【作者】 周兴艳；

【导师】 石良平；

【作者基本信息】 华东理工大学 ， 应用经济学， 2011， 硕士

【摘要】 汽车金融作为汽车工业的巨大推动力和国外汽车公司的最大盈利点近年来在我国方兴未艾。但相对于我国庞大蓬勃的汽车产业,汽车金融业在我国6年的发展状况还是无法适应和有效推动汽车业的发展。深究原因发现,汽车金融的融资问题已经成为其发展的主要瓶颈。纵观国际成熟经验,资产证券化作为增强资产流动性、化解金融风险的重要工具,已经逐渐成为破解汽车金融融资难题的关键。此时对汽车金融资产证券化进行研究显得尤其迫切。本文按照总分总的逻辑展开,首先叙述研究背景和文献综述；接着主要分析了我国汽车金融资产证券化的运行模式；在此基础上探讨汽车金融资产支持证券的定价方法并结合我国首只汽车金融资产支持证券(通元2008-1)进行实证分析；最后指出汽车金融资产证券化存在的问题并提出相关建议。综合理论分析和对“通元2008-1”的实证分析,最后得出以下结论：目前情况下我国可采用国际上通用的资产证券化运行模式,但根据我国实际情况,特殊目的机构主要采取信托形式,信用增级主要采取内部增级。定价方法主要采用静态现金流收益率法和静态利差法,其中,静态利差法由于考虑了利率的期限结构更为准确。更多还原

【Abstract】 As a huge driving force and the automotive industry’s largest profitable offering in foreign country, we noted that the auto finance industry in China is developing a lot recent years. But compared to the huge boom in China’s auto industry, auto finance industry’s 6 years development in China is still in its infancy, can not adapt to and effectively promote the thrilling auto industry. With clue as to why, financing has become a bottleneck in its development. A look at international experience in mature, asset securitization which is a important tool to strengthen asset mobility and avoid financial crisis has become a key to auto financing problem. Now, the research on asset securitization of auto finance means a lot.This paper is logical to start with the following. First, It describes the background and literature review, the second part analyzes the mode of operation, the next focuses on auto finance asset-backed securities pricing; followed, empirical studying to the first auto finance asset-backed securities (Tong Yuan 2008-1). The last chapter is to conclude the problems and recommendations.Comprehensive the theoretical analysis and the empirical analysis, finally we can draw the following conclusions:the current issue mode can be used in China, but basis our condition, SPV should be entrustment basis and credit update should be internal. About pricing fixing methods, static cash flow yield and static spread are both applicable, but the latter is a little bit precise for it considers the term structure of interest rate.更多还原