降低银行不良资产的证券化模式研究

【作者】 周丹；

【导师】 孙伯良；

【作者基本信息】 浙江师范大学 ， 区域经济学， 2004， 硕士

【摘要】 本文从创新性活动与经济增长的联系出发，引出了利用金融创新(资产证券化)手段处置银行不良资产，并最终实现高效金融支持体系建设的思路。文章首先对资产证券化的定义、由来、操作流程、运用理论基础以及它本身所具有的经济功能作了一个较为全面的介绍，然后将用笔转到处理我国银行积累的巨额不良资产这一问题之上。 既然降低不良资产关系到了金融的稳定和经济的发展，而传统的处置手段又是“非效率”的时候，寻求新的、有效处置方法便显得必要起来。对于不良资产证券化这一“舶来”之物，文章比较分析了理论界存在的两种观点，结合自己的分析，得出不良资产证券化在我国应行及可行的结论。 然后文章在国内外理论共同点和成功模式的基础上，展开了对“不良资产证券化”的理论探讨。文章的理论分析是利用一个动态的供需平衡模型作为框架，宗旨是利用经济学的供需理论来增加不良资产证券化的业务量和由此形成成熟的交易结构。在“供给”方面，文章谈到了产权改革、制度变迁、法律规范以及制度体系的建设等问题；在“需求”方面，则在成熟资本市场和吸引投资主体两个方面进行了论述。并且在每一领域的分析中文章都结合区域经济的实际发展提出了自己的见解和主张。 在本文的第五部分中，文章对不良资产证券化进行了方案设计。方案设计是按照上面的理论分析的构想作出的，分成两个大类，四个组成部分，具体谈到了资产池的构造、特设载体(SPV)的设立、证券化产品的设计以及信用评级、信用增级等内容。不良资产证券化的运作过程集中体现了文章己谈到的各项观点。 在本文的结语部分里，文章再次谈到银行不良资产的处理，对这一问题的解决给出了一些补充。最后全文前后照应，以金融创新带动“金融”建设，长期实现经济增长作结。更多还原

【Abstract】 With the beginning of connection of economy increasing and innovation activities, to tackle the problem properties in banks with the usage of finance innovation (Asset Securitization), this article puts forward the thought constructing a efficient financial support system. First of all, the article has a complete introduction of Asset Securitization including the definition, its origin, operation process, theories applicated and all the economic function it owns. Then the article takes focus on the problem to reduce the huge sum of problem properties stocked in the banks of our country.Now since tackling the problem properties has a relation to the finance stability and economy development, and the traditional treatment is no "efficient" at the same time, looking for the new and valid treatment method seems to be necessary. For Asset (problem properties backed) Securitization-- a thing introduced from abroad, the article compares analyzing twokinds of standpoints that exist in the theory fields, joining its own analysis, draws the conclusion that Asset (problem properties backed) Securitization is necessary and feasible in our country.On the foundation of theory commons and success modes which come from domestic and international, the article launches the theory study in Asset (problem properties backed) Securitization. The theory analysis of the article takes a dynamic equilibrium of supply and demand business as model frame. Aim is to make full use of the economics theory of supply and demand to enlarge Asset (problem properties backed) Securitization business and spur the trade-off construction mature. On the aspect of supply", the article speaks of property rights reform, system changes, the construction of law and system structure; On the aspect of "demand", the article talks about maturing the capital markets and attracting different investors. And the analysis in each field the article connecting the actual development in regional economy puts forward its own views and policy opinions.In the textual 5th part, the article carries through the project designs for Asset (problem properties backed) Securitization. The project designs are made according to the analytic speculation above, and can be divided into two kinds, four structural parts. Specific speaking, those contents cover assets pooling, setting up Special Purpose Vehicle(breviary SPV), the design for security products, credit rating and credit increasing etc. The operation process of Asset (problem properties backed) Securitization embodied apparently the various standpoints that the article mentioned.In textual conclusion part, the article takes a view on tackling the bank problem properties again. This time, some complement solutions are given. The final idea of the article same as the beginning, the full article makes a knot in the end by arousing finance development with the financial innovation activities, to realize a long period economy increasing.更多还原