国有商业银行信贷资产证券化问题探讨
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摘要
信贷资产证券化是将银行不流通但具有稳定的未来现金收入流的存量信贷资产构造和转变成可销售和转让的金融证券的过程。它将信贷资产的风险与收益进行分离和重组，使参与各方都能从中获益。信贷资产证券化作为近三十年来金融领域最大的创新之一，在国外发展迅速，已涉及到汽车贷款、信用卡贷款、消费品贷款、公用事业贷款等信贷资产。
文章第一部分为信贷资产证券化对我国国有商业银行处理信贷资产问题的启示。通过国有商业银行的环境分析，阐述发展信贷资产证券化的必要性、可行性和重要性。九十年代以来，高速发展的中国经济对资本一直有着旺盛的需求。但是，国有商业银行的不良资产比重逐年上升，资本充足率过低，直接限制了其贷款能力。因此，引进西方商业银行信贷资产证券化的先进经验，改革国内投融资体制，有着十分重要的现实意义。在分析国有商业银行信贷资产证券化必要性时，首先研究国有商业银行的内部环境。不良资产比重高，资本充足率低，资产流动性差一直困扰国有商业银行。究其原因，既有宏观层面的因素，如会计制度不合理导致的国有商业银行超收入分配，财税体制改革后国有商业银行长期发挥供应国有企业所需全部资金的“第二财政”作用，宏观政策多变影响银行业的经营稳定性等，又有微观层面的因素，如利率敏感性资产大于敏感性负债加重了七次降息的损失，银行信贷业务的内控制度不健全和管理不严，以及国企效益差拖欠贷款等；其次研究国有商业银行的外部环境。资产证券化作为三十年来金融领域最大的创新之一，已在国外有着长足发展，外资银行在这方面已积累了大量经验。加入WTO后，国有商业银行将面对外资银行的直接竞争，不仅在信贷资产的经营体制、经营理念、管理水平方面受到冲击，而且会在资产证券化等金融产品创新方面受到挑战。在分析国有商业银行信贷资产证券化的可行性时可以看到，社会主义市场经济的蓬勃发展，资本市场的逐渐形成，金融监管体制的建立和完善，金融业国际化趋势日益加强，国有商业银行加快步伐建立现代企业制度，加之巨额城乡居民储蓄的推动，这些都为信贷资产证券化在国内的推行打下了现实基础。最后指出国有商业银行信贷资产证券化的重要性，不仅有利于房地产业等经济热点的形成和发展，而且在增强银行资产流动性，提高资本充足率和资产利润率，降低资金风险方面发挥重要作用。
第二部分为信贷资产证券化的运作机理，借鉴国外运作方式，对信贷资产证券化的结构要素、运作程序、参与主体、证券化工具等作简要的理论阐述。其融资结构中包括发起人（即贷款出售银行）、发行人（特设证券化机构，即SPV）、证券承销机构、资产支撑证券的投资者、资产池管理公司、资信评级机构、信用增级机构或担保机构以及律师、会计师等参与主体。一个完整的信贷资产证券化的运作程序包括：（1）确定资产证券化目标，组成信贷资产池；（2）组建专门从事证券化业务的特设证券化机构（SPV），银行将信贷资产以“真实出售”的方式转让给SPV，实现“破产隔离”；（3）完善内部交易结构，如SPV与资产池服务公司贷款服务合同，与证券商达成承销协议，与实力雄厚的银行签订周转协议等，并聘请信用评级机构进行内部评级；（4）对资产支撑证券进行信用增级，改善发行条件；（5）再聘请信用评级机构进行发行评级，并组织证券销售；（6）发行完毕，SPV向贷款出售银行支付购买价款；（7）证券在交易所挂牌上市；（8）贷款银行亲自或指定资产池管理公司对信贷资产实施管理，建立投资者积累金，再交由SPV 进行管理，用于向投资者进行还本付息；（9）SPV按期还本付息，并对各类聘用机构付费。在信贷资产证券化过程中，有三个显著特点：一是通过“破产隔离”和“金融担保”二种方式对资产支撑证券进行信用增级；二是信贷资产售出时，作为表外融资方式，可以将风险资产转移到表外，提高资本充足率和借款能力；三是相比于其它传统融资形式，成本较低。目前，国外的资产证券化工具大致分为四类：转手证券、资产担保证券、本息分开的抵押担保证券和资产担保证券。
第三部分为我国国有商业银行实行信贷资产证券化的具体操作思路。主要根据资产证券化的基本运作程序，对国有商业银行证券化的各个要素环节可能出现的问题及对策作一探讨。第一、在设计SPV 时，考虑到其作为特殊的金融中介机构进行信用增级，和作为不破产实体降低证券化风险的需要，应组建专门从事证券化业务且独立于国有商业银行的SPV；目前，由于社会信用基础较差，中介不完善，借鉴国外发展资产证券化的早期经验，设立SPV时还应有政府背景，以增强投资者的信心。第二、在选择证券化信贷资产时，从资产质量方面考虑，必须具备稳定现金流、低坏账率、低违约率的特点。所以，只有正常、关注、次级、可疑四类才具备证券化的必要条件，损失类资产已无证券化的可能；在资产种类方面，考虑到信贷资产应具有规模和现金流稳定的特性，并借鉴国外发展证券化的类似经验，在目前国有商业银行发放的多种贷款中，信贷资产证券化的试点工作可先定位于住房抵押贷款、基础设施贷款二类资产上；另外，对信贷资产，?
Ever since the 1990s , there have been increasing demand for the capital with the rapid development in China . But the bad debt ratio of state─owened commercial banks ( SOCBs) has gone up dramatically , which directly cuts down their capability of making loans . So it is of great importance for the reform of the domestic investment and finance system.
In the first place, asset securitization as the biggest innovation from the banking system has been developing for 30 years abroad , and foreign banks have acquired a lot of experience on it ,which will put great pressure upon domestic commercial banks after China's entrance to WTO. In the second place, the high bad debt ratio and credit asset's lack of fluidity are disturbing the SOCBs. The above enviorment analyses provide external and internal reasons for asset securitization in the state─owened commercial banking system . Finally, the rapid development of socialist market economy , the more and more obvious international trend and the large amount of saving deposits have all laid a solid foundation for the reform.
Credit asset securitization is a process of converting the credit asset in short of fluidity that can produce stable cash inflow into negotiable securities. Asset securitization involves such elements as originator , issuer , investor, issurance institution, credit aeest administrative institution and so on . A complete procedure of asset secutitization includes eight steps. First , decide on the target asset of securitization to constitute a asset pool. Second , set up a special─purposed vehicle (SPV) specialized in securitizationthat buys the credit asset mentioned above from banks .Third, perfect the internal trading structure , then rating it internally. Fourth , enhance credit rating of the asset─backed securities. Fifth , after the external credit rating , sell the securities to underwriters. Sixth, after obtaining the issuring income, SPV pays off the banks mentioned above for the price of credit assets . Seventh, the asset─backed securities go public . Eighth, while paying for all other services related to the securitization, SPV pays back the principal and interest of asset─backed securities to investors.
A thorough research is worthy of being caried out on how to solve the problems possibly encountered in the course of securitization and it will be stated as following: First, the credit asset which is capable of being securitilized must have such characters as stable cash inflow and low bad debt ratio; Second, set the price for credit asset either taking account of the asset’s book value , or through bilateral negotiation and public auction ; Third, the method of net present value can be used as the basic tool of setting the selling price for the securities; Fourth, as to the reform of financial accounting rules, account for the profit or loss of the securitization in accordance to wether it is treated as selling bonds or borrowing debts; Fifth, while raising the credit rating of the securities , the Minstry of Finance and state—owened commercial banks have the obligation to provide guarantee for the securitization; Sixth, the security market should take in such participating bodies as commercial banks, insurance companies, security companies, investment banks, security investment funds, enterprises andordinary residents , especiallly foreign funds.
In the end, this thesis attempts to give a detailed discription for the practice of SOCBs’credit asset securitization. The credit asset securitization will do a lot of good not only to the developement
文章第一部分为信贷资产证券化对我国国有商业银行处理信贷资产问题的启示。通过国有商业银行的环境分析，阐述发展信贷资产证券化的必要性、可行性和重要性。九十年代以来，高速发展的中国经济对资本一直有着旺盛的需求。但是，国有商业银行的不良资产比重逐年上升，资本充足率过低，直接限制了其贷款能力。因此，引进西方商业银行信贷资产证券化的先进经验，改革国内投融资体制，有着十分重要的现实意义。在分析国有商业银行信贷资产证券化必要性时，首先研究国有商业银行的内部环境。不良资产比重高，资本充足率低，资产流动性差一直困扰国有商业银行。究其原因，既有宏观层面的因素，如会计制度不合理导致的国有商业银行超收入分配，财税体制改革后国有商业银行长期发挥供应国有企业所需全部资金的“第二财政”作用，宏观政策多变影响银行业的经营稳定性等，又有微观层面的因素，如利率敏感性资产大于敏感性负债加重了七次降息的损失，银行信贷业务的内控制度不健全和管理不严，以及国企效益差拖欠贷款等；其次研究国有商业银行的外部环境。资产证券化作为三十年来金融领域最大的创新之一，已在国外有着长足发展，外资银行在这方面已积累了大量经验。加入WTO后，国有商业银行将面对外资银行的直接竞争，不仅在信贷资产的经营体制、经营理念、管理水平方面受到冲击，而且会在资产证券化等金融产品创新方面受到挑战。在分析国有商业银行信贷资产证券化的可行性时可以看到，社会主义市场经济的
第二部分为信贷资产证券化的运作机理，借鉴国外运作方式，对信贷资产证券化的结构要素、运作程序、参与主体、证券化工具等作简要的理论阐述。其融资结构中包括发起人（即贷款出售银行）、发行人（特设证券化机构，即SPV）、证券承销机构、资产支撑证券的投资者、资产池管理公司、资信评级机构、信用增级机构或担保机构以及律师、会计师等参与主体。一个完整的信贷资产证券化的运作程序包括：（1）确定资产证券化目标，组成信贷资产池；（2）组建专门从事证券化业务的特设证券化机构（SPV），银行将信贷资产以“真实出售”的方式转让给SPV，实现“破产隔离”；（3）完善内部交易结构，如SPV与资产池服务公司贷款服务合同，与证券商达成承销协议，与实力雄厚的银行签订周转协议等，并聘请信用评级机构进行内部评级；（4）对资产支撑证券进行信用增级，改善发行条件；（5）再聘请信用评级机构进行发行评级，并组织证券销售；（6）发行完毕，SPV向贷款出售银行支付购买价款；（7）证券在交易所挂牌上市；（8）贷款银行亲自或指定资产池管理公司对信贷资产实施管理，建立投资者积累金，再交由SPV 进行管理，用于向投资者进行还本付息；（9）SPV按期还本付息，并对各类聘用机构付费。在信贷资产证券化过程中，有三个显著特点：一是通过“破产隔离”和“金融担保”二种方式对资产支撑证券进行信用增级；二是信贷资产售出时，作为表外融资方式，可以将风险资产转移到表外，提高资本充足率和借款能力；三是相比于其它传统融资形式，成本较低。目前，国外的资产证券化工具大致分为四类：转手证券、资产担保证券、本息分开的抵押担保证券和资产担保证券。
Ever since the 1990s , there have been increasing demand for the capital with the rapid development in China . But the bad debt ratio of state─owened commercial banks ( SOCBs) has gone up dramatically , which directly cuts down their capability of making loans . So it is of great importance for the reform of the domestic investment and finance system.
In the first place, asset securitization as the biggest innovation from the banking system has been developing for 30 years abroad , and foreign banks have acquired a lot of experience on it ,which will put great pressure upon domestic commercial banks after China's entrance to WTO. In the second place, the high bad debt ratio and credit asset's lack of fluidity are disturbing the SOCBs. The above enviorment analyses provide external and internal reasons for asset securitization in the state─owened commercial banking system . Finally, the rapid development of socialist market economy , the more and more obvious international trend and the large amount of saving deposits have all laid a solid foundation for the reform.
Credit asset securitization is a process of converting the credit asset in short of fluidity that can produce stable cash inflow into negotiable securities. Asset securitization involves such elements as originator , issuer , investor, issurance institution, credit aeest administrative institution and so on . A complete procedure of asset secutitization includes eight steps. First , decide on the target asset of securitization to constitute a asset pool. Second , set up a special─purposed vehicle (SPV) specialized in securitization
A thorough research is worthy of being caried out on how to solve the problems possibly encountered in the course of securitization and it will be stated as following: First, the credit asset which is capable of being securitilized must have such characters as stable cash inflow and low bad debt ratio; Second, set the price for credit asset either taking account of the asset’s book value , or through bilateral negotiation and public auction ; Third, the method of net present value can be used as the basic tool of setting the selling price for the securities; Fourth, as to the reform of financial accounting rules, account for the profit or loss of the securitization in accordance to wether it is treated as selling bonds or borrowing debts; Fifth, while raising the credit rating of the securities , the Minstry of Finance and state—owened commercial banks have the obligation to provide guarantee for the securitization; Sixth, the security market should take in such participating bodies as commercial banks, insurance companies, security companies, investment banks, security investment funds, enterprises and
In the end, this thesis attempts to give a detailed discription for the practice of SOCBs’credit asset securitization. The credit asset securitization will do a lot of good not only to the developement
引文
1、《信贷资产证券化》，沈沛、许均华、刘敏，中国金融出版社1998年版。
2、《资产证券化论》，王开国等，上海财经大学出版社1999年版。
3、《中国金融业如何面对WTO》，刘超、金红，《吉林金融研究》2000年第5期。
4、《国有商业银行信贷资产证券化的途径和策略》，中国工商银行课题组，《城市金融论坛》2000年第4期。
5、《国有股份制商业银行业务创新研究》，姜再勇，《金融参考》2000年第2期。
6、《中共中央关于制定国民经济和社会发展第十个五年计划的建议》，中央财经领导小组，人民出版社。
7、《中国住房抵押贷款证券化的实施步骤》，中国人民银行上海分行课题组，《金融研究》2000年第5期。
8、《国有商业银行经营效益不佳原因探析》，史炳栋、李海音，《吉林金融研究》2000年第5期。
9、《资产证券化的运作、特征及启示》，郝睿，《金融学家》2000年第1期。
10、《中国金融业应实行混业经营》，李林，《吉林金融研究》2000年第6期。
2、《资产证券化论》，王开国等，上海财经大学出版社1999年版。
3、《中国金融业如何面对WTO》，刘超、金红，《吉林金融研究》2000年第5期。
4、《国有商业银行信贷资产证券化的途径和策略》，中国工商银行课题组，《城市金融论坛》2000年第4期。
5、《国有股份制商业银行业务创新研究》，姜再勇，《金融参考》2000年第2期。
6、《中共中央关于制定国民经济和社会发展第十个五年计划的建议》，中央财经领导小组，人民出版社。
7、《中国住房抵押贷款证券化的实施步骤》，中国人民银行上海分行课题组，《金融研究》2000年第5期。
8、《国有商业银行经营效益不佳原因探析》，史炳栋、李海音，《吉林金融研究》2000年第5期。
9、《资产证券化的运作、特征及启示》，郝睿，《金融学家》2000年第1期。
10、《中国金融业应实行混业经营》，李林，《吉林金融研究》2000年第6期。