Securitization, not only for giving full play to establishing the foundation of market mechanism function, but also has fully reflected the integrated objective request of financial market. Through creating the standard financial products, it makes the financial assets Configuration optimization in the world. Meanwhile, innovation of financial instrument brings the innovation of the pattern of financial idea and financial circles division of work, rounding the forming process of the real transaction price of the financial assets, the whole financial system makes a new fixed position again, the operational efficiency of the financial system improves further. Moreover, Assets Securitization permeates each aspect of social economic field progressively and has an enormous impact on operational efficiency of the whole economy. At present, the socialist market economic system reform of our country is moving forward steadily. The main mission of the reform is to give full play to the role of resource distribution of the market mechanism under the guide of macro adjustments and controls. The reform needs to introduce the innovative achievement that is able to fully reflect the essential request of the market mechanism of the assets Securitization urgently.Under this background, this text links the essential characteristic of the assets Securitization closely, with the basic operating mechanism of the assets Securitization --" risk- benefit realistic mechanism " as thread, proceeds from financial history view, stands at height of productivity development, explains the key principle of the assets Securitization. This text tries to announce inherent development logic of assets Securitization and consistency of assets Securitization operating mechanism and the market mechanism, as base on this and explains the initiative meaning of the assets Securitization in an all-round way, thus returns assets Securitization the true colors. The full text amounts to eight chapters.Through intention of the assets Securitization and essential innovative exposition, Chapter one has established the theoretical foundation of this text. For a long time, lacking the clear thread on theory of the assets Securitization both at home and abroad. Especially it focuses on an expression of the confused statement of the assets Securitization intension. This text regards Marxism economic theory as guidelines and has proved that the assets are the essential request for economical goods through the definition of assets intension at first.And how does this essential request satisfy through the transformation of this five existing forms each other. Thus proves that Securitization, the assets transaction form, can embody characteristic and transaction demand of assets. On this basis, by the analysis of the history of financial system of the world and the phylogeny of American assets Securitization, it proves that assets Securitization is senior achievement of assets trade way under objective request of essentiality of the assets. And according this, the basic definition of assets Securitization is: as the core of specific risk-benefit true mechanism, draw support from the Securitization means, realize the course or mechanism of rational distribution of market of stock assets. This foundation of the avail of risk-benefit portfolio of stock risk- benefit of assets has the benefit of the futur更多还原