美国资产证券化研究
摘要
随着金融技术的迅猛发展和全球经济一体化的到来，世界经济的白热化竞争和对金融创新的强烈需求，使得世界各国政府面临着前所未有的巨大压力，而同时也带来了空前的发展机遇和巨大挑战。其中，作为金融创新领域的重要手段之一的资产证券化，受到世界各国的普遍关注，并成为当代国际金融、资本市场领域研究的重要问题。资产证券化(Asset Securitization)是指针对流动性较差的资产，通过一定的结构设计、信用增级、信用评级等手段转换为可以自由买卖的证券的过程，使之具有流动性。资产证券化作为近年来出现的金融创新思想和方法，为各国有效管理经济和金融风险，发挥金融市场投融资功能并促进经济稳定发展提供了新的思路。资产证券化产品是成熟资本市场的重要品种，无论是从政府的管理视角和金融创新规律来看，还是从银行、企业和广大社会投资者的不断变化和增加的需求来看，资产证券化理论研究及其创新应用的构筑等都是十分必要的，同时也是金融管理现代化的必然选择。
资产证券化起源于美国，美国拥有世界上规模最大的资产证券化市场，因此，美国在金融工具的创新与应用方面的经验均受到各国的关注，美国是助推世界经济发展的核心力量之一。尽管在2007年爆发了以资产证券化为罪魁祸首的美国次贷危机，但是美国资产证券化市场却未因此而消失，而是通过迅速的政策调整使得资产证券化向着更良性化的方向发展。根据美国证券业和金融市场协会统计，2011年美国资产证券化产品的发行规模为1.79万亿美元，2012年全美发行2.26万亿美元资产证券化产品，仅次于美国国债的2.31万亿美元的发行量。相比之下，我国资产证券化的实践应用正处于起步发展阶段，自2005年起试点运行到2008年，由于受金融危机的影响而停滞不前，此间共发行了约为667.85亿元人民币的资产证券化产品。之后，逐渐摆脱金融危机影响，又开始加大对资产证券化的关注与实践，2012年9月7日，国开行发行了101.66亿元的资产证券化产品，央行、银监会等也宣布要进一步扩大资产证券化试点，我国资产证券化的进程在重启后开始出现继续加速前行的可喜局面。
那么，为什么美国资产证券化市场规模会快速增长并最终高居美国债市榜首，甚至一度超过美国国债规模？美国政府为何如此重视这一金融创新工具？美国次贷危机究竟体现了资产证券化运作过程中的哪些问题，美国又是如何进行的监管调整与制度改革？与资产证券化经验丰富的美国相比，我国资产证券化路在何方？特别是在次贷危机过后的新的经济形式下，如何借鉴美国经验把握我国资产证券化实践，以金融创新与稳定为出发点，营造我国资产证券化市场发展的繁荣局面，充分发挥其最大效用？上述问题均是本文需要解决的重要问题。因此，本文针对美国资产证券化的起源、演进、构建、特点、运作、监管等问题进行全面系统地探讨与研究，以次贷危机为时间点对其进行纵向剖析，再依据我国实际情况与美国进行横向比较，以最终寻求指导我国资产证券化运作的合理化方案。
本论文主要完成了以下六个方面的工作：
⑴对国内外资产证券化相关研究文献进行了综述，全面掌握资产证券化在世界各国的广泛应用与研究，指出了资产证券化的主要研究与发展方向，并最终在此基础上确定了美国资产证券化的研究视角。
⑵在分析了资产证券化的基本概念、特点和类别的基础上，阐述了信息不对称、制度经济学等原理，提出在资产证券化的研究与实践中引入这些原理的重要意义。
⑶对美国资产证券化的发展历程进行了深入地剖析。从美国资产证券化的起源开始分析，注重论述了其历史发展进程及其每一阶段的发展特征，并对美国资产证券化的动因进行了分析，以从历史背景的角度明晰资产证券化产生及发展的缘由。
⑷结合演进的历史特征，对美国资产证券化运作机制及特点进行了全面地阐述，主要从美国独特的资产池构造机制、破产隔离机制、信用增级与评级机制等方面进行了分析，并对次贷危机后资产证券化运作机制方面的调整进行了分析。
⑸次贷危机凸显了美国金融监管和资产证券化相关法律制度的缺陷。在这一思路的指导下，本文对保障资产证券化良好运作的监管模式及法律制度安排进行阐述，着重分析美国资产证券化监管体系、危机后监管模式的变革及相关制度的安排。
⑹通过深入研究美国资产证券化发展经验以及存在的问题，评价其改进的措施及实施效果的基础上，在我国新一轮资产证券化重启之际，本文对我国资产证券化发展的主要方向、发展思路等进行研究，并给出有关实施措施与建议。
在论文最后，总结了本论文的主要研究成果和主要贡献。同时也指出了进一步需要开展的研究工作。
With the rapid development of financial technology and the arrival of the globaleconomic integration, competing in world economy, the governments all over theworld are facing unprecedented pressure for financial innovation. There are greatchances and challenges for development. Asset Securitization, one of the importantmeans of financial innovation, subjects to the general concern of the world, tobecome one of the important contemporary research areas. Asset securitization refersto the process of illiquid assets on financial markets through structural design, creditenhancement, credit rating means convert into securities that can be traded freely, soliquidity. As a financial innovative idea and method appeared in recent years Assetsecuritization is propitious for effectively managing economic and financial risks forcountries, and provides a new way to promote the investment and functions offinancial markets and to maintain economic development. Asset securitizationproducts are important varieties of mature capital market, from a managementperspective and financial innovation point of view, to the increasing demands of changing banks, businesses and the wider community of investors. Assetsecuritization theory as well as the construction of the research and its innovativeapplications is very necessary, and also the inevitable choice of modern financialmanagement.
Asset securitization is originated in the United States, and the world's largestasset securitization market is also in the United States, therefore the U.S. experiencein the innovation and application of financial instruments are emulated by countries.The United States is boosting the world's representative of economic development.Despite the asset securitization culprits U.S. subprime mortgage crisis broke out in2007, the U.S. asset securitization market has not disappeared, and the rapidadjustment makes the development of asset securitization more benign. According tostatistics of the U.S. Securities Industry and Financial Markets Association, theissuance of the asset-backed securities in the United States is$1786.4billion in2011,and$2264.5billion in2012, second only to$2308.8billion of the issuance of theU.S. Treasury. In contrast, the practical application of asset securitization is at anearly stage in China, since the first asset-backed security in2005and the stagnationby the impact of the financial crisis in2008，the assets securitized products has beenissued￥66.785billion. Although influenced by the subprime mortgage crisis, the practice of asset securitization in China is continued. September7,2012,10.166billion yuan of asset-backed securities were issued by CDB(China DevelopmentBank), the central bank, and China Banking Regulatory Commission also announcesa further expansion of asset securitization. The process of asset securitization inChina will continue to accelerate.
So why does the U.S. asset securitization market scale grow up rapidly andeventually being the top U.S. bond market, once even beyond the scale of U.S.Treasury bonds? Why does the U.S. government attach importance to this financialinnovation tool? What issues does the U.S. subprime mortgage crisis reflect? Whatsupervise adjust and reform have been done? Under the new form of economy afterthe subprime mortgage crisis, how to learn from the experience of the U. S. to graspthe actual asset securitization practice in China is the important issue that needs to beaddressed in this article. Therefore, this paper systematically studies on the origin,evolution, construction, characteristics, operation, supervision and other issues ofasset securitization in USA. Based on the longitudinal analysis at the point of thecrisis and the horizontal comparison between the actual situation of China and theU.S., Further rationalization to guide the operation of asset securitization in China isgiven at last.
The thesis mainly achieves six aspects, as following.
(1) Totally analyze the main content of asset securitization on the basis ofreviewing of the literature in the world, emphasizing on the newest achievement anddevelopmental direction of asset securitization, and finally determine to research theasset securitization of USA.
(2) On the basis of analyzing the basic concept, characteristics and categories ofasset securitization and information asymmetry, institutional economic principles areformulated. Then the great value of attaching importance to these principles in theresearch and practice of asset securitization is provided.
(3) Then analyze on the development of US asset securitization in-depth.Starting from the origin of the U.S. asset securitization, especially focusing on thehistorical development process and its characteristics of each stage of development,the motivations of asset securitization are analyzed, clarifying the background from ahistorical perspective.
(4) Penetrating the historical features of the US asset securitization development,the operation mechanism and characteristics have been expounded, mainly includingthe unique asset pooling mechanism, the Bankruptcy Remoteness mechanism, creditenhancement and credit rating mechanism, and the adjustment of the operationmechanism after the subprime crisis of assets securitization is analyzed.
(5) The subprime crisis exposes the shortcomings of the American financial supervision of asset securitization and related legal system. In this direction, thesafeguarding of asset securities supervision mode and the arrangement of legalsystem are expounded, focusing on the analysis of supervision mode change andrelated system arrangement after the crisis.
(6) Through the study of the development experience of American assetsecuritization and the existing problems, based on the estimate of the improvedmeasures and implementation effect, the direction of Chinese asset securitizationdevelopment and some measures and suggestions are given on the occasion of therestart of asset securitization in China.
At last, the research fruit and the innovative parts are summarized in this thesis.Following that, the need of more research work is pointed out.
资产证券化起源于美国，美国拥有世界上规模最大的资产证券化市场，因此，美国在金融工具的创新与应用方面的经验均受到各国的关注，美国是助推世界经济发展的核心力量之一。尽管在2007年爆发了以资产证券化为罪魁祸首的美国次贷危机，但是美国资产证券化市场却未因此而消失，而是通过迅速的政策调整使得资产证券化向着更良性化的方向发展。根据美国证券业和金融市场协会统计，2011年美国资产证券化产品的发行规模为1.79万亿美元，2012年全美发行2.26万亿美元资产证券化产品，仅次于美国国债的2.31万亿美元的发行量。相比之下，我国资产证券化的实践应用正处于起步发展阶段，自2005年起试点运行到2008年，由于受金融危机的影响而停滞不前，此间共发行了约为667.85亿元人民币的资产证券化产品。之后，逐渐摆脱金融危机影响，又开始加大对资产证券化的关注与实践，2012年9月7日，国开行发行了101.66亿元的资产证券化产品，央行、银监会等也宣布要进一步扩大资产证券化试点，我国资产证券化的进程在重启后开始出现继续加速前行的可喜局面。
那么，为什么美国资产证券化市场规模会快速增长并最终高居美国债市榜首，甚至一度超过美国国债规模？美国政府为何如此重视这一金融创新工具？美国次贷危机究竟体现了资产证券化运作过程中的哪些问题，美国又是如何进行的监管调整与制度改革？与资产证券化经验丰富的美国相比，我国资产证券化路在何方？特别是在次贷危机过后的新的经济形式下，如何借鉴美国经验把握我国资产证券化实践，以金融创新与稳定为出发点，营造我国资产证券化市场发展的繁荣局面，充分发挥其最大效用？上述问题均是本文需要解决的重要问题。因此，本文针对美国资产证券化的起源、演进、构建、特点、运作、监管等问题进行全面系统地探讨与研究，以次贷危机为时间点对其进行纵向剖析，再依据我国实际情况与美国进行横向比较，以最终寻求指导我国资产证券化运作的合理化方案。
本论文主要完成了以下六个方面的工作：
⑴对国内外资产证券化相关研究文献进行了综述，全面掌握资产证券化在世界各国的广泛应用与研究，指出了资产证券化的主要研究与发展方向，并最终在此基础上确定了美国资产证券化的研究视角。
⑵在分析了资产证券化的基本概念、特点和类别的基础上，阐述了信息不对称、制度经济学等原理，提出在资产证券化的研究与实践中引入这些原理的重要意义。
⑶对美国资产证券化的发展历程进行了深入地剖析。从美国资产证券化的起源开始分析，注重论述了其历史发展进程及其每一阶段的发展特征，并对美国资产证券化的动因进行了分析，以从历史背景的角度明晰资产证券化产生及发展的缘由。
⑷结合演进的历史特征，对美国资产证券化运作机制及特点进行了全面地阐述，主要从美国独特的资产池构造机制、破产隔离机制、信用增级与评级机制等方面进行了分析，并对次贷危机后资产证券化运作机制方面的调整进行了分析。
⑸次贷危机凸显了美国金融监管和资产证券化相关法律制度的缺陷。在这一思路的指导下，本文对保障资产证券化良好运作的监管模式及法律制度安排进行阐述，着重分析美国资产证券化监管体系、危机后监管模式的变革及相关制度的安排。
⑹通过深入研究美国资产证券化发展经验以及存在的问题，评价其改进的措施及实施效果的基础上，在我国新一轮资产证券化重启之际，本文对我国资产证券化发展的主要方向、发展思路等进行研究，并给出有关实施措施与建议。
在论文最后，总结了本论文的主要研究成果和主要贡献。同时也指出了进一步需要开展的研究工作。
With the rapid development of financial technology and the arrival of the globaleconomic integration, competing in world economy, the governments all over theworld are facing unprecedented pressure for financial innovation. There are greatchances and challenges for development. Asset Securitization, one of the importantmeans of financial innovation, subjects to the general concern of the world, tobecome one of the important contemporary research areas. Asset securitization refersto the process of illiquid assets on financial markets through structural design, creditenhancement, credit rating means convert into securities that can be traded freely, soliquidity. As a financial innovative idea and method appeared in recent years Assetsecuritization is propitious for effectively managing economic and financial risks forcountries, and provides a new way to promote the investment and functions offinancial markets and to maintain economic development. Asset securitizationproducts are important varieties of mature capital market, from a managementperspective and financial innovation point of view, to the increasing demands of changing banks, businesses and the wider community of investors. Assetsecuritization theory as well as the construction of the research and its innovativeapplications is very necessary, and also the inevitable choice of modern financialmanagement.
Asset securitization is originated in the United States, and the world's largestasset securitization market is also in the United States, therefore the U.S. experiencein the innovation and application of financial instruments are emulated by countries.The United States is boosting the world's representative of economic development.Despite the asset securitization culprits U.S. subprime mortgage crisis broke out in2007, the U.S. asset securitization market has not disappeared, and the rapidadjustment makes the development of asset securitization more benign. According tostatistics of the U.S. Securities Industry and Financial Markets Association, theissuance of the asset-backed securities in the United States is$1786.4billion in2011,and$2264.5billion in2012, second only to$2308.8billion of the issuance of theU.S. Treasury. In contrast, the practical application of asset securitization is at anearly stage in China, since the first asset-backed security in2005and the stagnationby the impact of the financial crisis in2008，the assets securitized products has beenissued￥66.785billion. Although influenced by the subprime mortgage crisis, the practice of asset securitization in China is continued. September7,2012,10.166billion yuan of asset-backed securities were issued by CDB(China DevelopmentBank), the central bank, and China Banking Regulatory Commission also announcesa further expansion of asset securitization. The process of asset securitization inChina will continue to accelerate.
So why does the U.S. asset securitization market scale grow up rapidly andeventually being the top U.S. bond market, once even beyond the scale of U.S.Treasury bonds? Why does the U.S. government attach importance to this financialinnovation tool? What issues does the U.S. subprime mortgage crisis reflect? Whatsupervise adjust and reform have been done? Under the new form of economy afterthe subprime mortgage crisis, how to learn from the experience of the U. S. to graspthe actual asset securitization practice in China is the important issue that needs to beaddressed in this article. Therefore, this paper systematically studies on the origin,evolution, construction, characteristics, operation, supervision and other issues ofasset securitization in USA. Based on the longitudinal analysis at the point of thecrisis and the horizontal comparison between the actual situation of China and theU.S., Further rationalization to guide the operation of asset securitization in China isgiven at last.
The thesis mainly achieves six aspects, as following.
(1) Totally analyze the main content of asset securitization on the basis ofreviewing of the literature in the world, emphasizing on the newest achievement anddevelopmental direction of asset securitization, and finally determine to research theasset securitization of USA.
(2) On the basis of analyzing the basic concept, characteristics and categories ofasset securitization and information asymmetry, institutional economic principles areformulated. Then the great value of attaching importance to these principles in theresearch and practice of asset securitization is provided.
(3) Then analyze on the development of US asset securitization in-depth.Starting from the origin of the U.S. asset securitization, especially focusing on thehistorical development process and its characteristics of each stage of development,the motivations of asset securitization are analyzed, clarifying the background from ahistorical perspective.
(4) Penetrating the historical features of the US asset securitization development,the operation mechanism and characteristics have been expounded, mainly includingthe unique asset pooling mechanism, the Bankruptcy Remoteness mechanism, creditenhancement and credit rating mechanism, and the adjustment of the operationmechanism after the subprime crisis of assets securitization is analyzed.
(5) The subprime crisis exposes the shortcomings of the American financial supervision of asset securitization and related legal system. In this direction, thesafeguarding of asset securities supervision mode and the arrangement of legalsystem are expounded, focusing on the analysis of supervision mode change andrelated system arrangement after the crisis.
(6) Through the study of the development experience of American assetsecuritization and the existing problems, based on the estimate of the improvedmeasures and implementation effect, the direction of Chinese asset securitizationdevelopment and some measures and suggestions are given on the occasion of therestart of asset securitization in China.
At last, the research fruit and the innovative parts are summarized in this thesis.Following that, the need of more research work is pointed out.
引文
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