中国信贷资产证券化效应研究
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摘要
资产证券化，是指发起人将缺乏流动性但能在未来产生可预见的稳定现金流的资产或资产集合出售给特设信托机构（Special Purpose Vehicle，SPV），通过一定的结构安排，分离和重组资产的收益和风险并增强资产的信用，最终将其转化成由资产产生的现金流担保的可自由流通的证券，销售给金融市场上的投资者。资产证券化（asset securitization）是二十世纪以来一种重要的金融创新工具，是金融实践和金融创新领域最为惊心动魄的事件。信贷资产证券化是其中的一个重要产品分支和类型。自资产证券化诞生以来，发展迅速，在美国的金融市场上三分天下有其一，并成为金融创新浪潮中崛起的一种主流融资技术，同时伴随着经济全球化的快速发展，资产证券化不断得到深化和推广---“这种信用体制也逐渐在全球范围内确立起来，正在改变全球的金融结构和信用配置格局”（李传全，2001）。
由于资产证券化过程通过精巧的结构安排，可以设计出标准型的衍生金融商品，可以增强资金在金融市场上的流动性，优化资金配置，提高资金使用效率，因此，资产证券化功能与效应的充分发挥对推动各国乃至全球经济与金融的发展意义重大。
然而，次贷危机席的爆发席卷全球。次贷危机的一个关键元凶就是过度的资产证券化，这让人们充分认识了资产证券化狰狞和残酷的一面。后次贷危机时代，做为主要发达经济体的美国和欧洲都进行了监管改革的努力和尝试，纷纷推出了一系列监管改革措施。这些措施旨在约束和限制金融衍生工具的过度杠杆化和自由化发展。未来，这些监管改革措施无疑会对重塑投资者的信心起到重要作用，并帮助提高信息披露要求和产品透明度。因此，资产证券化业务已在全球范围内得到了实质性的恢复性发展和增长。即资产证券化在全球依然蓬勃振兴。国外一些学者甚至认为，资产证券化业务的有力复苏未来将对世界经济的复苏和发展产生积极的、巨大的正向影响和效应。同时，近半个世纪以来全球资产证券化业务的发展实践已经深刻证明，资产证券化工具本身作为一项优质的金融创新工具，其丰富的内在效用和机制对全球金融市场的发展和制度创新做出了重要贡献。而这一点还将在未来世界经济的发展进程中得到不断印证。
因此，大力推动资产证券化的效应在中国的研究，深入探讨资产证券化效应如何在我国经济发展进程中得到有效发挥，以及充分研究如何结合我国当前的经济体制改革和金融体制改革的迫切需求，深化其效应与功能的运用，亟待破题。
论文正是以此为研究目标和出发点，在着力分析了中国信贷资产证券化业务发展的现状和特点的基础上，总结了其在发展过程中存在的主要问题；同时，着力对我国信贷资产证券化效应在金融与经济宏观和微观领域所发挥的作用以及未来即将产生的影响和意义做了深入的剖析和研究，并以我国上市商业银行相关数据为样本，建立模型，对实施信贷资产证券化业务前后，其经济指标与财务指标的变化进行了实证分析和研究，以检验和论证信贷资产资产证券化业务的实施对我国银行业发展所产生的效应和影响。此外，还对未来信贷资产证券化业务在我国的深入发展及其效用和功能的进一步充分发挥所需要的内外部环境和条件展开了深入研究，并经总结归纳，提出了一系列具有较高可操作性和参考价值的对策与措施。
在研究过程中，论文综合运用了多种研究手段和方法，包括：规范研究与实证研究相结合、综合归纳与具体分析相结合、静态分析与动态分析相结合、定性与定量研究相结合等方式。
论文的主要结论是：一方面，从实证分析的结果可以看出，信贷资产证券化业务对促进我国银行业的财务效应与经济效应的提升有着十分积极的、正向的影响和作用，对推进我国银行业的业务发展与改革具有重要的现实意义；另一方面，分析当前我国的金融发展形势，不难看出，我国的金融体系伴随着中国经济体制改革的步伐正在逐步发展、完善，并已取得了长足的进步。但还必须看到，我国的金融市场结构还有诸多问题尚需得到进一步解决和完善：各市场间缺乏有效的联系和贯通，直接融资比重依然很低，企业长期融资依然主要依赖银行业贷款，银行业与资本市场之间存在着较为严重的功能与职能错位等问题，这些问题依然严重困扰着我国经济的发展。此外，从我国金融产品发展趋势看，金融业产品品种和结构还很不丰富、合理，银行资产过于向信贷集中，资本市场上固定收益类的债权产品还较少，可以有效联系和沟通货币市场与资本市场的金融产品品种和规模还很有限，等等。因此，大力推进我国信贷资产证券化业务的发展，充分发挥其对我国经济和金融发展的促进作用和效应是大势所趋，且时不我待。
Asset securitization is the promoter of the assets or collection which is lack ofliquidity but can produce stable and foreseeable cash flow in the future sold to ad hocTrust (Special Purpose Vehicle, SPV), through certain structural arrangements,separating and restructuring the securities gains and risks of credit assets andenhancing its credit to trandsfer into securities which can currency freely guaranted bythe cash flows generated by the assets, and sold to investors in financial markets.Asset securitization is an important financial innovation since the twentieth century,and it is the most thrilling event in the financial innovation practice areas. Credit assetSecuritization is one of the important branches and product types. Since the birth ofasset securitization, its rapid development in the United States is one third of thefinancial markets, and became a mainstream technology in the rising wave offinancial innovation, accompanied by the rapid development of economicglobalization, asset securitization has been deepened and promoted----"This creditsystem is also gradually established on a global scale, and is changing the structureand configuration of global financial credit "(Chuenquen Lee,2001)
Because the process of asset securitization can construct standard financialproducts, and enhance liquidity of funds in the financial market to meet the rationalallocation of capital on a global scale, improving capital efficiency at the same time,therefore, the effect of the asset securitization will promot the national and globaleconomic and financial development if can fully function with great significance.
However, the outbreak of the subprime crisis sweeped the global economy. Akey culprit is the excessive asset securitizations, which allows people to fullyunderstand its ferocious and cruel side. In the post-subprime crisis era, as the majordeveloped economies of the U.S. and Europe have made efforts and attempts onregulatory reform, and have launched a series of regulatory reform measures. Thesemeasures aim to constraint and limitate the excessive financial derivatives andleverage. In the future, these regulatory reforms will undoubtedly help restore investorconfidence and help improve the information disclosure requirements and producttransparency. Therefore, asset securitization business has gained an effective recovery and growth in the world. That asset securitization is still thriving in the globalrevitalization. Some foreign scholars even believe that a strong recovery in assetsecuritization business in the future will have a positive impact and effect to the worldeconomic recovery and development. Meanwhile, nearly half a century practicedevelopment of asset securitization business has proven itself as a qualifed financialinnovation tools throughout the world, its rich utility and internal mechanisms hasmade an important contribution to the institutional innovations of the global financialmarkets. And it will also continue to be confirmed by the development of the worldeconomy in the future.
Therefore, to vigorously promote the research of the asset securitization effectsin China, and to deeply explore the effects of asset securitization in the developmentprocess of China's economy, as well as to fully study the urgent need of our country'scurrent economic reform and financial reform to deepen its effects and functions, is anurgent issue.
This paper is on the above starting point for the research objectives and, on theanalysis basis of the current situation and characteristics of Chinese credit assetsecuritization, summarizes the main problems in the development process; Meanwhile,focus on the effectiveness and the future impact of China's credit asset securitizationin the field of macro and micro area, and makes a thorough analysis and research, andat the same time modeling with China's listed commercial banks as sample datas totest and verify the effect and impact of the implementation of credit assetsecuritization business on China's banking industry before and after itsimplementation, and to summarize the changes in economic indicators and financialindicators by the empirical analysis and research. In addition, the paper makes adeepened research on the prerequisitly internal and external environment andcondition in the future development of our country’s credit asset securitizationbusiness, and makes a summary on its countermeasures that will have higheroperational and reference value.
During the study, the paper integrated use of a variety of research tools andmethods, including: specification research and empirical research, comprehensiveinduction and specific analysis, static analysis and dynamic analysis, qualitative and quantitative research, etc..
The main conclusions are: the result can be seen from the empirical analysis thatthe business of credit asset securitization can positively promote and enhance theeconomic and financial effects on China's banking industry, and can accelerate thedevelopment and its reform of China's banking industry in the future. The practicalsignificance is obvious. Meanwhile, on the analysis of the current situation of China'sfinancial development, it is easy to find that China's financial system is graduallydeveloping along with the pace of China's economic reform, and has madeconsiderable progress. But it must be noted that China's financial market structure aswell as many other issues still need to be further resolved and consummated: theeffective inter-market linkages and perforation is exile, the proportion of directfinancing remains low, long-term financing of companies still rely mainly on banklending, the dislocation between the banking and capital markets is still serious, theabove problems still impede China's economic development. In addition, thedevelopment trend of China's financial products indicates that the product structure ofthe financial sector is also not very rich and reasonable; the banking assetsexcessively focus on credit; fixed income securities in the capital market are alsofailing; the effective liaison and communication with currency markets and capitalmarkets still less function, etc. Therefore, it is the trend to vigorously promote thedevelopment of China's credit asset securitization business and to throughly play itsrole and effect on China’s economic and financial development, and has not to bedelayed.
由于资产证券化过程通过精巧的结构安排，可以设计出标准型的衍生金融商品，可以增强资金在金融市场上的流动性，优化资金配置，提高资金使用效率，因此，资产证券化功能与效应的充分发挥对推动各国乃至全球经济与金融的发展意义重大。
然而，次贷危机席的爆发席卷全球。次贷危机的一个关键元凶就是过度的资产证券化，这让人们充分认识了资产证券化狰狞和残酷的一面。后次贷危机时代，做为主要发达经济体的美国和欧洲都进行了监管改革的努力和尝试，纷纷推出了一系列监管改革措施。这些措施旨在约束和限制金融衍生工具的过度杠杆化和自由化发展。未来，这些监管改革措施无疑会对重塑投资者的信心起到重要作用，并帮助提高信息披露要求和产品透明度。因此，资产证券化业务已在全球范围内得到了实质性的恢复性发展和增长。即资产证券化在全球依然蓬勃振兴。国外一些学者甚至认为，资产证券化业务的有力复苏未来将对世界经济的复苏和发展产生积极的、巨大的正向影响和效应。同时，近半个世纪以来全球资产证券化业务的发展实践已经深刻证明，资产证券化工具本身作为一项优质的金融创新工具，其丰富的内在效用和机制对全球金融市场的发展和制度创新做出了重要贡献。而这一点还将在未来世界经济的发展进程中得到不断印证。
因此，大力推动资产证券化的效应在中国的研究，深入探讨资产证券化效应如何在我国经济发展进程中得到有效发挥，以及充分研究如何结合我国当前的经济体制改革和金融体制改革的迫切需求，深化其效应与功能的运用，亟待破题。
论文正是以此为研究目标和出发点，在着力分析了中国信贷资产证券化业务发展的现状和特点的基础上，总结了其在发展过程中存在的主要问题；同时，着力对我国信贷资产证券化效应在金融与经济宏观和微观领域所发挥的作用以及未来即将产生的影响和意义做了深入的剖析和研究，并以我国上市商业银行相关数据为样本，建立模型，对实施信贷资产证券化业务前后，其经济指标与财务指标的变化进行了实证分析和研究，以检验和论证信贷资产资产证券化业务的实施对我国银行业发展所产生的效应和影响。此外，还对未来信贷资产证券化业务在我国的深入发展及其效用和功能的进一步充分发挥所需要的内外部环境和条件展开了深入研究，并经总结归纳，提出了一系列具有较高可操作性和参考价值的对策与措施。
在研究过程中，论文综合运用了多种研究手段和方法，包括：规范研究与实证研究相结合、综合归纳与具体分析相结合、静态分析与动态分析相结合、定性与定量研究相结合等方式。
论文的主要结论是：一方面，从实证分析的结果可以看出，信贷资产证券化业务对促进我国银行业的财务效应与经济效应的提升有着十分积极的、正向的影响和作用，对推进我国银行业的业务发展与改革具有重要的现实意义；另一方面，分析当前我国的金融发展形势，不难看出，我国的金融体系伴随着中国经济体制改革的步伐正在逐步发展、完善，并已取得了长足的进步。但还必须看到，我国的金融市场结构还有诸多问题尚需得到进一步解决和完善：各市场间缺乏有效的联系和贯通，直接融资比重依然很低，企业长期融资依然主要依赖银行业贷款，银行业与资本市场之间存在着较为严重的功能与职能错位等问题，这些问题依然严重困扰着我国经济的发展。此外，从我国金融产品发展趋势看，金融业产品品种和结构还很不丰富、合理，银行资产过于向信贷集中，资本市场上固定收益类的债权产品还较少，可以有效联系和沟通货币市场与资本市场的金融产品品种和规模还很有限，等等。因此，大力推进我国信贷资产证券化业务的发展，充分发挥其对我国经济和金融发展的促进作用和效应是大势所趋，且时不我待。
Asset securitization is the promoter of the assets or collection which is lack ofliquidity but can produce stable and foreseeable cash flow in the future sold to ad hocTrust (Special Purpose Vehicle, SPV), through certain structural arrangements,separating and restructuring the securities gains and risks of credit assets andenhancing its credit to trandsfer into securities which can currency freely guaranted bythe cash flows generated by the assets, and sold to investors in financial markets.Asset securitization is an important financial innovation since the twentieth century,and it is the most thrilling event in the financial innovation practice areas. Credit assetSecuritization is one of the important branches and product types. Since the birth ofasset securitization, its rapid development in the United States is one third of thefinancial markets, and became a mainstream technology in the rising wave offinancial innovation, accompanied by the rapid development of economicglobalization, asset securitization has been deepened and promoted----"This creditsystem is also gradually established on a global scale, and is changing the structureand configuration of global financial credit "(Chuenquen Lee,2001)
Because the process of asset securitization can construct standard financialproducts, and enhance liquidity of funds in the financial market to meet the rationalallocation of capital on a global scale, improving capital efficiency at the same time,therefore, the effect of the asset securitization will promot the national and globaleconomic and financial development if can fully function with great significance.
However, the outbreak of the subprime crisis sweeped the global economy. Akey culprit is the excessive asset securitizations, which allows people to fullyunderstand its ferocious and cruel side. In the post-subprime crisis era, as the majordeveloped economies of the U.S. and Europe have made efforts and attempts onregulatory reform, and have launched a series of regulatory reform measures. Thesemeasures aim to constraint and limitate the excessive financial derivatives andleverage. In the future, these regulatory reforms will undoubtedly help restore investorconfidence and help improve the information disclosure requirements and producttransparency. Therefore, asset securitization business has gained an effective recovery and growth in the world. That asset securitization is still thriving in the globalrevitalization. Some foreign scholars even believe that a strong recovery in assetsecuritization business in the future will have a positive impact and effect to the worldeconomic recovery and development. Meanwhile, nearly half a century practicedevelopment of asset securitization business has proven itself as a qualifed financialinnovation tools throughout the world, its rich utility and internal mechanisms hasmade an important contribution to the institutional innovations of the global financialmarkets. And it will also continue to be confirmed by the development of the worldeconomy in the future.
Therefore, to vigorously promote the research of the asset securitization effectsin China, and to deeply explore the effects of asset securitization in the developmentprocess of China's economy, as well as to fully study the urgent need of our country'scurrent economic reform and financial reform to deepen its effects and functions, is anurgent issue.
This paper is on the above starting point for the research objectives and, on theanalysis basis of the current situation and characteristics of Chinese credit assetsecuritization, summarizes the main problems in the development process; Meanwhile,focus on the effectiveness and the future impact of China's credit asset securitizationin the field of macro and micro area, and makes a thorough analysis and research, andat the same time modeling with China's listed commercial banks as sample datas totest and verify the effect and impact of the implementation of credit assetsecuritization business on China's banking industry before and after itsimplementation, and to summarize the changes in economic indicators and financialindicators by the empirical analysis and research. In addition, the paper makes adeepened research on the prerequisitly internal and external environment andcondition in the future development of our country’s credit asset securitizationbusiness, and makes a summary on its countermeasures that will have higheroperational and reference value.
During the study, the paper integrated use of a variety of research tools andmethods, including: specification research and empirical research, comprehensiveinduction and specific analysis, static analysis and dynamic analysis, qualitative and quantitative research, etc..
The main conclusions are: the result can be seen from the empirical analysis thatthe business of credit asset securitization can positively promote and enhance theeconomic and financial effects on China's banking industry, and can accelerate thedevelopment and its reform of China's banking industry in the future. The practicalsignificance is obvious. Meanwhile, on the analysis of the current situation of China'sfinancial development, it is easy to find that China's financial system is graduallydeveloping along with the pace of China's economic reform, and has madeconsiderable progress. But it must be noted that China's financial market structure aswell as many other issues still need to be further resolved and consummated: theeffective inter-market linkages and perforation is exile, the proportion of directfinancing remains low, long-term financing of companies still rely mainly on banklending, the dislocation between the banking and capital markets is still serious, theabove problems still impede China's economic development. In addition, thedevelopment trend of China's financial products indicates that the product structure ofthe financial sector is also not very rich and reasonable; the banking assetsexcessively focus on credit; fixed income securities in the capital market are alsofailing; the effective liaison and communication with currency markets and capitalmarkets still less function, etc. Therefore, it is the trend to vigorously promote thedevelopment of China's credit asset securitization business and to throughly play itsrole and effect on China’s economic and financial development, and has not to bedelayed.
引文
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②张启文，康青山．资产证券化对商业银行的影响[J]．商业研究，2001．4．
③高保中．资产证券化：解决中小企业融资困难的一条新途径[J]．经济经纬，2004．05
④陆烨彬，吴应宇．我国资产证券化的发展模式探析[J]．现代管理科学，2006，12
⑤张小蒂，韩爱华．我国住房抵押贷款证券化探析[J]．财贸经济，2002．
⑥于凤坤．资产证券化：理论与实务[M]．北京：北京大学出版社，2002
⑦洪艳蓉．资产证券化法律问题研究[M]．北京：北京大学出版社，2004，7
①扈企平．资产证券化：理论与实务[M]．北京：中国人民大学出版社，2007
②张超英．资产证券化的本质与效应[M]．北京：经济科学出版社，2004：81-92
③姜建清，商业银行资产证券化——从货币市场走向资本市场[M]．北京：中国金融出版社，2004
④许凌艳．论金融资产证券化风险防范法律机制[J]．法学，2004．9．99-102
①胡浩．银证合作[M]．北京：中国金融出版社，2006：217-219
②孙奉军．资产证券化效率分析[M]．上海：上海财经大学出版社．2004：76-91
③叶德磊．论我国金融生态圈优化与金融创新的功效[J]．当代经济科学，2006，7
④张文强，赵会玉．论资产证券化中风险隔离机制的构建[J]．当代经济科学，2008．1．59-63
①马丽娟，徐鹏等．美国资产证券化市场功能转换对我国的启示[J]．中央财经大学学报，2008，6．32--34
②何燕芳．金融危机背景下我国资产证券化风险控制问题探析，2009．6．40--42
③彭插三．资产证券化风险及法律规制[J]．湘南学院学报，2009，6．10--12
④孙斌．商业银行不良资产证券化风险浅析[J]．财经界（学术版），2010．24．60
⑤陆岷峰、张玉洁．商业银行资产证券化的风险特征与管理对策[J]．江西金融职工大学学报，2010．6．6-9
⑥刘玄．资产证券化的信贷扩张效应[J]．金融论坛，2011．1．31--33
⑦杨宽、王丹．商业银行信贷资产证券化浅析[J]．知识经济，2011．24．105-108
①蔡礼．房地产证券化探索[M]．上海：上海人民出版社．1998．44-71．王楠．关于我国不良资产证券化的初步探讨[M]．北京：中国财政经济出版社，2005：5．李宾华．资产证券化与证券化会计[M]．北京：经济管理出版社．2005：24-31
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②周友苏，陈震．我国资产证券化风险防控法律机制思考——基于美国“次贷危机”的鉴戒[J]．社会科学研究，2009．6：1-8
③王亦平．美国"次债"危机对完善我国信贷资产证券化制度的启示[J]．法学论坛，2008．3：141-144
④穆蕾，刘西．巴塞尔新资本协议下资产证券化风险监管[J]．经济导刊，2008．7：50--53
⑤胡同捷等．加强资产证券化资本监管——商业银行资产证券化风险暴露监管资本计量指引解读[J]．中国金融，2010．18：20--24
⑥张梅．国际资产证券化风险监管最新进展及对我国的启示[J]．国际商务会计，2011．4：49-52
①于凤坤．资产证券化：理论与实务[M]．北京：北京大学邮版社，2002．5：38
②何小锋．资产证券化：中国的模式[M]．北京：北京大学出版社，2002．4：121
①何小锋．资产证券化：中国的模式[M]．北京：北京大学出版社，2002．4：127
①梁志峰．资产证券化的风险管理----从制度经济学角度的透视[M]．北京：经济管理出版社，2008．1：15
①2012年5月，中国人民银行、银监会和财政部联合发布的《关于进一步扩大信贷资产证券化试点有关事项的通知》
①2012年5月，中国人民银行、银监会和财政部联合发布的《关于进一步扩大信贷资产证券化试点有关事项的通知》
①孙捷嘉．资产证券化在中小企业融资中的运用[J]．企业研究，2010（8）
①人民银行相关统计数据
①我国保险资金运用的问题、原因及政策建议[N]．中国保险报，2009-08-25
①中国银监会网站
①2013年度银监会相关统计报告
①中国资产证券化专业网
①中国人民银行2013年度信贷计划执行情况报告
①中国人民银行发表的我国信贷收支执行报告
①招元2008第一期信贷资产支持信托2009年度、2010年度审计报告
①邱成梅，赵如．企业资产证券化的财富效应：基于浦东建设资产证券化研究[J]．财经理论与实践，2013（3）
①陆瑾．资产证券化运作的效率分析[J]．财经研究，2001（4）
②陆瑾．资产证券化运作的效率分析[J]．财经研究，2001（4）
①赵旭．信贷资产证券化的违约风险分析[J]．商业研究，2006（20）：138
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[2]巴曙松．城镇化、利率市场化与资产证券化兴起：来自美国经验的启示[J]．债券，2013（11）
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[9]邓伟利．资产证券化：国际经验与中国实践[M]．上海人民出版社，2003，3
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[19]呙清云．银行资产证券化及其效益[J]．现代金融，1994（7）
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[22]洪艳蓉，资产证券化法律问题研究[M]．北京：北京大学出版社，2004，7
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[27]金郁森．中国资产证券化实务解决方案与产品设计[M]．深圳：海天出版社，2005
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③李传全．资产证券化的概念与分类研究．中国资产证券化网
④陈文达．资产证券化：理论与实务[M]．北京：中国人民大学出版社，2003
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③高保中．资产证券化：解决中小企业融资困难的一条新途径[J]．经济经纬，2004．05
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⑤张小蒂，韩爱华．我国住房抵押贷款证券化探析[J]．财贸经济，2002．
⑥于凤坤．资产证券化：理论与实务[M]．北京：北京大学出版社，2002
⑦洪艳蓉．资产证券化法律问题研究[M]．北京：北京大学出版社，2004，7
①扈企平．资产证券化：理论与实务[M]．北京：中国人民大学出版社，2007
②张超英．资产证券化的本质与效应[M]．北京：经济科学出版社，2004：81-92
③姜建清，商业银行资产证券化——从货币市场走向资本市场[M]．北京：中国金融出版社，2004
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⑤胡同捷等．加强资产证券化资本监管——商业银行资产证券化风险暴露监管资本计量指引解读[J]．中国金融，2010．18：20--24
⑥张梅．国际资产证券化风险监管最新进展及对我国的启示[J]．国际商务会计，2011．4：49-52
①于凤坤．资产证券化：理论与实务[M]．北京：北京大学邮版社，2002．5：38
②何小锋．资产证券化：中国的模式[M]．北京：北京大学出版社，2002．4：121
①何小锋．资产证券化：中国的模式[M]．北京：北京大学出版社，2002．4：127
①梁志峰．资产证券化的风险管理----从制度经济学角度的透视[M]．北京：经济管理出版社，2008．1：15
①2012年5月，中国人民银行、银监会和财政部联合发布的《关于进一步扩大信贷资产证券化试点有关事项的通知》
①2012年5月，中国人民银行、银监会和财政部联合发布的《关于进一步扩大信贷资产证券化试点有关事项的通知》
①孙捷嘉．资产证券化在中小企业融资中的运用[J]．企业研究，2010（8）
①人民银行相关统计数据
①我国保险资金运用的问题、原因及政策建议[N]．中国保险报，2009-08-25
①中国银监会网站
①2013年度银监会相关统计报告
①中国资产证券化专业网
①中国人民银行2013年度信贷计划执行情况报告
①中国人民银行发表的我国信贷收支执行报告
①招元2008第一期信贷资产支持信托2009年度、2010年度审计报告
①邱成梅，赵如．企业资产证券化的财富效应：基于浦东建设资产证券化研究[J]．财经理论与实践，2013（3）
①陆瑾．资产证券化运作的效率分析[J]．财经研究，2001（4）
②陆瑾．资产证券化运作的效率分析[J]．财经研究，2001（4）
①赵旭．信贷资产证券化的违约风险分析[J]．商业研究，2006（20）：138
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