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论文编号：	7379
作者编号：	2120122962
上传时间：	2015/6/8 18:16:54
中文题目：	中国的资产管理公司资产证券化发展研究
英文题目：	Research on the Asset Securitization Business of China Asset Management Corporation
指导老师：	张耀伟
中文关键字：	资产证券化;资产管理公司;信贷资产
英文关键字：	Asset Securitization;Asset Management Co;credit assets
中文摘要：	资产证券化是现代金融领域最重大的创新之一，是金融市场融资方式的一项重大突破。资产证券化起源于美国，自其诞生后在世界范围内发展迅猛，并已逐渐成为全球金融市场最具活力的成熟产品之一。 20世纪90年代，资产证券化在世界上许多国家和地区都得到了发展。美国、加拿大等美洲国家，日本、韩国及中国香港、中国台湾等亚洲国家和地区，英国、德国、法国等欧盟国家都先后开展了该项业务。由于这些国家和地区经济发展水平不相一致，法律制度存在一定差异，证券市场发育程度也有所区别，因此，各个国家和地区开展这项业务的具体操作方式也不尽相同，但是他们的具体业务实践进一步丰富了证券化的理论，有力促进了证券市场乃至整个金融市场的发展。虽然2007年美国次贷危机爆发给资产证券化的发展带来负面影响，但资产证券化在全球金融市场的地位并未发生重大改变。 我国实际工作部门研究资产证券化的时间较晚，直到1999年，我国住房抵押贷款业务做的最早，也是业务量最大的中国建设银行才开始证券化研究工作。2000年，国家开发银行也提出了开展资产证券化业务的要求，虽然因为当时条件尚不成熟，上述业务要求没有立即获得批准，但是该项业务已经引起国务院领导同志的高度关注和重视。2004年初，中国人民银行和中国银行业监督管理委员会联合上报了“关于在国家开发银行和中国建设银行进行信贷资产证券化试点的请示”。2005年12月，随着“开元2005年第一期信贷资产支持证券”和“建元2005年第一期个人住房抵押贷款支持证券”成功发行，我国信贷资产证券化试点取得阶段性成果。2006年，人民银行和银监会对信贷资产证券化试点经验进行了全面总结，随后中国信达资产管理公司、中国东方资产管理公司又对我国不良资产证券化进行了积极探索，并成功发行了信元、东元两单重整资产支持证券。自2007年开始，新一轮规模更大的信贷资产证券化试点开始启动，直到2008年5月末，共有8家金融机构发行了343亿元信贷资产支持证券。随后，受美国次贷危机影响，我国监管层对资产证券化业务持审慎态度，致使该项业务暂停了4年。 2011年，随着全球金融危机的严重影响逐渐退去，资产证券化的作用重新受到重视并再次启动试点。2012年5月，中国人民银行、中国银监会、财政部联合下发《关于进一步扩大信贷资产证券化试点有关事项的通知》，标志着我国新一轮资产证券化试点进入实质性阶段。在此后的两年多时间里，包括工农中建交五大国有商业银行、国家开发银行、中国农业发展银行、中国邮政储蓄银行、二十余家股份制商业银行和城市商业银行、资产管理公司，以及汽车金融租赁公司等在内的金融机构，均发行了不同规模的资产证券化产品，我国资产证券化实践得到了长足发展。 1999年，为应对亚洲金融危机，经国务院批准，财政部先后组建了信达、东方、华融、长城四家资产管理公司，成立之初的主要任务是分别收购、管理和处置由中国建设银行、中国银行、中国工商银行、中国农业银行剥离的1.4万亿政策性不良贷款，并最大限度的保全国有资产，减少处置损失。在国务院批准设立资产管理公司时，就明确这四家公司可以通过证券化方式处置不良资产。 2007年，随着政策性不良资产处置任务完成，四家资产管理公司进入“商业化转型”阶段，转型目标是要发展成为“商业化运作、多元化经营、可持续发展”的集团化金融企业。在此过程中，四家资产管理公司的经营范围除了传统不良资产收购处置业务外，还扩展到多元化的中间服务业务和专业化的金融平台业务。 资产证券化作为一项重要的业务手段，对资产管理公司拓宽融资渠道、改善资产结构、增强流动性和提升收益率水平具有重要的作用。因此，在资产管理公司商业化转型的大背景下，以其资产管理核心业务项下的“重组类信贷资产”为基础资产，进行证券化业务研究与实践具有十分重要的现实意义。正是在上述背景下，本文结合国内外各类金融机构开展资产证券化业务的理论研究与工作实践，重点对我国资产管理公司开展资产证券化业务进行专题论述与研究。 本文首先阐述了资产证券化的形成与发展，对资产证券化这一现代金融市场的重大创新进行了系统分析与总结。而后详细介绍了资产证券化理论概述与实践，主要介绍资产证券化的定义、特点，并详细阐述资产证券化的交易结构，以及国外和我国对资产证券化业务的实践。此部分内容力求通过概述对资产证券化进行相对完整的专业说明。文章的中间部门是资产管理公司开展资产证券化业务必要性与价值，重点是总结我国资产管理公司的发展历程和商业化转型情况，并对资产管理公司开展资产证券化业务的积极意义和基础资产进行说明和分析。 本文的核心内容是资产管理公司资产证券化产品设计。该部分内容通过对三家资产管理公司，特别是中国长城资产管理公司开展的资产证券化的具体项目案例，详细分析了资产管理公司资产证券化业务的交易结构、基本要素、运作流程，以及与商业银行信贷资产证券化业务的区别。 文章最后是对资产管理公司资产证券化未来展望与总结，重点结合资产管理公司开展资产证券化业务的特点，对资产管理公司下一步继续创新推进资产证券化业务进行深入思考，并提出切实可行的工作建议和具体思路。
英文摘要：	Asset securitization is one of the most important innovation of modern financial industry and a significant breakthrough of financing mode.Since its birth in the USA,asset securitizationhas undergone a rapidly development in the worldwide, and has gradually become one of the most active mature-product in the global financial market. In the1990s, asset securitization developed rapidly in a large amount of countries and regions, such as the USA, Canada, Japan, South Korea, Hong Kong, Taiwan of China, the United Kingdom, Germany, France.Because of the differences of the economic developmentlevel, the legal system and the maturity degree among thesecountries and regions, the specific operation modes of asset securitization in these countries are diverse, while all these specific practices enriched the theory of asset securitization and promoted the development of the securities market and the financial market.Despite of thenegative influences of the American subprime mortgage crisis in 2007, the status of the asset securitization in the global financial market has not changed. Asset securitizationbusiness started late in China and it was not until 1999that China Construction Bank, which was the first and the largest bank carrying out mortgage loans, began to research securitization.In 2000, the National Development Bank applied to implement asset securitization. Though the application was not approved because of the unfavorableeconomic condition, asset securitization aroused concern and attention from the leaders of the State Council.At the beginning of 2004, the People's Bank of China and Chinese Banking Regulatory Commission jointly submitted a request for pilot project on collateralized debtobligation of the National Development Bank and ChinaConstruction Bank.In December,2005, with the successfulissue of both“the first phase of collateralizedloanobligationof National Development Bank in 2005” and“the first phase of residential mortgage-backed securitiesof China Construction Bank in 2005”, great achievement happened in the initial stage of collateralized debt obligation.In 2006, the People's Bank of China and the China Banking Regulatory Commission summarized the experience of the collateralized debt obligation, then China Cinda Asset Management Corporation., and China Orient Asset Management Corporation. implementedtwo issues of non-performing asset securitization.Since 2007, a new round of larger collateralizedloanobligation pilot projects was started.Then by 2008,eight financial institutions issued 34.3billion yuan of credit asset-backed securities.After that summit, because of the subprime crisis of America, Chineseadministration suspendedthisbusiness for the next 4 years. In 2011, with the impact of the global financial crisis gradually weakening, the active effect of asset securitization was aroused attention again and pilot projects were restartedby the administration.In May,2012, the People's Bank of China, China Banking Regulatory Commission, the Ministry of Finance jointly issued the regulationof further expanding the pilot of collateralized debt obligation, which indicateda new round of asset securitization pilot would be initialed.In the next two years, the five major state-owned commercial banks, the National Development Bank, Agricultural Development Bank, thePostal Savings Bank of China,more than twenty joint-equity commercial banks and city commercial banks, asset management corporations, auto finance leasing companyand other financial institutions, issued different scale of asset securitization products, and asset securitizationdeveloped rapidly in China. In 1999, in order to dispel the negative influence of the Asian financial crisis, with the approval of the State Council, the Ministry of Finance set up four asset management corporations.At the beginning of foundation, the main task of four asset management corporationswasto acquire, manage and disposethe 1.4 trillion policy-relatednonperforming loansfromChina Construction Bank, Bank of China, Industrial and Commercial Bank of China, Agricultural Bank of China, meanwhile to preserve state-owned assets and reduce the loss on disposal.When the State Council approved to establish the four asset management corporations, the four companies were authorized to disposalnonperforming assets by securitization. In 2007, with the disposal of policy-related nonperforming assetswas finished, four asset management corporationstransformed into commercializationoperation stage.Their transformation goal was to become financial enterprisegroupswith commercial operation, diverse business and sustainable development.In this process, the four asset management corporations’ business scope was extended to the diverse intermediate financial service and professional financial platformbusiness in addition to the traditional nonperforming assets disposal business. As an important business,asset securitization play an important roleinbroadening the financing channels, improving the capital structure, enhancing the liquidity and improving the profit ratefor asset management corporations.Therefore, in the background of the commercial transformation of the asset management corporations, the research and practice of securitization of the restructured loan assets have a very important practical significance.Underthis background, with the theory and practice of asset securitization in and abroad,this research focuses on the special topic of asset securitizationChinese asset management corporations. At the beginning,this study describes the formation and the development of asset securitization, and systematically analyzed and summarized the asset securitization as a great innovation of modern financial market.Then thisstudyintroduces the theory and practice of asset securitization in detail, mainly including the definition, characteristics, transaction structures, and the practical cases of asset securitization in China and abroad.Next this researchdiscusses the necessity and value of the asset management corporation carrying out asset securitization business, focusing on the development and commercialization transformation of Chineseasset management corporations, and describesthe positive influence and the underlying assets when carrying out asset securitization business. The core of this study is the product design of asset securitization ofthe asset management corporations.This part discussesthe asset securitization cases of the asset management corporations, especially the China Great Wall Asset Management Corporation, analyzing the transaction structure,basic elements,operation process and the differences between asset securitization of commercial bank and that of asset management corporation. Finally, this studysupplies a prospect and asummary of the asset securitizationof asset management corporations. According to the characteristics of asset management corporationsto carry out asset securitization, this research puts forward a series of innovative recommendations and specific ideas．
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