中国实施资产证券化的可行性思考：理论与现实

【作者】 蒋洪波；

【导师】 潘青木；

【作者基本信息】 西南财经大学 ， 金融学， 2004， 硕士

【摘要】 一、选题意义资产证券化为近代美国的经济增长作出了巨大的贡献，经济增长与财富的积聚反过来又加速了资产证券化的发展。跨入21世纪，资产证券化已遍及住房抵押贷款、汽车贷款、信用卡应收款、消费贷款、公司贷款、贸易应收款，甚至发展到专营权收费、设备租赁、代位清偿权、垃圾债券、医疗应收款、未来媒体收益、公用事业收费等领域。在美国，资产证券化市场已成为仅次于联邦政府债券的第二大市场，它也是美国资本市场上最重要的融资工具之一。资产证券化就是以金融机构或其他企业持有的缺乏流动性，但具有可预测的、稳定的未来现金流的资产作为信用交易的基础（担保），通过一系列结构重组和信用加强，发行可以在市场上流通的证券的融资方式。资产证券化是一种信用体制的创新，是间接融资的直接化，打通了间接融资与直接融资的通道，综合了两种传统信用体制的优势，形成了体制上的杂交优势。资产证券化是现代经济学与法学结合的典范，它将融资者的破产风险与其整体信用隔离开来，为投资者创造了完美的交易结构和法律设计。在中国实施资产证券化对于改善当前的投融资环境、提高商业银行的核心竞争力、改善资本市场结构、拉动内需促进经济增长等方面，具有重大的现实意义。分析其实施的可行性正是本文的研究目的和选题动机。二、本文的主要内容与研究方法本文共分四个部分，从资产证券化的定义与基本原理出发，对资产证券化的交易结构与运行机制进行了深入的探讨，并重点剖析了资产证券化过程中的各种经济利益与风险，从理论上解决了在实施资产证券化的利益动机上存在的模糊认识。最后，对中国实施资产证券化的现实可行性进行了全面分析，包括：发展现状、环境因素、品种选<WP=4>择、存在的困难等。1、本文的特色之一在于运用经济学和法学相结合的研究方法。在谈到资产证券化的交易结构时，对资产证券化这一国内新兴的领域，运用了大量的笔墨来阐述其中的关键技术与机制，尤其是对“破产隔离”、“真实出售”的理解。为解释这些带有引号的术语，笔者充分运用了自己在法律方面的专长，以民商法学关于产权、所有权、债权、债务、抵押、出售、契约、风险、收益、交易、破产、追索权、剩余求偿权等相关方面的知识，并结合税法、会计制度的要求，分析了各种情况和条件下对法庭认定的影响，将这些机制的内在本质与扩展，甚至相互之间的交叉影响，通过法律的视角显得更明确，同时在牵涉到对这些技术和机制的实际应用时，也体现了灵活性，而不仅仅是停留在字面的理解上。比如，对“真实出售”中到底是销售还是抵押贷款，特别是当发起人破产时，是否一定要认定为销售，法庭则应当综合考虑股东和债权人的利益。2、鉴于国内在这一领域实践的空白，本文的分析方法也是一种常识性、而非实证性的方法。在剖析资产证券化的经济利益与风险时尤为体现。理论界对资产证券化存在一种认识，认为资产证券化的作用虽然巨大，但是它的经济利益却不突出，或者说比较间接，甚至有观点认为证券化是一种“零和”游戏。笔者从事多年的财会工作，以自己在这方面的功底，运用一种常识性的分析方法，从会计收益的角度进行了探讨，说明了证券化并非是“零和”游戏，更为重要的是证券化将发起人未来的经济利益现实化了，为参与主体带来了利益，这是金融效率提高的一大创新。本文对证券化风险的分析也是试图要打消对实施证券化可行性的疑虑，尤其是介绍了国外化解证券化风险的特殊机制，是对参与主体经济利益的有效保障。总之，一定的风险与收益是经济主体实施经济行为的必要条件，资产证券化的风险与收益分析就是要解决其实施的动机，希望本文的研究能够从理论上有所帮助。3、本文的重点，也是本文研究的目的，即资产证券化在中国实施的可行性。鉴于笔者在研究水平上的局限性，尤其是在金融工程知<WP=5>识方面的欠缺，本文侧重于研究资产证券化的可行性，而不是研究如何实施资产证券化，也不是研究是否应该实施的问题，因而内容不涉及资产证券化的技术（比如证券评级与定价、方案设计等），也不涉及资产证券化的缺陷问题。本文采用了逻辑的研究方法和比较的研究方法来分析资产证券化的可行性。首先介绍了当前国内资产证券化的现状，然后从资产证券化的基本原理、交易结构和必要条件上进行逻辑分析，对资产证券化的经济环境、参与主体、品种选择等方面的可行性加以论证，从一般到具体，得出了肯定的结论，其中也不乏一些新颖的决策建议。当然，目前立即实施资产证券化的时机尚未成熟，主要是法律、政策、交易主体等方面仍存在一定的缺陷，本文也用了大量篇幅进行探讨，并提出了参考意见。三、本文的主要观点及创新之处：鉴于资产证券化理论的前沿性与技术的复杂性，尤其是理论上的纯“借鉴”性，本文只能是以介绍与分析性相结合的结构作为论文的体系，将观点与见解融于相对应的具体环节上，而不是先提炼出精辟的论点后再加以阐述论证来作为论文的构架，不足之处还请见谅。1、研究资产证券化的可行性，首先要解决对证券化原理中关于交易结构与运行机制的片面认识，否则就无法为国内?更多还原

【Abstract】 Asset securitization contributed a lot to the economic development of the United State. And now, economic development and wealth accumulation are accelerating the evolution of asset securitization. In the United States, securitization market has become the second large market and it’s also the most important financing tool in USA capital market.Asset securitization is a financing method. It uses some assets as back, which are lack of liquidity, but have foreseeable and stable cash flow and held by finance institutions and other companies. Then through a series of structural recombination and credit strengthening, some convertible securities are issued. Asset securitization is a innovation of credit system. It makes indirect financing and direct financing combining, and has advantages of these two traditional credit system. What’s more, asset securitization is the perfect integration of modern economics and law. It separates the bankrupt risk of financer from the whole credit and supply a wonderful trading structure and legal design to investors.The fulfillment of asset securitization in China has large significance to improving current investment and financing environment, strengthening commercial banks’ competition, perfecting capital market structure, promoting domestic demand and economic development. To analyze the feasibility of its execution is the motivation of choosing this topic and the research purpose of this thesis.ⅠThe main content and research method of this thesis as below:There are four parts in this thesis. Starting with the definition and basic fundamentals of asset securitization, the thesis makes a deep research of its trading structure and operation mechanism, and focuses on analyzing the variety of economic interests and risks in securitization process, which in theory resolves some existing obscure understanding of <WP=8>the interests motivation to fulfill asset securitization. At last, the thesis comprehensively analyzes the feasibility of the asset securitization execution in China.1.One of the characteristics of this thesis is the combing research methods of economics and law. When talking about the trading structure of asset securitization, as for asset securitization---- this completely new area for our country, the author did a lot work to analyze the key technologies and mechanisms, especially to “bankrupt separation” and “real sale”. In order to explain these terms, the author makes full use of his knowledge in law and combines the requests of taxation and accounting systems to analyze the influence in the court of various possible conditions. All these are analyzed and explained from the viewpoint of law, it shows some flexibility and does not just stay on words.2.Regarding to the lack of operation experience in China, the analyses methods of this thesis is also from common sense, but not demonstration methods, and it’s especially showed in the part of analyzing the economic interests and risks of asset securitization. Asset securitization is considered that it can only bring little economic interests. But the author takes his own working experience as basis, form the point of accounting profit to analyze, and finally reaches to his conclusion that asset securitization can realize the future profit of originator, bring interests to participating parts, which is a innovation of finance efficiency promoting. The purpose of analyzing securitization risks is also to relieve the doubt of fulfilling securitization. 3.The emphasis and also the research aim of this thesis is to discuss the feasibility of the asset securitization implement in China. So the thesis mainly focuses on the feasibility analysis, but not how to fulfill it, or whether to do so, or the relative technologies,or its shortcomings. The thesis applies logic and comparative research methods to talk about this <WP=9>core question. Firstly, the thesis introduces the current domestic status of asset securitization, then analyzes the fundamentals, trading structure and nece更多还原