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MBA论文_互联网金融背景下商业银行资产证券化业务发展的战略思考DOC

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文本描述
摘要
信贷资产证券化从 2005 年开始试点,迄今已有十余年。由于国际金融危机而停
滞,2011 年之后开始恢复试点。在我国利率市场化不断推进,理财市场崛起以及政
策推动下,2015 年我国资产证券化市场在经历的长达 6 年的蛰伏期后呈现爆发式增
长,越来越多的商业银行基于流动性、安全性和盈利性的“三性”考虑而选择借助资
产证券化工具盘活资产,降低流动性风险,改善收益情况,提高经营稳定性。与此同
时“互联网+”的概念被提出,随之以普惠金融为特质的互联网金融显示出强大生命
力,通过“京东白条应收账款”债权与资产证券化联姻,使得已卷入互联网金融旋涡
的商业银行不得不在 fintech 与资产证券化所形成的新的资源配置环境下打造新的
金融生态。本文研究的案例“农盈 2015 年第一期信贷资产支持证券”,是农业银行
在整个资本市场第一个基于互联网消费金融资产的资产证券化项目落地之后发起的
首例资产证券化案例,对基于“互联网+”大时代背景,农业银行如何推进扩大资产
证券化业务的发展提出思考

首先本文在梳理了资产证券化相关文献、理论和互联网金融相关知识的基础上,
介绍了我国资产证券化的发展历程、发展现状和对信贷资产证券化和互互联网金融资
产证券化的探索。其次通过以农盈 2015 年第一期信贷资产支持证券项目为切入点,
通过运用图表分析法、对比分析法对案例进行研究并与京东白条资产证券化项目进行
比较,分析两者在基础资产、交易结构和投资风险方面存在的差异,以此提出我国商
业银行资产证券化业务发展思路,指明“互联网+金融+资产证券化”发展方向。最后
结合案例指出现阶段我国商业银行开展资产证券化的主要意义并从商业银行角度提
出相关建议

关键词:资产证券化;互联网金融;商业银行
作 者:姜毓磊
指导教授:李晓峰II
Strategic thinking of commercial bank asset
securitization business development under the
background of Internet Finance
Abstract
The pilot of Securitization of Credit Assets has started since 2005, which has been
more than 10 years till now. It stopped due to international financial crisis, and the pilot
recovered since 2011. As continuously bringing forward interest rate marketization, the rise
of financial market and the promotion of related policy in our country, Securitization of
Credit Assets market presents its explosive growth in 2015 after 6 years dormant period.
More and more commercial banks using the tool of Securitization of Credit Assets to
revitalize assets, reduce liquidity risk, improve earnings and improve operation stability
based on its property of liquidity, security and profitability. At the same time, the idea of
“Internet+” has been brought up. And then the Internet Finance using General Finance as
its main characteristics shows its strong vitality. It connects to Securitization of Credit
Assets through “Jingdong ious accounts receivable” credit’s rights, and it force commercial
banks who already involved in internet finance to create a new financial ecology under the
new circumstance that Fintech and Securitization of Credit Assets form new allocation of
resources environment. The case study of this paper is “Nong Ying 2015phase 1 credit
asset supported securities”, which is the first Securitization of Credit Assets project based
on internet consumer financial assets initiated by Agriculture Bank. It brings how to push
the expanding of development of asset securitization business into think based on the big
environment of “Internet+”.
First of all, this paper made an introduction to the development course, current
situation of asset securitization and the exploration of securitization of credit assets and
internet financial assets based on related books, theories and internet finance knowledge.
Secondly, using “Nong Ying 2015phase 1 credit asset supported securities” project as the
breakthrough point, by using graph analysis, contrast analysis to do a case study on it and
Comparing with “jingdong ious assets securitization project”, analyzing the difference of
underlying assets, trade structure and investment risk between the two. Based on above, theIII
paper brought out the development ideas of commercial bank’s asset securitization of our
country, and it points out the direction of “Internet + Finance + Asset Securitization”. At
last, it provides the main meaning of our country’s development of asset securitization and
proposes suggestions from commercial bank’s point of view.
Key Words:Asset Securitization,Internet Finance,Commercial Bank
Written by Jiang Yulei
Supervised by Li XiaofengIV
目 录
第 1 章 绪 论 ··1
1.1 研究背景 ·1
1.2 研究的意义和目的 ·2
1.3 国内外研究综述及简要评析 ·3
1.3.1 理论研究 ··4
1.3.2 实证研究 ··6
1.3.3 实务操作研究 ··7
1.3.4 对现有研究成果的评论 ··7
1.4 研究的方法、思路与框架 ·8
1.5 本文的创新与不足 ·9
第 2 章 资产证券化概念和原理 10
2.1 资产证券化的定义·· 10
2.2 资产证券化基本原理 ·· 10
2.2.1 资产重组原理10
2.2.2 破产隔离原理10
2.2.3 信用增级原理11
2.3 资产证券化的基本流程与交易结构 ·· 12
2.4 国内资产证券化主要类型 ·· 13
第 3 章 我国资产证券化业务的现状及问题 15
3.1 我国资产证券化业务发展现状 ·· 15
3.1.1 我国资产证券化市场概况15
3.1.2 我国资产证券化市场发展特点19
3.1.3 我国资产证券化市场存在的不足20
3.2 我国商业银行发展资产证券业务动机 ·· 20
3.2.1 我国商业银行发展资产证券业务的必要性20
3.2.2 我国商业银行发展资产证券化的 SWOT 分析 ·· 22
3.2.3 我国商业银行资产证券化的效应机制22V
3.2.3.1 流动性效应机制 · 22
3.2.3.2 安全性效应机制 · 23
3.2.3.3 盈利性效应机制 · 23
3.3 我国商业银行信贷资产证券化发展现状 ·· 24
3.3.1 我国商业银行信贷资产证券化发展概况24
3.3.2 重点商业银行信贷资产证券化发展分析25
3.3.2.1 重点商业银行信贷资产证券化发行规模分析 · 25
3.3.2.2 重点商业银行信贷资产证券化基础资产分析
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