资产证券化及其在兴业银行不良资产处置中的应用
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摘要
当前,不良资产问题已经成为困扰国内外银行业的难题,国内商业银行的不良资产问题也相当严重,不仅影响着我国银行业的改革进程,而且影响银行、企业的正常、稳健经营,成为我国金融业的隐患。证券化作为不良资产的特殊处置方式,以其低成本、结构化融资、表外业务化而受到重视。
对资产证券化的理论研究起源于美国,并在西方发达国家得到广泛、深入的研究,有关文献数不胜数。近年来,国内学者对资产证券化的研究不断深入,制度与法规逐渐完善,包括兴业银行在内的多家商业银行进行了资产证券化的尝试。
资产证券化的实务操作必须建立在对其概念进行界定、对其原理进行分析、对其运行机制进行考察的基础之上。资产证券化的原理可以概括为“一个核心原理”和“三个基本原理”,核心原理是指被证券化资产(或基础资产)的现金流分析;而通过资产证券化过程使不流动资产得以流动,主要依赖于三个基本原理:资产组合原理、风险隔离原理、信用增级原理。资产证券化的运行机制则需要考虑其基本结构及交易参与者、基本运作程序、证券化方式和内容。
国内商业银行不良资产一般界定为贷款五级分类中的次级贷款和可疑贷款、损失贷款:近年来国内商业银行的不良资产比率得到控制,但仍不能被忽视,需要探求其产生的内外部因素,借鉴现有的处置模式,寻求合理的化解途径。结果发现证券化在国内商业银行不良资产是必要的、可行的。
尽管不良资产的证券化面临相关法律制度不健全、资产池的构建、信用评级、证券估值、缺乏多元的机构投资者等方面的困难,但借鉴国内外的经验,仍旧可以为兴业银行设计出合理可行的不良资产证券化方案设计,方案设计的主要环节有:交易结构的设计、资产池组建、信用增级、产品设计和发行的有关安排。
在对兴业银行不良资产证券化方案设计中,遇到的很多困难与障碍,是来自宏观层面的,和其他商业银行、企业、金融机构的资产证券化有着共性,需要监管部门采取措施才能解决,也即需要出台或完善资产证券化所必需的宏观政策、法律法规及相关的配套措施。
Non-performing Assets is a difficult problem for international banking, and it is quite serious for domestic commercial banks, which affects the reformation of banking, the normal operation of commercial banks and enterprises, and becomes hidden trouble of finance industry. Securitization, as a special disposal of non-performing assets, with its low-cost, structured finance, and operation has been attended.
The theories on Assets Securitization started in America, and have been studied widely and deeply in Western Countries; the related documents can't be counted. In recent years, many researchers have begun to attend Assets Securitization, the related regulations and laws have been perfected and quite a few commercial banks include Industrial Bank CO. LTD have securitizes their credit assets.
Assets Securitization must be based on its definition, principles and operating mechanism. The principles of Assets Securitization can be generalized one core principle and three basic principles, and the core principle is cash flow analysis, the basic principles include portfolio, risk segregation and credit enhancement. The operating mechanism of operating mechanism involves trade structure and its participants, operating procedure, modes and contents.
Non-performing Asset is defined with sub loans, questionable loans and loss loans in domestic commercial banks. In recent years, Non-performing Asset in domestic commercial banks has been controlled, but can't be neglected, and we should search the reasons of Non-performing Asset and use for reference of existing disposals. The analysis indicates that Assets Securitization is necessary and feasible to depose Non-performing Asset for domestic commercial banks.
In spite of the difficulties such as absence of laws, construction of assets pool, credit appraise, securities valuation and scarcity of institutional investors, based on use for reference of experience, Industrial Bank CO. LTD may design the scheme to securitize Non-performing Asset, and the main steps include difficulties of trade structure, construction of assets pool, securities valuation, credit enhancement and the related arrangement of issuing.
Many difficulties in designing the scheme to securitize Non-performing Asset for Industrial Bank CO. LTD, is common for all domestic commercial banks, and should adopt many countermeasures to promote Assets Securitization.
对资产证券化的理论研究起源于美国,并在西方发达国家得到广泛、深入的研究,有关文献数不胜数。近年来,国内学者对资产证券化的研究不断深入,制度与法规逐渐完善,包括兴业银行在内的多家商业银行进行了资产证券化的尝试。
资产证券化的实务操作必须建立在对其概念进行界定、对其原理进行分析、对其运行机制进行考察的基础之上。资产证券化的原理可以概括为“一个核心原理”和“三个基本原理”,核心原理是指被证券化资产(或基础资产)的现金流分析;而通过资产证券化过程使不流动资产得以流动,主要依赖于三个基本原理:资产组合原理、风险隔离原理、信用增级原理。资产证券化的运行机制则需要考虑其基本结构及交易参与者、基本运作程序、证券化方式和内容。
国内商业银行不良资产一般界定为贷款五级分类中的次级贷款和可疑贷款、损失贷款:近年来国内商业银行的不良资产比率得到控制,但仍不能被忽视,需要探求其产生的内外部因素,借鉴现有的处置模式,寻求合理的化解途径。结果发现证券化在国内商业银行不良资产是必要的、可行的。
尽管不良资产的证券化面临相关法律制度不健全、资产池的构建、信用评级、证券估值、缺乏多元的机构投资者等方面的困难,但借鉴国内外的经验,仍旧可以为兴业银行设计出合理可行的不良资产证券化方案设计,方案设计的主要环节有:交易结构的设计、资产池组建、信用增级、产品设计和发行的有关安排。
在对兴业银行不良资产证券化方案设计中,遇到的很多困难与障碍,是来自宏观层面的,和其他商业银行、企业、金融机构的资产证券化有着共性,需要监管部门采取措施才能解决,也即需要出台或完善资产证券化所必需的宏观政策、法律法规及相关的配套措施。
Non-performing Assets is a difficult problem for international banking, and it is quite serious for domestic commercial banks, which affects the reformation of banking, the normal operation of commercial banks and enterprises, and becomes hidden trouble of finance industry. Securitization, as a special disposal of non-performing assets, with its low-cost, structured finance, and operation has been attended.
The theories on Assets Securitization started in America, and have been studied widely and deeply in Western Countries; the related documents can't be counted. In recent years, many researchers have begun to attend Assets Securitization, the related regulations and laws have been perfected and quite a few commercial banks include Industrial Bank CO. LTD have securitizes their credit assets.
Assets Securitization must be based on its definition, principles and operating mechanism. The principles of Assets Securitization can be generalized one core principle and three basic principles, and the core principle is cash flow analysis, the basic principles include portfolio, risk segregation and credit enhancement. The operating mechanism of operating mechanism involves trade structure and its participants, operating procedure, modes and contents.
Non-performing Asset is defined with sub loans, questionable loans and loss loans in domestic commercial banks. In recent years, Non-performing Asset in domestic commercial banks has been controlled, but can't be neglected, and we should search the reasons of Non-performing Asset and use for reference of existing disposals. The analysis indicates that Assets Securitization is necessary and feasible to depose Non-performing Asset for domestic commercial banks.
In spite of the difficulties such as absence of laws, construction of assets pool, credit appraise, securities valuation and scarcity of institutional investors, based on use for reference of experience, Industrial Bank CO. LTD may design the scheme to securitize Non-performing Asset, and the main steps include difficulties of trade structure, construction of assets pool, securities valuation, credit enhancement and the related arrangement of issuing.
Many difficulties in designing the scheme to securitize Non-performing Asset for Industrial Bank CO. LTD, is common for all domestic commercial banks, and should adopt many countermeasures to promote Assets Securitization.
引文
[1] Tamar Frankel, Securitization: structured Financing, Financial Assets Pools, and Asset-backed securities, Vol.1, Little, Brown and company, 1991
[2] Fabozzi, Frank J.The Handbookof Mortgage Backed Securities. Chicago: Probus Publishing Company, 1995
[3] Fabozzi, Frank J. The Handbookof Fixed Income Securities(6~(th) ed). Chicago: McGraw-Hill, 2001
[4] Georges. Securitization and Credit Risk:An Empirical Evidence for Canada, 2002,154
[5] James A. Rosenthal, Juan M. Ocampo. Securitization of Credit: Inside the New Technology of Finance, 1998,288
[6] Christine A.Pavel, Citibank, Structures and Cash Flows of Securitization, 1994
[7] Steven L. Schwarcz, Kaye, Scholer, Fierfmm, Hays& Handler .The Alchemy of Asset Securitization. The Financier: ACMT, VOL. 1, No. 5, DECEMBER 1994,53-47
[8] Roever W. Alexander. The joy of securitization: understanding securitization and its appeal. Issuer Perspectives on Securitization, 1998
[9] Steven L. Schwarcz .An Overview of Securitization, in Asset securitization: International Financial and International Financial and Legal Perspectives, Joseph Norton& Paul Spellman eds., 1991,1-15
[10]Claire A .Hill .Securization: A Low-cost Sweetener for Lemons.74 Wash .U .L .Q, 1996
[11]Michael J. Trebilcock and Edward M. Iacobucci.Privatzation and Accoutabilty. Harvard Law Review, 2002,(116): 1422
[12] Christopher W. Frost .Asset securitization and corporate risk allocation. Tulane Law Journal, 1997,(72):72 -152.
[13]Lawrence M. Benveniste, Allen N. Berger. Securitization with recourse : An instrument that offers uninsured bank depositors sequential claims, Journal of Banking & Finance, Elsevier, 11(3) 403-424
[14]Jure Skarabot .Asset Securitization and Optimal Asset Structure of the Firm, EFMA Lugano Meetings, 2001
[15]Jure Skarabot.Securitization and Special PurpOse Vehicle Structure, working paper,Berkeley,2002
[16]Official Financing for Developing Countries,IMF World Economic and Financial Survey,1995
[17]何德旭.银行不良资产证券化:若干判断与分析.财贸经济,2002,(2):54-64
[18]涂永红,刘柏荣.银行信贷资产证券化.北京:中国金融出版社,2000,70-112
[19]李传全.结构金融-资产证券化原理指南.北京:清华大学出版社,2003,60-78
[20]李建华.信贷资产证券化试点管理办法.中国改革,2005,5-10
[21]陆烨彬,吴应宇.我国资产证券化的发展模式探析.现代管理科学,2004,(12):15-17
[22]张超英.关于资产证券化动因的理论探析.财贸经济,2003,(6):25-28
[23]陈荣湘,陈辛润.资产证券化及其在我国的运用.现代管理科学,2004,(9):18-20
[24]高保中.中国资产证券化的制度分析.北京:社会科学文献出版社,2005,80-90
[25]刘光旭.资产证券化对于银行业和资本市场的主要作用.商业文化,2008,(2):14-18
[26]刘宏.浅谈我国资产证券化问题.内蒙古科技与经济,2004,(24):15-18
[27]詹巍.我国资产证券化的切入点分析.芜湖职业技术学院学报,2005,(4):44-46
[28]黄晓东.我国资产证券化的切入点分析-兼论住房抵押贷款证券化必要性.理论与现代化,2004,(4):51-53
[29]赵胜来,陈俊芳.资产证券化原理、功能及模式研究.上海管理科学,2006,(1):60-63
[30]陈洪.资产证券化的运行机制及风险防范.商业时代,2007,(2):75-77
[31]彭惠,李勇.我国不良资产证券化的可行性分析.北方论丛,2003,(2):30-32
[32]洪艳蓉.资产证券化法律问题研究.北京:北京大学出版社,2004
[33]王志强.银行资产证券化的直接动因和效果.北京:科学出版社,2008,40-50
[34]王祥兴,李志刚.资产证券化并非灵丹妙药.银行家,2004,(8):12-14
[35]梁志峰,冒艳玲.银行信贷资产证券化的信用制度风险.系统工程,2004,(11):21-23
[36]王君彩,韩永强.试析资产证券化在我国的应用取向,2004
[37]刘少波,张霖.金融创新中的信用增级及其定价问题-以资产证券化为例.金融研究,2006,(3):131-136
[38]吴弘.不动产信托证券化法律研究.上海:上海交通大学出版社,2005
[39]王延安,尚妍.论我国商业银行的不良资产证券化.北方经济,2006,(14):54-55
[40]姜建清.商业银行资产证券化-从货币市场走向资本市场.中国金融出版社, 2004
[41]徐文强.资产证券化:化解银行不良资产的有效模式.山东财政学院学报(双月刊),2006,(6):41-43
[42]唐志武.推动资产证券化市场建设的策略分析.长安大学学报,2006,16(2):27-30
[43]杨静,严莉.我国银行不良资产证券化问题与对策.合作经济与科技,2007,(7):1-1
[2] Fabozzi, Frank J.The Handbookof Mortgage Backed Securities. Chicago: Probus Publishing Company, 1995
[3] Fabozzi, Frank J. The Handbookof Fixed Income Securities(6~(th) ed). Chicago: McGraw-Hill, 2001
[4] Georges. Securitization and Credit Risk:An Empirical Evidence for Canada, 2002,154
[5] James A. Rosenthal, Juan M. Ocampo. Securitization of Credit: Inside the New Technology of Finance, 1998,288
[6] Christine A.Pavel, Citibank, Structures and Cash Flows of Securitization, 1994
[7] Steven L. Schwarcz, Kaye, Scholer, Fierfmm, Hays& Handler .The Alchemy of Asset Securitization. The Financier: ACMT, VOL. 1, No. 5, DECEMBER 1994,53-47
[8] Roever W. Alexander. The joy of securitization: understanding securitization and its appeal. Issuer Perspectives on Securitization, 1998
[9] Steven L. Schwarcz .An Overview of Securitization, in Asset securitization: International Financial and International Financial and Legal Perspectives, Joseph Norton& Paul Spellman eds., 1991,1-15
[10]Claire A .Hill .Securization: A Low-cost Sweetener for Lemons.74 Wash .U .L .Q, 1996
[11]Michael J. Trebilcock and Edward M. Iacobucci.Privatzation and Accoutabilty. Harvard Law Review, 2002,(116): 1422
[12] Christopher W. Frost .Asset securitization and corporate risk allocation. Tulane Law Journal, 1997,(72):72 -152.
[13]Lawrence M. Benveniste, Allen N. Berger. Securitization with recourse : An instrument that offers uninsured bank depositors sequential claims, Journal of Banking & Finance, Elsevier, 11(3) 403-424
[14]Jure Skarabot .Asset Securitization and Optimal Asset Structure of the Firm, EFMA Lugano Meetings, 2001
[15]Jure Skarabot.Securitization and Special PurpOse Vehicle Structure, working paper,Berkeley,2002
[16]Official Financing for Developing Countries,IMF World Economic and Financial Survey,1995
[17]何德旭.银行不良资产证券化:若干判断与分析.财贸经济,2002,(2):54-64
[18]涂永红,刘柏荣.银行信贷资产证券化.北京:中国金融出版社,2000,70-112
[19]李传全.结构金融-资产证券化原理指南.北京:清华大学出版社,2003,60-78
[20]李建华.信贷资产证券化试点管理办法.中国改革,2005,5-10
[21]陆烨彬,吴应宇.我国资产证券化的发展模式探析.现代管理科学,2004,(12):15-17
[22]张超英.关于资产证券化动因的理论探析.财贸经济,2003,(6):25-28
[23]陈荣湘,陈辛润.资产证券化及其在我国的运用.现代管理科学,2004,(9):18-20
[24]高保中.中国资产证券化的制度分析.北京:社会科学文献出版社,2005,80-90
[25]刘光旭.资产证券化对于银行业和资本市场的主要作用.商业文化,2008,(2):14-18
[26]刘宏.浅谈我国资产证券化问题.内蒙古科技与经济,2004,(24):15-18
[27]詹巍.我国资产证券化的切入点分析.芜湖职业技术学院学报,2005,(4):44-46
[28]黄晓东.我国资产证券化的切入点分析-兼论住房抵押贷款证券化必要性.理论与现代化,2004,(4):51-53
[29]赵胜来,陈俊芳.资产证券化原理、功能及模式研究.上海管理科学,2006,(1):60-63
[30]陈洪.资产证券化的运行机制及风险防范.商业时代,2007,(2):75-77
[31]彭惠,李勇.我国不良资产证券化的可行性分析.北方论丛,2003,(2):30-32
[32]洪艳蓉.资产证券化法律问题研究.北京:北京大学出版社,2004
[33]王志强.银行资产证券化的直接动因和效果.北京:科学出版社,2008,40-50
[34]王祥兴,李志刚.资产证券化并非灵丹妙药.银行家,2004,(8):12-14
[35]梁志峰,冒艳玲.银行信贷资产证券化的信用制度风险.系统工程,2004,(11):21-23
[36]王君彩,韩永强.试析资产证券化在我国的应用取向,2004
[37]刘少波,张霖.金融创新中的信用增级及其定价问题-以资产证券化为例.金融研究,2006,(3):131-136
[38]吴弘.不动产信托证券化法律研究.上海:上海交通大学出版社,2005
[39]王延安,尚妍.论我国商业银行的不良资产证券化.北方经济,2006,(14):54-55
[40]姜建清.商业银行资产证券化-从货币市场走向资本市场.中国金融出版社, 2004
[41]徐文强.资产证券化:化解银行不良资产的有效模式.山东财政学院学报(双月刊),2006,(6):41-43
[42]唐志武.推动资产证券化市场建设的策略分析.长安大学学报,2006,16(2):27-30
[43]杨静,严莉.我国银行不良资产证券化问题与对策.合作经济与科技,2007,(7):1-1