企业资产证券化融资研究
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摘要
资产证券化是近年来世界金融领域最重大和发展最快的金融创新工具之一。它起源于美国,又在世界范围内推广,已在国外发展了三十多年,可以为我国企业解决融资难题提供有益帮助,是拓宽融资渠道的有效补充。企业资产证券化融资既是对企业已有存量资产的优化配置,又能在不增加企业负债或资产的前提下实现融资计划。而且企业资产证券化特有的交易结构和技术实现了企业与投资者之间的破产隔离,使企业和投资者可以突破股权融资或债权融资所形成的直接投资与被投资关系,在更大的范围内满足融资和投资需求,实现资源的优化配置。
与发达国家相比,由于独特的金融体制和经济环境,我国无论是在理论研究还是在实践运用上,目前都还处于相对落后的阶段,而且研究的范围比较狭窄,主要集中在信贷资产证券化和不良资产证券化两类,对企业资产证券化涉及不多。如何借鉴国外先进经验并结合我国实际,切实推进资产证券化在我国的发展,是当今政府部门、各金融机构以及学术界等各界人士关注并为之努力的课题。所以,本文对我国目前资产证券化的发展情况进行了研究,希望为我国企业开展资产证券化提供一些有益的思路。
本文首先对资产证券化国内外研究现状进行了回顾,得出本文的研究重点是在资产证券化模式和定价模型的选择上。接着介绍了资产证券化的一般原理和基本流程,企业资产证券化的特点与优势,为下文提供理论基础。然后本文对基础资产的选择和SPV的设立进行分析,并在对现有专项资产管理计划进行研究的基础上,提出企业资产证券化的可行模式。另外,通过对证券化资产的定价模型的对比分析,扬长避短,提出利率二叉树模型。选取江苏吴中集团BT项目回购款、南通天电销售资产、南京城建污水处理收费资产三个证券化项目,运用二叉树模型进行定价,并分析其定价的合理性。最后,指出目前企业资产证券化应用的相关环境,指出在法律、会计、税收、市场环境和监管环境方面存在的不足,并提出对策和建议。
Asset-backed Securitization is one of the most important and fastest growing financial tools in the word of financial field. It originated in USA, and promoted in the worldwide for nearly thirty years. It is helpful for Chinese enterprises to expand their financing channels and solve the financing problem. ABS can optimize enterprises’stock assets realize financing plan without add to Assets or liabilities. The special trade structure and technology of ABS realizes the bankruptcy isolation between enterprises and investors. It makes enterprises and investors break through the relationship of equity financing or debt financing, meets the financing and investing demand in the greater scope, optimizes the allocation of resources.
Compared with the developed countries, due to the unique financial system and economic environment, our country is falling behind whether in theory or in practice. And the study of ABS is narrow, mainly concentrating on credit asset securitization and bad asset securitization, less on enterprise ABS. How to learn from foreign advanced experience and combine with the reality of our country, and to promote ABS in our country is the subject of the government financial institutions and academics. So, the thesis studies the development of ABS, hope to provide some useful ideas to help develop ABS.
The thesis firstly reviews the current research at home and abroad, drawing the point of this thesis is how to choose operating mode and pricing mode. Then introduces the general principles and basic processes the Characteristics and advantages of ABS, to provide theoretical basis for below. And then, it analyzes the selection of based assets and the establishment of SPV, and put forward the feasible mode of ABS under the analysis of Special-Asset Management Plan. In addition, through the comparison of different pricing modes, adopting their good points and avoid his shortcomings, put forward the Binary Tree of interest rates, and used in the projects of Wuzhong, Ningjian and Tiandian, analyzing the rationality of pricing. At last, points out the shortcomings in legal, accounting, taxation, market environment and regulatory environment of ABS, and propose the countermeasure and the suggestion.
与发达国家相比,由于独特的金融体制和经济环境,我国无论是在理论研究还是在实践运用上,目前都还处于相对落后的阶段,而且研究的范围比较狭窄,主要集中在信贷资产证券化和不良资产证券化两类,对企业资产证券化涉及不多。如何借鉴国外先进经验并结合我国实际,切实推进资产证券化在我国的发展,是当今政府部门、各金融机构以及学术界等各界人士关注并为之努力的课题。所以,本文对我国目前资产证券化的发展情况进行了研究,希望为我国企业开展资产证券化提供一些有益的思路。
本文首先对资产证券化国内外研究现状进行了回顾,得出本文的研究重点是在资产证券化模式和定价模型的选择上。接着介绍了资产证券化的一般原理和基本流程,企业资产证券化的特点与优势,为下文提供理论基础。然后本文对基础资产的选择和SPV的设立进行分析,并在对现有专项资产管理计划进行研究的基础上,提出企业资产证券化的可行模式。另外,通过对证券化资产的定价模型的对比分析,扬长避短,提出利率二叉树模型。选取江苏吴中集团BT项目回购款、南通天电销售资产、南京城建污水处理收费资产三个证券化项目,运用二叉树模型进行定价,并分析其定价的合理性。最后,指出目前企业资产证券化应用的相关环境,指出在法律、会计、税收、市场环境和监管环境方面存在的不足,并提出对策和建议。
Asset-backed Securitization is one of the most important and fastest growing financial tools in the word of financial field. It originated in USA, and promoted in the worldwide for nearly thirty years. It is helpful for Chinese enterprises to expand their financing channels and solve the financing problem. ABS can optimize enterprises’stock assets realize financing plan without add to Assets or liabilities. The special trade structure and technology of ABS realizes the bankruptcy isolation between enterprises and investors. It makes enterprises and investors break through the relationship of equity financing or debt financing, meets the financing and investing demand in the greater scope, optimizes the allocation of resources.
Compared with the developed countries, due to the unique financial system and economic environment, our country is falling behind whether in theory or in practice. And the study of ABS is narrow, mainly concentrating on credit asset securitization and bad asset securitization, less on enterprise ABS. How to learn from foreign advanced experience and combine with the reality of our country, and to promote ABS in our country is the subject of the government financial institutions and academics. So, the thesis studies the development of ABS, hope to provide some useful ideas to help develop ABS.
The thesis firstly reviews the current research at home and abroad, drawing the point of this thesis is how to choose operating mode and pricing mode. Then introduces the general principles and basic processes the Characteristics and advantages of ABS, to provide theoretical basis for below. And then, it analyzes the selection of based assets and the establishment of SPV, and put forward the feasible mode of ABS under the analysis of Special-Asset Management Plan. In addition, through the comparison of different pricing modes, adopting their good points and avoid his shortcomings, put forward the Binary Tree of interest rates, and used in the projects of Wuzhong, Ningjian and Tiandian, analyzing the rationality of pricing. At last, points out the shortcomings in legal, accounting, taxation, market environment and regulatory environment of ABS, and propose the countermeasure and the suggestion.
引文
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[3]陈安,王娟.我国资产证券化的现状与问题分析[J].西安财经学院学报,2008(5):54-57.
[4]屈年春.我国资产证券化面临的困境及路径选择[J].法制与社会,2009(2):194-195.
[5] Wang Jian. What China can learn from US securitization [J].International Financial Law Review,2006(24):22-2.
[6]陈晓红,黎璞.我国中小企业资产证券化的突破模式[J].科学与科学技术管理,2003(4):97-100.
[7] Bhattaharya.A.K, Fabozzi.F.J. The Expanding Frontiers of Asset Securitization, in Anand K.Bhattacharya and Frank J.Fabozzi, Asset-Backed Securitization. New Hope[M]. Pennsylvania: Frank J.Fabozzi Associates, 1996: 1-20.
[8] James J.White. Corporate Judgment Proofing:A Response to Lynn Lopucki's The Death of Liability[J]. Yale L.J, 1998(107): 13-63.
[9] Lois R.Lupica. Asset Securitization: The Unsecured Creditor's Perspective[J].76Texas LRev, 1998:595
[10] Bhattaharya.A.K.Fabozzi, F.J. The Expanding Frontiers of Asset Securitization, in Anand K.Bhattacharya and Frank J.Fabozzi, Asset-Backed Securitization, New Hope[M]. Pennsylvania: Frank J.Fabozzi Associates,1996:1-20.
[11]古川令治,张明.资产证券化手册[M].北京:中国金融出版社,2006:21-22.
[12] Hugh Thomas. A preliminary Look at Gains from Asset Securitization [J]. International Finaneia1 Markets,Institutions & Money,1999(9):321-333.
[13] Rajan,R.,Zingales,L. Financial Development and Growth[J]. American Economic Review,1998(88):559-586.
[14] Andreas Jobst. Asset Securitization as A Risk Management and Funding Tool: What does It Hold in Store for SMEs?[J]. JEL Classification:D81,G15,M20.
[15] Jae-Ha Park. Securitization for SMEs[J]. ADBI Seminnar,9,May,2006:25-31.
[16] Richard D. Simonds,Jr. and Stephen S. Kudenholdt. Fundamentals of Mortgage-Backed Securities and Asset-Backed Securities (J). The Practical Real Estate Lawyer,2002(3):39-53.
[17] Paola Banchero. New Class of Securitization Turn Assets into Cash[J]. Kansas City Business Journal,1997(2):23-27.
[18]伍骏鹏.企业资产证券化融资研究[D].湖南大学会计学院,2005:15-16.
[19] Steve Davidson. Residual Analysis: A Method to Evaluate Asset-Backed Securities [J]. America’s Community Banker, January 1999:45-52.
[20] Admin.企业ABS基础资产形式分析[EB/OL].http://www.csfrc.org/,2006.
[21] Steven Davidson. Residual Analysis: A Method to Evaluate Asset-Backed Securities[J]. America’s Community Banker,1998(7):67-78.
[22] Jensen M, Meckling W. Theory of the firm: Managerial behavior, agency costs and capital structures[J]. Journal of Financial Economics,1982(3):305-360.
[23]林国梁.我国资产证券化法律关系及适用问题研究[D].复旦大学法学院,2009:57-60..
[24]段伟花.关于我国资产证券化定价模型的相关问题研究[D].吉林大学,2004:26-29.
[25]安德鲁·戴维森,安东尼·圣德斯.资产证券化:构建和投资分析[M].北京:中国人民大学出版社,2006:163-186.
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