我国商业银行信贷资产证券化研究
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摘要
作为一种融资方式，资产证券化自20世纪70年代在美国出现以后，就得到了迅猛发展。西方商业银行信贷资产证券化可以说是近三十年来西方商业银行领域最重要的金融创新之一。国际经验表明，信贷资产证券化不仅能为商业银行带来收益，也会极大地促进资本市场以及国民经济的发展。
目前，国外的商业银行信贷资产证券化技术发展较为完善，而国内对其的引入和研究只是近几年来的事情。在我国商业银行融资方式和经营方法已经不能适应国际金融市场证券化趋势和我国金融、证券市场发展需要的情况下，商业银行应该借鉴和运用信贷资产证券化这一金融创新工具，改变我国商业银行资金流动性差的缺陷，进而推动整个金融市场的发展。
本文在对信贷资产证券化的要素、一般流程以及现今国内外对资产证券化研究的现状进行总结的基础上，分析了我国商业银行和金融市场存在的问题，引入信贷资产证券化作为缓解问题的渠道，分析了信贷资产证券化实施过程中面临的风险，从中总结出规避风险所需条件，提出了我国完善所欠缺条件的建议。
本文的四个部分相互关联，对信贷资产证券化的论述由浅入深，由一般到特殊。文章在吸收和借鉴专家研究成果的同时，在以下几个方面做了着重的分析：信贷资产证券化对金融市场作用(促进结构效率、分配效率和操作效率)；引入博弈论和金融工程的方法来研究信贷资产证券化的金融风险及其化解；规避金融风险所必备的条件和我国尚未具备的条件；在改善信贷资产证券化实施条件方面提出了建议。
As a new financing technique, asset securitization developed very fast after it had come out from U. S. A. in 1970s. Commercial Bank's credit asset securitization was one of the most important finance innovations in the domain of west commercial banks. International experience has shown that credit asset securitization not only can give great impetus to the development of commercial bank, but also can improve the development of capital markets and the national economy.
At present, Commercial Bank's credit asset securitization overseas has developed comparative maturity. But in China, it has been fetched in only about ten years. On the condition of that the traditional financing and operational mode of China's commercial banks can no longer adapt to the tend of securitization of international financial market and the requirement of developing China's own financial and securities markets, China's commercial banks should take reference to and apply the finance innovation tool of credit asset securitization. This can amend the commercial banks' fluidity and drive the improvement of whole financial market.
Based on an introduction of credit asset securitization's elements, common process and study actuality in China and overseas, this paper mainly analyses the problems of commercial banks and financial market of China and then introduces the credit asset securitization as a channel to solve these problems. In succession, the paper analyses credit asset securitization's risks and summarizes the conditions that can settle the risks. Finally, the paper gives some corresponding proposals.
All four parts of this paper are interrelated. This paper discusses from easy to difficult and makes a generalized-to-specific analysis. It absorbs the experts' productions. At the same time, the paper emphasizes on such problems: The effects of credit asset securitization (structure efficiency, distribution efficiency and operation efficiency); It use finance engineering to discuss finance risks in credit asset securitization and their settlement; The conditions to settle the risks and if China has these conditions; The proposals to put the credit asset securitization into use.
目前，国外的商业银行信贷资产证券化技术发展较为完善，而国内对其的引入和研究只是近几年来的事情。在我国商业银行融资方式和经营方法已经不能适应国际金融市场证券化趋势和我国金融、证券市场发展需要的情况下，商业银行应该借鉴和运用信贷资产证券化这一金融创新工具，改变我国商业银行资金流动性差的缺陷，进而推动整个金融市场的发展。
本文在对信贷资产证券化的要素、一般流程以及现今国内外对资产证券化研究的现状进行总结的基础上，分析了我国商业银行和金融市场存在的问题，引入信贷资产证券化作为缓解问题的渠道，分析了信贷资产证券化实施过程中面临的风险，从中总结出规避风险所需条件，提出了我国完善所欠缺条件的建议。
本文的四个部分相互关联，对信贷资产证券化的论述由浅入深，由一般到特殊。文章在吸收和借鉴专家研究成果的同时，在以下几个方面做了着重的分析：信贷资产证券化对金融市场作用(促进结构效率、分配效率和操作效率)；引入博弈论和金融工程的方法来研究信贷资产证券化的金融风险及其化解；规避金融风险所必备的条件和我国尚未具备的条件；在改善信贷资产证券化实施条件方面提出了建议。
As a new financing technique, asset securitization developed very fast after it had come out from U. S. A. in 1970s. Commercial Bank's credit asset securitization was one of the most important finance innovations in the domain of west commercial banks. International experience has shown that credit asset securitization not only can give great impetus to the development of commercial bank, but also can improve the development of capital markets and the national economy.
At present, Commercial Bank's credit asset securitization overseas has developed comparative maturity. But in China, it has been fetched in only about ten years. On the condition of that the traditional financing and operational mode of China's commercial banks can no longer adapt to the tend of securitization of international financial market and the requirement of developing China's own financial and securities markets, China's commercial banks should take reference to and apply the finance innovation tool of credit asset securitization. This can amend the commercial banks' fluidity and drive the improvement of whole financial market.
Based on an introduction of credit asset securitization's elements, common process and study actuality in China and overseas, this paper mainly analyses the problems of commercial banks and financial market of China and then introduces the credit asset securitization as a channel to solve these problems. In succession, the paper analyses credit asset securitization's risks and summarizes the conditions that can settle the risks. Finally, the paper gives some corresponding proposals.
All four parts of this paper are interrelated. This paper discusses from easy to difficult and makes a generalized-to-specific analysis. It absorbs the experts' productions. At the same time, the paper emphasizes on such problems: The effects of credit asset securitization (structure efficiency, distribution efficiency and operation efficiency); It use finance engineering to discuss finance risks in credit asset securitization and their settlement; The conditions to settle the risks and if China has these conditions; The proposals to put the credit asset securitization into use.
引文
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[3]彭冰．资产证券化的法律解释[M]．北京：北京大学出版社．2001年．
[4]张超英．美、日金融资产证券化：比较分析[J]．国际金融研究．2002,11．
[5]王开国．关于中国推行资产证券化问题的思考[J]．经济研究．1999,6．
[6]李扬，王国刚，何德旭．中国金融理论前沿Ⅱ[M]．北京：社会科学文献出版社．2001年．
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[8]宾融．住房抵押贷款证券化机制与实例分析[D]．优秀硕士博士论文集(中国期刊网)
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[10]金任飞．关于资产证券化在我国推行问题的研究[D]．优秀硕士博士论文集(中国期刊网)．
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[17]吴许均．资产证券化动因分析[J]．经济与管理研究．2002,5．
[18]戴晓凤，戴季梅．信贷资产证券化的成本动因[J]．国际经济研究．2003,4．
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