中国资产证券化的现实选择
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摘要
资产证券化作为一种新的金融创新工具，从其产生至今已有30多年历史了。在其不断发展蔓延的历程中，新的交易工具和交易方式不断出现，使其在世界各国的金融实践中不断趋于完善。
在市场投融资主体和金融中介机构等微观经济主体自利行为的推动下，资产证券化成为了人们的共同选择，同时凭借着其规避政府管制，改善金融交易条件和降低融资成本等方面的诸多优势，使得资产证券化在市场中的广度和深度不断地扩大和加深。当前，美国资产支撑证券的交易市场已成为仅次于美国联邦政府债券市场的第二大市场。面对热潮涌动的资产证券化浪潮，金融理论研究者也纷纷创造出众多理论来发展和完善资产证券化业务，逐渐形成了目前以资产现金流分析为核心，以资产重组、风险隔离和信用增级三大原理为支柱的资产证券化理论体系，资产证券化业务的基本运作程序也日臻成熟与完善。
中国资产证券化业务起步较晚，目前仍然仅仅停留在个别的案例实践上，而且全部是采取的跨国资产证券化运作方式。应当说，当前我国的宏观经济金融制度还不健全，金融市场的发展也并不完善，对于实施完全意义上的本国国内资产证券化还面临着不少的障碍和困难，如市场组织限制、法律法规限制、税收制度的限制、会计制度的缺陷等等。因此，目前我国应当从跨国资产证券化的操作入手，充分发挥其拓宽融资渠道、规避制度约束、降低融资成本等方面的作用，为我国国内资产证券化的发展积累实践经验和创造适宜的市场环境。在跨国资产证券化的基础资产选择上，主要可以从工商业贷款、住房贷款、基础设施收费和贸易应收款等方面考虑着手进行。
在中国跨国资产证券化的实践方面，目前已经有了一批实际案例。这些案例主要集中在高速公路收费证券化(如珠海高速公路、广深珠高速公路收费证券化)和贸易应收款证券化(如中集集团海外应收款证券化)两个方面。为了加速我国跨国资产证券化的发展，我们必须注意保证资产池的质量，合理确定特殊目的机构(SPV)的组建和选址，防范汇率风险，建立健全相应的法律法规制度和监管体系，使我国跨国资产证券化走上合理合法、健康有序的轨道。
As a new financial tool, asset securitization has developed for more than 30 years. In the uninterrupted growth of asset securitization, many new transaction tools and methods have turned up, and made it more perfect in its financial practices among the world.
Because of the self-centered behavior of micro-economy bodies such as invest & circulate body and financial medium organizations etc., asset securitization was became a common choice among the financial market. Meanwhile, the deep and widespread of asset securitization in financial market was continuously deepen and widen relied on its advantages such as evading control, improving dealing conditions and lowering financing cost and so on. Facing the tide of asset securitization, financial theory researchers were also created many theories to develop and improve the practice of asset securitization in succession. At the moment, it was formed a rigorous theory system of asset securitization, which was with the analysis of asset cash flow at the core and with asset rebuilding, risk segregating and credit promoting as principals.
Chinese practice of asset securitization was developed late, only have several examples of case till now, which were all in cross-border securitization. It is true that our macro-economy system and financial markets were not perfect. There are still many hinders and difficulties in implementing inner-state asset securitization, such as market organizations, laws and rules, tax system and accounting system etc. So, we should push on cross-border securitization at first, bring the advantages into full play, amass practical experiences and create an appropriate circumstance for our inner-state asset securitization. In the choice of basic asset of cross-border securitization, we can consider in several aspects such as collateralized loan obligations, mortgage-backed securitization, basic infrastructure charge, trade credit and so on.
At the present, China has some practical cases of cross-border securitization. These examples of cases were focused on high way charge securitization and international trade credit securitization. For speeding up Chinese cross-border securitization development, we should take many steps to perfect our financial system and make Chinese cross-border securitization develop in a healthy and ordering way.
在市场投融资主体和金融中介机构等微观经济主体自利行为的推动下，资产证券化成为了人们的共同选择，同时凭借着其规避政府管制，改善金融交易条件和降低融资成本等方面的诸多优势，使得资产证券化在市场中的广度和深度不断地扩大和加深。当前，美国资产支撑证券的交易市场已成为仅次于美国联邦政府债券市场的第二大市场。面对热潮涌动的资产证券化浪潮，金融理论研究者也纷纷创造出众多理论来发展和完善资产证券化业务，逐渐形成了目前以资产现金流分析为核心，以资产重组、风险隔离和信用增级三大原理为支柱的资产证券化理论体系，资产证券化业务的基本运作程序也日臻成熟与完善。
中国资产证券化业务起步较晚，目前仍然仅仅停留在个别的案例实践上，而且全部是采取的跨国资产证券化运作方式。应当说，当前我国的宏观经济金融制度还不健全，金融市场的发展也并不完善，对于实施完全意义上的本国国内资产证券化还面临着不少的障碍和困难，如市场组织限制、法律法规限制、税收制度的限制、会计制度的缺陷等等。因此，目前我国应当从跨国资产证券化的操作入手，充分发挥其拓宽融资渠道、规避制度约束、降低融资成本等方面的作用，为我国国内资产证券化的发展积累实践经验和创造适宜的市场环境。在跨国资产证券化的基础资产选择上，主要可以从工商业贷款、住房贷款、基础设施收费和贸易应收款等方面考虑着手进行。
在中国跨国资产证券化的实践方面，目前已经有了一批实际案例。这些案例主要集中在高速公路收费证券化(如珠海高速公路、广深珠高速公路收费证券化)和贸易应收款证券化(如中集集团海外应收款证券化)两个方面。为了加速我国跨国资产证券化的发展，我们必须注意保证资产池的质量，合理确定特殊目的机构(SPV)的组建和选址，防范汇率风险，建立健全相应的法律法规制度和监管体系，使我国跨国资产证券化走上合理合法、健康有序的轨道。
As a new financial tool, asset securitization has developed for more than 30 years. In the uninterrupted growth of asset securitization, many new transaction tools and methods have turned up, and made it more perfect in its financial practices among the world.
Because of the self-centered behavior of micro-economy bodies such as invest & circulate body and financial medium organizations etc., asset securitization was became a common choice among the financial market. Meanwhile, the deep and widespread of asset securitization in financial market was continuously deepen and widen relied on its advantages such as evading control, improving dealing conditions and lowering financing cost and so on. Facing the tide of asset securitization, financial theory researchers were also created many theories to develop and improve the practice of asset securitization in succession. At the moment, it was formed a rigorous theory system of asset securitization, which was with the analysis of asset cash flow at the core and with asset rebuilding, risk segregating and credit promoting as principals.
Chinese practice of asset securitization was developed late, only have several examples of case till now, which were all in cross-border securitization. It is true that our macro-economy system and financial markets were not perfect. There are still many hinders and difficulties in implementing inner-state asset securitization, such as market organizations, laws and rules, tax system and accounting system etc. So, we should push on cross-border securitization at first, bring the advantages into full play, amass practical experiences and create an appropriate circumstance for our inner-state asset securitization. In the choice of basic asset of cross-border securitization, we can consider in several aspects such as collateralized loan obligations, mortgage-backed securitization, basic infrastructure charge, trade credit and so on.
At the present, China has some practical cases of cross-border securitization. These examples of cases were focused on high way charge securitization and international trade credit securitization. For speeding up Chinese cross-border securitization development, we should take many steps to perfect our financial system and make Chinese cross-border securitization develop in a healthy and ordering way.
引文
[1] Leon T. Kendall, Michael J. Fishman. A Primer On Securitization. London: The MIT Press, 2001
[2] 张超英，翟祥辉．资产证券化——原理、实务、实例．北京：经济科学出版社，1998
[3] 于凤坤．资产证券化：理论与实务．北京：北京大学出版社，2002
[4] 王开国．资产证券化论．上海：上海财经大学出版社，1999
[5] 涂永红，刘柏荣．银行信贷资产证券化．北京：中国金融出版社，2000
[6] 任映国，曾子龙．投资银行与资产证券化．中国城市金融，1999，(8)：30-32
[7] Tobin J., S. S. Golub. Money, Credit and Capital. McGraw-Hill Company, Inc., 1998
[8] 国际清算银行编．巴塞尔银行监管委员会文献汇编．北京：中国金融出版社，1998
[9] 弗兰克·J·法博齐，弗朗哥·莫迪利亚尼．资本市场：机构与工具．北京：经济科学出版社，1998
[10] Mortgage-Related Securities Markets Reports Record Year in 1998. MBS Issuance Tops $700 Billion. http://www.Europeansecuritizatio.com
[11] The Asset-Backed Market in 1998 and the Outlook for 1999. http://www.europeansecuritization.com
[12] Stone C A, Anne Zissu, Jess Lederman. The Global Asset Backed Securities Market. Probus, Publishing Company, 1993
[13] Joseph Norton, Paul Spellman. Asset Securitization. Basil Blackwall, Inc., 1991
[14] http://www.bondmarkets.com/research/euroabsiss.html
[15] John Deacon. Securitization Principles. Markets and Terms, Asia Law & Practice, 1999
[16] 何小锋．资产证券化：中国的模式．北京：北京大学出版社，2002
[17] 吉伶华．资产证券化跨国运作．江苏统计，2001
[18] William F. Shaarpe, Capital Asset Price: A Theory of Market Equilibrium under Conditions of Risk, J Finan, September, 1964
[19] 威廉·夏普．投资组合理论与资本市场．北京：机械工业出版社，2001
[20] Doetsch D A, D Petkovic. Securitization Trade Finance Cash Flows. Mayer Brown & Platt, 1999
[21] 沈沛．资产证券化研究．深圳：海天出版社，1999
[22] Schwartz S L. The Universal Language of Cross-border Finance. Duke Journal of Comparative & International Law, Spring 1998
[23] 陆瑾．资产证券化运作的效率分析．财经研究，2001，(4)：23-24
[24] Joseph J Norton, Paul R Spellman, Mitchell S Dulper. International Asset Securitization. LLP, 2000
[25] Damodaran A. Investment Valuation: Tools and Techniques for Determining the Value of Any Asset. John Willey & Sons, Inc., 1996
[26] 来有为．离岸资产证券化：一项全新地国际融资方式．浙江金融，2002，(6)：16-18
[27] Thomas H. A Preliminary Look at Gains from Asset Securitization. Journal of International Financial Markets, Institutions and Money, 1999, (9): 35-36
[28] 1999年3月《中华人民共和国合同法》第八十条
[29] 王开国．关于中国推行资产证券化问题的思考．经济研究，1999，(6)：25-27
[30] 李颖．关于与境外机构联合开展离岸资产证券化的设想．http://www.chinesecuritization.com
[31] 朱莲美，傅斌．资产证券化过程中的税收及会计问题探讨．研究、探索、改革，2001，(3)：30-32
[32] 戴国强，孙奉军．我国资产证券化的切入点——离岸运作．上海金融，2001
[33] Stand & Pools. Auto Loan Criteria. McGraw-Hill Companies, Inc., 1999
[34] Mrazek C, J Astorina, J R Grady, A map to Rating Auto-loan Backed Securitizations. Fitch IBCA, Inc., 1999
[35] 中国统计年鉴，2000
[36] 陈向阳，苏虹．我国银行信贷资产证券化分析．海南金融，1999，(7)：41-42
[37] 张锡营，刘念怀．中国实施资产证券化的跨国运作的探讨．金融研究，2000，(4)：25-27
[38] 何小锋，张伟，史凯峰．我国住房抵押贷款证券化的模式选择．经济科学，1996，(6)：31-33
[39] 张雪飞．对我国MBS拓展中的基础资产池的研究．北京大学硕士研究生论文集，2001
[40] 中国债券信息网：www.chinabond.com.cn
[41] 张高丽．中国资产证券化发展分析．中国证券业通讯，2002，(6)：15-17
[42] 陆正峰．收费公路证券化融资．资本市场杂志，2001，(5)：24-26
[43] 王志刚，陈慧谷，张训苏．中国券商创新论．上海：上海财经大学出版社，2000
[44] 何小锋，来有为．中国离岸资产证券化的实践探索．世界经济，2000，(9)：32-24
[45] 傅斌．我国银行资产证券化的关键环节及制度条件．金融研究，2000，(4)：34-36
[46] 刘波．我国资产证券化的供需分析及发展构思．财贸经济，1999，(11)：21-23
[47] 晓文．中集集团：国际资本市场上的资产证券化新路．浙江金融，2000，(6)：17-19
[48] 杨大楷，黄海，殷逸健．我国可转换债券涉及的发展思路．金融与保险，2001，(8)：18-20
[49] Diego Cesar Bunge. Current Status and Perpectives of Development of Securitization in Argentina. London: Lloyd's of London Press Ltd., 1995
[50] 中国金融年鉴，2001，2002
[2] 张超英，翟祥辉．资产证券化——原理、实务、实例．北京：经济科学出版社，1998
[3] 于凤坤．资产证券化：理论与实务．北京：北京大学出版社，2002
[4] 王开国．资产证券化论．上海：上海财经大学出版社，1999
[5] 涂永红，刘柏荣．银行信贷资产证券化．北京：中国金融出版社，2000
[6] 任映国，曾子龙．投资银行与资产证券化．中国城市金融，1999，(8)：30-32
[7] Tobin J., S. S. Golub. Money, Credit and Capital. McGraw-Hill Company, Inc., 1998
[8] 国际清算银行编．巴塞尔银行监管委员会文献汇编．北京：中国金融出版社，1998
[9] 弗兰克·J·法博齐，弗朗哥·莫迪利亚尼．资本市场：机构与工具．北京：经济科学出版社，1998
[10] Mortgage-Related Securities Markets Reports Record Year in 1998. MBS Issuance Tops $700 Billion. http://www.Europeansecuritizatio.com
[11] The Asset-Backed Market in 1998 and the Outlook for 1999. http://www.europeansecuritization.com
[12] Stone C A, Anne Zissu, Jess Lederman. The Global Asset Backed Securities Market. Probus, Publishing Company, 1993
[13] Joseph Norton, Paul Spellman. Asset Securitization. Basil Blackwall, Inc., 1991
[14] http://www.bondmarkets.com/research/euroabsiss.html
[15] John Deacon. Securitization Principles. Markets and Terms, Asia Law & Practice, 1999
[16] 何小锋．资产证券化：中国的模式．北京：北京大学出版社，2002
[17] 吉伶华．资产证券化跨国运作．江苏统计，2001
[18] William F. Shaarpe, Capital Asset Price: A Theory of Market Equilibrium under Conditions of Risk, J Finan, September, 1964
[19] 威廉·夏普．投资组合理论与资本市场．北京：机械工业出版社，2001
[20] Doetsch D A, D Petkovic. Securitization Trade Finance Cash Flows. Mayer Brown & Platt, 1999
[21] 沈沛．资产证券化研究．深圳：海天出版社，1999
[22] Schwartz S L. The Universal Language of Cross-border Finance. Duke Journal of Comparative & International Law, Spring 1998
[23] 陆瑾．资产证券化运作的效率分析．财经研究，2001，(4)：23-24
[24] Joseph J Norton, Paul R Spellman, Mitchell S Dulper. International Asset Securitization. LLP, 2000
[25] Damodaran A. Investment Valuation: Tools and Techniques for Determining the Value of Any Asset. John Willey & Sons, Inc., 1996
[26] 来有为．离岸资产证券化：一项全新地国际融资方式．浙江金融，2002，(6)：16-18
[27] Thomas H. A Preliminary Look at Gains from Asset Securitization. Journal of International Financial Markets, Institutions and Money, 1999, (9): 35-36
[28] 1999年3月《中华人民共和国合同法》第八十条
[29] 王开国．关于中国推行资产证券化问题的思考．经济研究，1999，(6)：25-27
[30] 李颖．关于与境外机构联合开展离岸资产证券化的设想．http://www.chinesecuritization.com
[31] 朱莲美，傅斌．资产证券化过程中的税收及会计问题探讨．研究、探索、改革，2001，(3)：30-32
[32] 戴国强，孙奉军．我国资产证券化的切入点——离岸运作．上海金融，2001
[33] Stand & Pools. Auto Loan Criteria. McGraw-Hill Companies, Inc., 1999
[34] Mrazek C, J Astorina, J R Grady, A map to Rating Auto-loan Backed Securitizations. Fitch IBCA, Inc., 1999
[35] 中国统计年鉴，2000
[36] 陈向阳，苏虹．我国银行信贷资产证券化分析．海南金融，1999，(7)：41-42
[37] 张锡营，刘念怀．中国实施资产证券化的跨国运作的探讨．金融研究，2000，(4)：25-27
[38] 何小锋，张伟，史凯峰．我国住房抵押贷款证券化的模式选择．经济科学，1996，(6)：31-33
[39] 张雪飞．对我国MBS拓展中的基础资产池的研究．北京大学硕士研究生论文集，2001
[40] 中国债券信息网：www.chinabond.com.cn
[41] 张高丽．中国资产证券化发展分析．中国证券业通讯，2002，(6)：15-17
[42] 陆正峰．收费公路证券化融资．资本市场杂志，2001，(5)：24-26
[43] 王志刚，陈慧谷，张训苏．中国券商创新论．上海：上海财经大学出版社，2000
[44] 何小锋，来有为．中国离岸资产证券化的实践探索．世界经济，2000，(9)：32-24
[45] 傅斌．我国银行资产证券化的关键环节及制度条件．金融研究，2000，(4)：34-36
[46] 刘波．我国资产证券化的供需分析及发展构思．财贸经济，1999，(11)：21-23
[47] 晓文．中集集团：国际资本市场上的资产证券化新路．浙江金融，2000，(6)：17-19
[48] 杨大楷，黄海，殷逸健．我国可转换债券涉及的发展思路．金融与保险，2001，(8)：18-20
[49] Diego Cesar Bunge. Current Status and Perpectives of Development of Securitization in Argentina. London: Lloyd's of London Press Ltd., 1995
[50] 中国金融年鉴，2001，2002