目前国内银行业传统的盈利模式正受到越来越严峻的挑战，在提高盈利能
力和降低资金成本方面，信用卡资产证券化产品提供了一个不错的选项。但是
也应该看到，信用卡资产证券化的开展可能会遇到一些问题和困难，毕竟在中
国市场还不成熟，所以，信用卡资产证券化产品在我国的推出，需要符合我国
的国情
信用卡资产证券化是一种资产支持证券类的金融产品，它以信用卡的应收
账款为基础，将那些不能及时变现以及流动性比较低的应收账款进行分割、转
移，然后以一些特殊的经济结构为载体，以他们的资金作为信用担保来进行的，
加强资金债券流动性的一种手段或者过程。其目的性在于利用一些可以利用的
资金条件来加强银行资金的流动性
本文将从研究国内外信用卡资产证券化的现状、结构入手，分析其在中国
的发展所面临的风险和挑战。并且分析下一阶段国内信用卡资产证券化的前景
和未来市场发展方向，提出一些有益于解决问题的思路，并以此为例为国内信
用卡资产证券化现阶段所面临的一系列问题提供相应的解决方案
本文将分为六个方面对上述观点进行逐一的论述
第一部分介绍了本文开展研究的背景与意义、论文所遵循的研究思路和所
采用的研究方法
第二部分介绍了我国国内信用卡资产证券化的现状，信用卡资产证券化在
国外经历了 30 多年的发展，积累了大量的经验和教训，在中国的发展却很缓慢，
目前国内还没有真正意义上的信用卡资产证券化产品，但部分银行已经在开始
尝试，并已取得一定的成绩
第三部分介绍了信用卡资产证券化交易结构，包括证券化的参与主体介绍、
结构特点分析、交易结构设计以及信用评级等
第四部分列举了国内外信用卡资产证券化的案例并进行分析，从中总结出II
经验和给我们的启示
第五部分分析了信用卡资产证券化的主要风险并提出相应的风险控制措
施
第六部分对本论文进行总结
关键词：信用卡 资产证券化 真实出售 信用增级 风险控制III
Abstract
China&39;s credit card industry is experiencing rapid growth, credit card volume
growth generally slowed down, facing the saturation of the credit card market, banks
need to expand their business, coupled with the need for profit, banks should seek
outside the traditional financing channels of financing. Credit card asset securitization
is based on credit card assets, which can solve the financing problem to some extent.
At present, the traditional profit model of the domestic banking industry is
facing more and more severe challenges. In the aspect of improving profitability and
reducing the cost of capital, credit card asset securitization products provide a good
option. But we should also see that credit assets securitization may encounter some
problems and difficulties, after all, in the Chinese market is not mature, so, credit
asset securitization products launched in China, need to conform to the situation of
our country.
Credit asset securitization is the asset backed securities products in one, is to
credit card receivables as the basic assets of securities issued by the issuing bank is
holding cannot be realized at any time and illiquid credit card receivables, re
segmentation and combination for the big asset pool, then transfer to a special
purpose entity, and then by the special purpose vehicle in order to stabilize the asset
pool funds as collateral to issue asset-backed securities, in order to advance the
recovery of accounts receivable to strengthen a technology and process flow of the.
Its essence is the principal, interest, service charges, fees, and other businesses rebates
for the future is predictable and stable cash flow, to improve the liquidity of bank card
funds.
This paper will analyze the current situation and structure of credit card asset
securitization at home and abroad. It also analyzes the prospect and development
direction of the domestic credit card asset securitization in the next stage, and puts
forward some suggestions, hoping to provide some ideas for the design and issuance
of domestic credit card asset securitization.IV
This paper will be divided into six parts.
The first part describes the background and significance, research methods and
ideas adopted.
The second part introduces the current situation of China&39;s domestic credit asset
securitization, credit asset securitization has experienced 30 years of development in
foreign countries, has accumulated a lot of experience and lessons in the development
of China is slow, there is no real sense of credit asset securitization products, but
some banks have at the beginning of attempt, and has achieved certain results.
The third part introduces the credit card asset securitization transaction structure,
including the introduction of the main body of the securitization, the structural
characteristics of the analysis, the design of the transaction structure and credit rating.
The fourth part lists the cases of credit card securitization at home and abroad,
and summarizes the experience and inspiration to us.
The fifth part analyzes the main risks of credit card asset securitization and puts
forward the corresponding risk control measures.
The sixth part is the summary of this paper.
Key words: Credit cards Asset securitization True sale
Credit enhancement Risk controlV
目录
第 1 章 绪论 ........1
1.1 研究背景与意义 ......1
1.2 文献综述 ......2
1.3 论文研究的思路和研究方法 ..........4
1.4 论文创新及不足 ......4
第 2 章 我国信用卡资产证券化现状、特点及问题 7
2.1 中国国内信用卡资产证券化现状 ..7
2.1.1 中国资产证券化总体发展现状...........7
2.1.2 中国信用卡资产证券化发展现状.......8
2.2 信用卡资产证券化的特点 .......... 10
2.3 中国国内信用卡资产证券化面临的问题 ........... 11
第 3 章 信用卡资产证券化交易结构 ...........15
3.1 交易结构流程概况 .......... 15
3.1.1 资产池的组建. 16
3.1.2 特殊目的实体（SPV）的设立 .......... 16
3.1.3 资产的出售..... 16
3.1.4 发行权益凭证. 16
3.2 信用卡资产证券化的参与主体 ... 17
3.2.1 发起人 18
3.2.2 特殊目的实体（SPV） ......... 18
3.2.3 资产服务机构 19
3.2.4 其他主体........ 19
3.3 信用评级 .. 20
3.4 信用增级.... 20
3.5 信用卡资产证券化结构特点分析 ........... 24
3.5.1 基础资产的特点......... 24VI
3.5.2 循环购买和多次发行模式..... 25
3.5.3 循环期、本金摊还期和提前分期偿还期的设计..... 26
第 4 章 信用卡资产证券化案例 ...29
4.1 国外信用卡资产证券化案例 ....... 29
4.1.1 花旗银行信用卡资产证券化产品的结构设计......... 30
4.1.2 花旗银行信用卡信托的资产池......... 30
4.1.3 花旗银行信用卡信托的信用增级..... 32
4.1.4 花旗银行的发行案例. 34
4.1.5 花旗银行发行信托报告（摘录）..... 35
4.1.6 花旗银行信用卡资产证券化效果评价......... 40
4.2 国内信用卡资产证券化案例 ....... 40
4.2.1 和信 2015 年第二期信用卡汽车分期资产证券化结构设计 .......... 41
4.2.2 和信 2015 年第二期信用卡汽车分期资产证券化资产池 .. 42
4.2.3 和信 2015 年第二期信用卡汽车分期资产证券化
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