【作者】 屠敏恺；

【导师】 陈银娥；

【作者基本信息】 华中师范大学 ， 政治经济学， 2001， 硕士

【摘要】 随着全球资本市场证券化浪潮的不断推进，资产证券化作为一种新兴的融资工具受到越来越多的关注。我国正处于经济高速发展时期，急需大量建设资金，资产证券化技术的引进无疑能拓宽现有融资渠道，解决资金缺口，对于我国资本市场的进一步发展也能有所促进。然而，在具体运用过程中，必须清楚看到资产证券化的发展并非一蹴而就，而是伴随整个金融体制的变革、金融市场基础设施的完善逐渐成熟起来的。对中国资产证券化整体状况进行冷静审视和重新定位，将有助于资产证券化依据其严谨的结构性规范，因地制宜地健康发展。 全文共分为四个部分。第一部分由基础理论入手，介绍了资产证券化的概念体系、本质特征、基本证券品种及其中的金融创新，并从时间先后和地域分布等方面回顾了资产证券化的发展简史。第二部分的主要目的是突出“结构性规范”对于资产证券化的重要性；强调了资产证券化作为一种结构性融资行为，其交易成功的关键即在于恪守结构性规范中每一个环节的技术要求。第三部分以结构性规范要求为依据，全面、客观地对中国资产证券化现状进行了分析；在肯定引进资产证券化技术的积极作用之后，指出了我国境内资产证券化的整体运作条件还不够成熟，并对目前准备试行的两种银行资产证券化予以了否定。第四部分则是根据中国的具体国情及结构性融资所独有的结构特征提供的便利，在结构性规范基础上对中国资产证券化体系进行了重新规划，其基本方案为：以国家基础设施收益权项目和高品质贸易应收款项目为现行资产证券化的重点资产品种，采用跨国资产证券化运作方式避开各种障碍，同时，兼顾我国自身资产证券化基础环境体系的建设，加快住房抵押贷款市场的发展进度，为境内资产证券化的全面实施作好一切准备。更多还原

【Abstract】 With the advance of global capital market抯 securitization, more and more attention has been focused on asset securitization as a rising financial instrument. Owing to highly developed economy, our country is in great demand of large amount of construction funds. The importation of asset securitization technology will certainly broaden present financial channels and solve the difficulties of fund shortage, which can promote the further development of capital market. However, in the course of actual operation, we must make clear that the development of asset securitization Can抰 be accomplished in one move, but gradually become mature with reform of the whole financial system and improvement of money market抯 basic facilities. Therefore, observation and re-orientation of general conditions of Chinese asset securitization will be an aid to healthy development of asset securitization in accordance with its rigorous structural standard. This thesis is composed of four parts. Part I begins with basic theories and introduces concept sYstem, nature, basic types of securities of asset secuntization and its financial innovation. Besides, it reviews the brief developing history of asset secuntization from the angle of chronological order, region distribution, etc. Part II highlights the importance of ~憇tructural standard?to asset securitization, and emphasizes that as an act of structured finance, the successful transaction of asset secuntization results from conforming to technological requirement of each link within structural standard. Based on part II, part Ill analyzes the general conditions of Chinese asset securitization. On the one hand, it affirms the positive effect of the importation of asset securitization technology; on the other hand, it points out that the general operation conditions has not yet become ripe, and negates two kinds of present bank asset securitization to be carried out. Part IV re-plans asset securitization system on the basic of structural standard according to Chinese actual conditions and structural features typical of structured finance. It puts forward a preliminary scheme as follows: profit right project of national basic facilities and payment project of high-quality trade will be regarded as the key asset types of present asset securitization; besides, means of transnational asset securitizaticn will be adopted to avoid all kinds of obstacles. At the same time, consideration must be given to both the construction of basic environmental system of asset securitization and the accelerating development of home loan mortgage market, thus gets ready for full implement of asset securitiization in China.更多还原