国有企业集团资产证券化研究
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摘要
资产证券化是近四十年来世界金融领域最重大和发展最迅速的金融创新和金融工具。从资产证券化的运作过程和目的来看,它是把缺乏流动性但具有未来收入现金流的资产收集起来,通过结构重组,将其转变为可以在金融市场上出售和流通的证券,据以融通资金的过程。企业融资的需要,金融市场充分发展的需要,以及投资者投资的需要推动了资产证券化这一变缺乏流动性资产为流动性资产的金融衍生产品的产生。在经济高速发展的中国,其推广应用的背景也源于此。
首先,本文通过对资产证券化运作经济内涵的研究,结合我国国有企业发展的历程,找出适合国有企业集团资产证券化的运作模式。利用资产证券化这一金融工具拓宽企业集团的融资途径,同时设计出辅业分离的方案,使国有企业的发展和改革在健康、有效、稳定的环境下进行,从而实现国有企业集团做大做强,增强市场竞争力。其次,本文分析了企业集团内部关联交易所引起的资金流的特点,并指出了可能进行的资产证券化模式。企业集团内部存在大量的关联交易,母公司和子公司以及子公司与子公司之间有着密切的联系,它们之间能形成长期稳定的应收帐款,使企业集团内部现金流有可能成为一种高质量基础资产从而符合资产证券化的条件,如果对这些不同类型的应收帐款进行处理,就可以达到融资的目的。根据企业集团内部不同的关联交易产生的现金流的模式,提出了资产支持证券的价格定量分析模型。再次,根据国家“主辅分离、精干主体”的政策,利用资产证券化设计了融资和辅业分离改制的方案。国有企业集团的总体发展战略以做大做强主业为目的,很难拿出有限的资金去支持辅业做大,辅业主要以分离改制的方式另谋发展。考虑到辅业改制时国家要承担一定的改制成本,而且辅业为主业配套的产品也能产生稳定的现金流,因此辅业进行资产证券化时,以对主业支持的产品或服务产生的现金流量为基础发行证券,企业集团以对证券进行信用增级等方式间接支持辅业。这种证券并不是仅仅为了融资,而是考虑辅业改制和股份制改造,发行带有认股权证的证券,利用外部资金改善辅业的产品结构,逐渐摆脱对主业的依赖,并且引入外部投资者,达到辅业融资、改制的目的。在此,对如何设计附带认股权证的资产支持证券进行了定性分析。最后,根据资产证券化中特设目的载体(SPV)的运作原理,提出了国有企业集团参与的方式。特设目的载体(SPV)是资产证券化运作过程中的核心,本文通过分析SPV的作用和形式,结合国有企业集团参与SPV的目的,提出了在以企业集团的优质应收账款发行资产支持证券融资时,可作为SPV的股东直接参与,降低融资成本;当以辅业改制为目的时,企业集团可对资产支持证券进行信用增级,间接支持辅业,或者是参与政府主导的辅业改制基金支持辅业。
In the financial field, asset securitization is the financial innovation and financial instruments which is of greatest significance and develops the most rapidly during the past 40 years. Judging from the operation process and the goal of asset securitization, it is a process of financing which can collect the cash (lack fluidity but have the future revenue flow) and transform it to the negotiable securities which can be sold and circulated in the financial market through the structure reorganization.
The need of financing of the enterprise group, the need of full development of financial market, as well as the need of investment of the investors. It's just these three areas of need that promote the birth of asset securitization. It is financial derivatives which can changes the less-fluid asset to the fluid ones. In rapid economic development of China, the background of the asset securitization's promotion and application also stems from this.
First of all, this paper aims at discovering the asset securitization's operation pattern which is suitable to the state-owned business group through researching its economic connotation in combination with the its developing process. It uses asset securitization (financial instruments) to broaden the financing cannels of enterprise group, with a proposal of separating the auxiliary industry, causes state-owned business's development and reform in a healthy, effective and stable environment, and thus be able to strengthen and expand state-owned business group and increase the market competitiveness of the state-owned business group.
Secondly, this paper analyses the characteristics of the cash flow caused by the transaction within the enterprise group and points out the possible modes of asset securitization. There exist the massive interior affiliated transactions within the enterprise group. There is a close relationship between the parent company and the subsidiary company as well as the subsidiaries and affiliates themselves. They can form the long-term stability of the account receivables. The internal cash flow of the enterprise group could become the basis of high-quality assets so as to meet the condition of asset securitization. We may achieve the purpose of financing if we carry on processing to these different types of account receivable. We can propose the price quantitative analysis model of the asset-supported negotiable securities according to the cash flow pattern generated from the business group's interior transaction.
Thirdly, according to the policy of "main auxiliary separation, capable main body", design a proposal of financing and separating the auxiliary industry based on assets securitization. It is very difficult for the enterprise group to put out the limited fund to support the auxiliary industry development from the overall development strategy which takes strengthening and expanding its principle industry as the goal. Therefore the auxiliary industry has to seek for a way of separating and system-reforming as a main method to develop. The country must undertake certain remanufacture cost when auxiliary industry remanufactures and auxiliary industry can also produce the stable cash flow for the principal work necessary product. Considering these factors, when we carries on asset securitization of auxiliary industry, we can issue negotiable securities based on the cash flow produced by the principal work support's product or the service, and indirectly support auxiliary industry through securities credit enhancement carried out by enterprise group. These kind of negotiable securities are not only to finance merely, but also with a consideration of the reform of auxiliary industry and the shareholding reform. We can achieve auxiliary industry's financing and remanufacture goal through releasing the negotiable securities, using the outside capital to improve the auxiliary industry product mix, gradually getting rid of the dependence of the principal work, and introducing the exterior investors. Hereby we carry out a qualitative analysis on how to design an asset-backed security with cum rights.
Finally we bring out a suggestion about the way of participation of state-owned enterprise group pursuant to the working principle of special purpose vehicle (SPV) in assets securitization. Since the special purpose vehicle (SPV) is the core in working process of assets securitization, we analyze the form and function of SPV, combining the state-owned enterprise group's purpose of being involving in SPV, and then get the conclusion as following: where the asset-backed securities are issued for financing based on quality receivables of enterprise group, the group could directly participate in as a shareholder of SPV to lower the cost of financing; where the purpose is auxiliary industry reforming, the enterprise group could indirectly support auxiliary industry using credit enhancement of asset-backed securities, or support it though joining the auxiliary industry reforming fund which is dominated by government.
首先,本文通过对资产证券化运作经济内涵的研究,结合我国国有企业发展的历程,找出适合国有企业集团资产证券化的运作模式。利用资产证券化这一金融工具拓宽企业集团的融资途径,同时设计出辅业分离的方案,使国有企业的发展和改革在健康、有效、稳定的环境下进行,从而实现国有企业集团做大做强,增强市场竞争力。其次,本文分析了企业集团内部关联交易所引起的资金流的特点,并指出了可能进行的资产证券化模式。企业集团内部存在大量的关联交易,母公司和子公司以及子公司与子公司之间有着密切的联系,它们之间能形成长期稳定的应收帐款,使企业集团内部现金流有可能成为一种高质量基础资产从而符合资产证券化的条件,如果对这些不同类型的应收帐款进行处理,就可以达到融资的目的。根据企业集团内部不同的关联交易产生的现金流的模式,提出了资产支持证券的价格定量分析模型。再次,根据国家“主辅分离、精干主体”的政策,利用资产证券化设计了融资和辅业分离改制的方案。国有企业集团的总体发展战略以做大做强主业为目的,很难拿出有限的资金去支持辅业做大,辅业主要以分离改制的方式另谋发展。考虑到辅业改制时国家要承担一定的改制成本,而且辅业为主业配套的产品也能产生稳定的现金流,因此辅业进行资产证券化时,以对主业支持的产品或服务产生的现金流量为基础发行证券,企业集团以对证券进行信用增级等方式间接支持辅业。这种证券并不是仅仅为了融资,而是考虑辅业改制和股份制改造,发行带有认股权证的证券,利用外部资金改善辅业的产品结构,逐渐摆脱对主业的依赖,并且引入外部投资者,达到辅业融资、改制的目的。在此,对如何设计附带认股权证的资产支持证券进行了定性分析。最后,根据资产证券化中特设目的载体(SPV)的运作原理,提出了国有企业集团参与的方式。特设目的载体(SPV)是资产证券化运作过程中的核心,本文通过分析SPV的作用和形式,结合国有企业集团参与SPV的目的,提出了在以企业集团的优质应收账款发行资产支持证券融资时,可作为SPV的股东直接参与,降低融资成本;当以辅业改制为目的时,企业集团可对资产支持证券进行信用增级,间接支持辅业,或者是参与政府主导的辅业改制基金支持辅业。
In the financial field, asset securitization is the financial innovation and financial instruments which is of greatest significance and develops the most rapidly during the past 40 years. Judging from the operation process and the goal of asset securitization, it is a process of financing which can collect the cash (lack fluidity but have the future revenue flow) and transform it to the negotiable securities which can be sold and circulated in the financial market through the structure reorganization.
The need of financing of the enterprise group, the need of full development of financial market, as well as the need of investment of the investors. It's just these three areas of need that promote the birth of asset securitization. It is financial derivatives which can changes the less-fluid asset to the fluid ones. In rapid economic development of China, the background of the asset securitization's promotion and application also stems from this.
First of all, this paper aims at discovering the asset securitization's operation pattern which is suitable to the state-owned business group through researching its economic connotation in combination with the its developing process. It uses asset securitization (financial instruments) to broaden the financing cannels of enterprise group, with a proposal of separating the auxiliary industry, causes state-owned business's development and reform in a healthy, effective and stable environment, and thus be able to strengthen and expand state-owned business group and increase the market competitiveness of the state-owned business group.
Secondly, this paper analyses the characteristics of the cash flow caused by the transaction within the enterprise group and points out the possible modes of asset securitization. There exist the massive interior affiliated transactions within the enterprise group. There is a close relationship between the parent company and the subsidiary company as well as the subsidiaries and affiliates themselves. They can form the long-term stability of the account receivables. The internal cash flow of the enterprise group could become the basis of high-quality assets so as to meet the condition of asset securitization. We may achieve the purpose of financing if we carry on processing to these different types of account receivable. We can propose the price quantitative analysis model of the asset-supported negotiable securities according to the cash flow pattern generated from the business group's interior transaction.
Thirdly, according to the policy of "main auxiliary separation, capable main body", design a proposal of financing and separating the auxiliary industry based on assets securitization. It is very difficult for the enterprise group to put out the limited fund to support the auxiliary industry development from the overall development strategy which takes strengthening and expanding its principle industry as the goal. Therefore the auxiliary industry has to seek for a way of separating and system-reforming as a main method to develop. The country must undertake certain remanufacture cost when auxiliary industry remanufactures and auxiliary industry can also produce the stable cash flow for the principal work necessary product. Considering these factors, when we carries on asset securitization of auxiliary industry, we can issue negotiable securities based on the cash flow produced by the principal work support's product or the service, and indirectly support auxiliary industry through securities credit enhancement carried out by enterprise group. These kind of negotiable securities are not only to finance merely, but also with a consideration of the reform of auxiliary industry and the shareholding reform. We can achieve auxiliary industry's financing and remanufacture goal through releasing the negotiable securities, using the outside capital to improve the auxiliary industry product mix, gradually getting rid of the dependence of the principal work, and introducing the exterior investors. Hereby we carry out a qualitative analysis on how to design an asset-backed security with cum rights.
Finally we bring out a suggestion about the way of participation of state-owned enterprise group pursuant to the working principle of special purpose vehicle (SPV) in assets securitization. Since the special purpose vehicle (SPV) is the core in working process of assets securitization, we analyze the form and function of SPV, combining the state-owned enterprise group's purpose of being involving in SPV, and then get the conclusion as following: where the asset-backed securities are issued for financing based on quality receivables of enterprise group, the group could directly participate in as a shareholder of SPV to lower the cost of financing; where the purpose is auxiliary industry reforming, the enterprise group could indirectly support auxiliary industry using credit enhancement of asset-backed securities, or support it though joining the auxiliary industry reforming fund which is dominated by government.
引文
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