搜索
目录1目录前言·······················································································1第一部分关于资产证券化的概述················································1一、资产证券化的概念、基本模式及运作程序·································1（一）资产证券化的概念·······················································1（二）资产证券化的基本模式·················································2（三）资产证券化的运作程序·················································3二、资产证券化产生的背景和理论基础··········································3（一）资产证券化产生的背景·················································3（二）资产证券化的理论基础·················································4三、国内外资产证券化发展的现状················································4（一）国外发展的现状··························································4（二）国内发展的现状··························································5四、推行资产证券化的作用与意义················································6（一）推行资产证券化的作用·················································6（二）推行资产证券化的战略意义···········································7第二部分资产证券化在我国的应用··········································10一、推行资产证券化的中西方对比分析········································10（一）美国资产证券化的发展历程·········································10（二）美国资产证券化的发展历程对中国的启示······················11二、我国实行资产证券化的可行性分析········································12（一）我国实行资产证券化的法律支持··································12（二）我国实行资产证券化的可行性分析·······························14三、资产证券化融资分析··························································16（一）资产证券化融资的特征···············································16（二）资产证券化融资的成本分析·········································19目录2（三）资产证券化融资的风险分析·········································21四、资产证券化的会计问题·······················································23（一）会计确认问题，即出售或融资的确定····························23（二）会计计量问题···························································28（三）会计披露问题···························································29（四）合并问题·································································30第三部分资产证券化在我国的发展前景···································34一、我国实行资产证券化的障碍与难点········································34二、解决对策及措施································································35（一）制度方面·································································35（二）技术方面·································································36（三）环境方面·································································37（四）积极引导投资者，提高其素质·····································38三、资产证券化在我国的发展前景··············································38参考文献·····················································································40后记·····················································································42第一部分关于资产证券化的概述1第一部分关于资产证券化的概述笔者认为，在对资产证券化的应用进行分析之前，有必要对资产证券化进行细致的分析，对它的基本理论作深入的了解。一、资产证券化的概念、基本模式及运作程序（一）资产证券化的概念资产证券化⑴是一种迅速发展的金融工具，它使得商业银行等金融机构增加了资产负债的流动性，并提供了新的资金来源，资产证券化有许多不同的形式和类型，其一般性定义为：资产证券化是使储蓄者与借款者通过金融市场得以部分或全部地匹配的一个过程或工具。在这里，开放的市场信誉（通过金融市场）取代了由银行或其他金融机构提供的封闭市场信誉。而按照美国证券交易委员会的定义则是：创立主要由一组不连续的应收款或其他资产组合产生的现金流支撑的证券，同时附加其他一些权利或资产来保证上述支撑或按时间向持券人分配收益。资产证券化是近30年来世界金融领域最重大和发展最快的金融创新和金融工具，是衍生证券技术和金融工程技术相结合的产物。一般来说，所谓资产证券化（Securitization），就是将原始权益人（卖方）不流通的存量或可预见的未来收入构造和转变成为资本市场可销售和流通的金融产品的过程，进行资产转化的公司（银行与非银行公司）称为资产证券化的发起人（Originator）。发起人持有的各种流动性较差的金融资产，如住房抵押贷款、信用卡应收款等，分类整理为一批批资产组合，售给特定的交易机构（SpecialPurposeVehicle,简称SPV），即金融资产的买方（主要由投资银行承担），再由交易组织根据购买下的金融资产为担保发行的资产支撑证券（Asset-BackedSecurities,简称ABS）以收回购买资金。受托人管理的存量资产所发生的现金流入用于支付投资者回报。而发起人则得到了用以进一步发展业务的资金。资产抵押证券是以现在和未来可预见现金流量支撑的固定回报的投资票据，而不是以发起人信用⑴资产证券化包括一级证券化和二级证券化。一级证券化是指在资本市场和货币市场上通过发行证券来融资；二级证券化是指在资本市场上所称的资产证券化。这里指的是二级证券化。资产证券化相关问题研究2支撑的票据。其操作的基本思路可用下图表示：销售或转让发行证券支付价格发行收入资产证券化的结构图（二）资产证券化的基本模式资产证券化的形式虽然很多，但基本的组织结构只有三种，即过手证券、资产担保债券和转付证券。1、过手证券是资产证券化最典型、最普遍的形式。发起人把拟证券化的资产组合转让给一个特设机构（SpecialPurposeVehicle，简称SPV），在英、美等国通常以让与人信托形式存在，过手证券有以下特征：（1）被证券化的金融资产所有权随证券的出售而转移，被证券化金融资产从发行人的资产负债表中移出；（2）投资者承担因被证券化的金融资产提前偿付而产生的再投资风险；（3）发行的债券不作为发行人的债务出现在其资产负债表中。2、资产担保债券是资产证券化发展的雏形，它实际上是传统的有担保债务工具的一种延伸。资产担保债券具有以下特征：（1）被证券化的金融资产所有权仍属于发行人，被证券化金融资产留在发行人的资产负债表中；（2）投资者不承担因被证券化的金融资产提前偿付而产生的再投资风险；（3）发行的债券作为发行人的债务出现在其资产负债表中。3、转付证券同时结合了过手证券和资产担保债券的特征。一方面，转付证券是发行机构的债券，购买者是发行机构的债权人，这和资产担保债券相同；另一方面，发行机构用于偿还转付证券本息的资金来源于相应抵押贷款组合所产生的现金流，这又与过手证券相同。转付证券和过手证券的主要区别在于：抵押贷款组合的所有权是否转移给投资者；与资产担保债券的主要区别在于两者偿还本息的资金来源不同。转付证券的结构形式已被广泛用于非抵押关系的资产上了，如汽车贷款、信用卡应收账款、无担保的消费者信贷等。特设机构SPV发行人或中介机构原始权益人或发起人（卖方）资本市场投资者或共享载体（买方）第一部分关于资产证券化的概述3（三）资产证券化的运作程序1、确定资产证券化目标，组成资产池⑵；2、组建特设机构，实现真实出售⑶；3、完善交易结构，进行内部评级；4、信用增级；5、进行发行评级，安排证券销售；6、获取证券发行收入，向原始权益人支付购买价格；7、资产支撑债券发行完毕后到交易所挂牌上市；8、实施资产管理，建立投资者应收积累金；9、到期还本付息，对聘用机构付费。二、资产证券化产生的背景和理论基础资产证券化概念是泛指的、动态的。其内涵和外延随着与之相关的理论和实践的发展而不断深化。因此，要正确把握和理解该要领的内涵和外延，必须从逻辑的角度和历史的角度对其进行考察。作为一种融资工具，资产证券化起源于20世纪70年代，当时主要用于住宅按揭，80年代在世界范围的资本市场广泛用于其他资产收益，如自来水、煤气、供热的应收款及公共交通、公路等应收款，还包括如房地产抵押贷款、汽车贷款、公用设施收入等。由于资产证券化所具有创新的融资结构和高效的载体，满足了各类资产、发起人和投资不断变化的需求，从而成为当今国际资本市场发展最快、最具活力的金融产品。（一）资产证券化产生的背景资产证券化在美、英、法、日、德等西方发达国家得到广泛的应用，但是就证券化的广度和市场容量来说，则首推它的起源国——美国。资产证券化之所以在美国起源是和美国采取的金融政策密切相关的，美国历史上普遍认为分行式的银行不利于竞争，许多州都限制分行的发展，单一银行组织占美国12000多家银行的一半，众多的小银行在经营中经常面临着客户⑵所谓资产池是指原始权益人对自己拥有的能够产生未来现金流的信贷资产进行清理、估算、考核后根据证券化目