【作者】 李宁；

【导师】 王淑敏；

【作者基本信息】 天津财经大学 ， 金融学， 2008， 硕士

【摘要】 资产证券化是一种结构性融资方式,是近三十年来世界金融领域最重大并且发展最迅猛的金融创新,也是当代金融理论与实践的前沿课题。资产证券化信托是资产证券化制度与信托制度对接下的产物,是国际上实现资产证券化应用最广泛的典型模式,也是资产证券化利用信托所特有的破产隔离功能来实现其自身需求,实现融资的方式。我国对资产证券化经过近十年的理论研究和立法准备,于2005年底正式启动银行信贷资产证券化试点,从此我国资产证券化信托开始了实践探索并逐步发展。文章力求从理论层面与实际运作两方面对资产证券化信托做出尽量完备且深入的总结分析。首先是关于资产证券化理论与信托相关理论的发展研究,并着重对我国资产证券化采取信托模式做了详尽分析;然后对国内外资产证券化信托进行了比较研究,并以案例为考察对象,对我国资产证券化信托实践作了更深入探讨。最后基于前面的理论与实践研究,探讨了现行的资产证券化信托对金融机构与市场的有益影响,并分析了资产证券化信托实践中的障碍与困境,同时针对于此,提出相应的对策建议与前景展望。文章采用了归纳,演绎推理和系统分析的方法,在深入研究我国信托制度特征的基础上通过理论与现实分析相结合的方式,对我国目前的资产证券化信托实践进行了研究。在我国,资产证券化信托的尝试历时将近三年,各参与主体随之发展,市场逐步成长,但仍存在若干障碍与干扰因素,文章着重对此加以分析,提出一些建议。更多还原

【Abstract】 Asset Securitization, a typical structured finance, is the most significant financial innovation in the financial areas of the world in the past 30 years. Asset securitization is a forward subject of contemporary financial theory and practice. Asset Securitization Trust, which is the correspondence of asset securitization and financial trust, is the typical model widely being used in international asset securitization market. And it is also the financial model which asset securitization uses to meet its own needs. In the end of 2005, bank credit asset securitization pilot in China officially launched after nearly 10 years of theoretical study and legislative preparations. Asset securitization trust begins to practice and gradually mature in China.The paper tries to make a comprehensive and deep analysis on the theoretical level and the actual operation of the asset securitization trust. Firstly, the paper studies on the theory of asset securitization trust related to the development of research and the detailed analysis of patterns. Then the paper analyzes the fiduciary pattern of asset securities in China and compares the domestic and foreign assets securitization trust. The asset securitization trust practice in China is studied deeply through a case study. The paper studies the beneficial impact on the market and financial institutions of the asset securitization trust at present. The paper points out the obstacles and difficulties in the practice of the asset securitization trust. In the end, the paper proposes the countermeasures and forecasts the future development.Using the way of categorization, reasoning and interpretation, the paper, through the study on the characteristics of the trust system, analyzes the asset securitization trust practice on the basis of the combination of theory and practice.The assets securitization trust have been developing nearly three years in China. Although the work improves relevant legislation and the financial market gradually, there are still several obstacles and interference factors. Therefore, the article focuses on this analysis and puts forward its own proposals.更多还原