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在中国的企业资产支持专项计划开始井喷式发展,资产证券化产品日益增多,基
础资产不断丰富
证券公司资产证券化业务是指证券公司设立特定目的的载体,发起人把能在
未来产生现金流入的基础资产出售给特定目的载体,担保公司对基础资产提进行
信用增级,证券公司发起专项资产管理计划向投资者发售有价证券的过程。C证券
公司凭借其独特的优势,使得业务的融资主体广泛,同时以髙于国债利率的固定
收益吸引投资者。证券公司在满足企业资产证券化基本要求的基础上,对原始权
益人所在行业提出显性或隐性的要求,通过引导社会资金进入政策鼓励行业,可
以起到有效配合我国经济政策实施的目的。同时,企业资产证券化可以改变当前
企业过度依赖银行进行间接融资的格局,提高直接融资在融资渠道中的比重,从
而促进多层次资本市场的形成
C证券公司资产证券化模式本身存在着某些问题,并不是面面俱到。该模式在
基础资产、信用评级、产品流动性等因素制约着资产证券化发展,必须提出相应
措施解决,例如优化基础资产、拓宽投资者范围、多元化信用增级、提高二级市
场流动性、明确会计与税收处理规定等等。在对C证券公司资产证券化业务进行
深入分析后,可以得出以下结论:证券公司资产证券化作为结构化融资产品,为
中小企业提供了一种全新的融资渠道,其可能难以发行债券进行融资,或者从银
行借款比较困难,但如果有比较好的证券化基础资产,就可以运用资产证券化工
具进行融资,同时也为投资者提供了更多的固定收益产品;证券公司自身应着重
提髙对基础资产的质量选择和风险防控能力,另外政府出台相关法律制度也迫在
眉睫,颁布有关资产证券化法,完善中小企业的信用体系,才能更好地推动国内
资产证券化市场健康发展
关键词:资产证券化;企业融资;对策研宄
1 Abstract
Asset securitization is one of the most important financial innovations in the world
financial field in the past 30 years, but its development in China is still in its infancy. In
April 2015 the people’s Bank of China announced credit asset-backed securities issued
by the registration system for the examination and approval system, the regulatory
authorities again decentralized, resulting in good development momentum of rapid
expansion, stable operation and innovation after another of China&39;s asset securitization
market,. Among them are rapid growth of the enterprise asset support special plan,
increasingly rich basic asset types, and all kinds of asset securitization products
continue to emerge.
Asset securitization business of Securities Company refers to a specific
underlying assets or portfolio cash flow solvency support, credit enhancement through a
structured way. On these foundations, the securities companies set up special asset
management plan and the issuance of asset-backed securities business activity. C
Securities Company is equipped with its unique advantages, making the number of
objectives of financing increase rapidly, while at the same time attract investors because
of its higher fixed income bonds compared with the interest rates of national bonds. On
the foundation of meeting the basic requirements of enterprise asset securitization, a
securities company put forward explicit or implicit requirements, then through
encouraging and guiding social capital into the encouraged industry, this approach can
play an effective coordinative role in the implement of our economic policy. At the
same time, the enterprise asset securitization can change the pattern of the enterprise for
industries over reliant on the bank＊s indirect financing, thus improve the proportion of
direct financing in the financing channels, and promote the formation of multi-level
capital market.
C securities company asset securitization model is not lucrative, it exists some
problems in the development process. Aiming at a series of risk of the platform based
assets, credit rating, liquidity etc., this thesis puts forward related suggestions, including
the optimization of basic assets, broadening the range of investors, diversifying of credit
enhancement and improvement of the two level of market liquidity, clear accounting
and tax treatment provisions etc. In the thorough analysis of the asset securitization
business of C Securities Company, we can draw the following conclusions: the
securities company asset securitization is regarded as a financing tool, it provides a new
2 financing channel for small and medium-sized enterprises. It may be difficult for many
small and medium-sized enterprises to issue bonds financing, or make loans from bank.
However, if there is a good securitization of basic assets, you can use the tool of asset
securitization to do financing. At the same time, it provides more fixed income products
to investors; securities firms should focus on improving quality and risk control ability
of the underlying asset, and the external environment is also very important, there is an
urgent need to improve our credit system as soon as possible. The asset securitization
law should be published in order to better promote the healthy development of the
domestic asset securitization market.
Key Words: Asset securitization; enterprise financing; countermeasure research
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＊1.绪论
1.绪论
1.1研究背景和意义
中国的资产证券化市场尚处于试点阶段,无论是信贷资产证券化还是企业资
产证券化,发展速度均非常缓慢,推动发展是当前的首要问题
1.1.1研究背景
资产证券化最早出现在美国,发展至今
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