摘要
本文通过对资产证券化及产品的基本理论与原理的分析概括,并借鉴美国资产证券化市场的发展情况及历史经验,结合我国证券公司资产证券化产品的发展历程,分析其中存在的问题.在此基础上,重点对我国证券公司资产证券化产品设计以及实际案例进行分析,最后对我国证券公司的资产证券化产品的发展提出建议,以便我国证券公司资产证券化业务能够更好地发展.
本文除绪论与结论外,共分六部分:
第一部分是文献综述以及基本理论,该部分主要回顾了国外内文献中关于证券公司资产证券化产品的相关研究.同时,对资产证券化产品涉及的基本概念以及基本原理进行阐明,重点介绍了资产证券化产品涉及的基本原理一"资产重组原理"、"风险隔离原理"、"信用增级原理".
第二部分对美国资产证券化的发展历程及历史经验进行分析.美国资产证券化市场的发展主要分为诞生与兴起阶段、广泛应用与创新两个阶段.美国资产证券化产品是美国债券市场的重要组成部分.
第三部分回顾了我国证券公司资产证券化产品发展历程,并通过深入分析产品设立法律依据、监管环境、与其他产品差异等,提出我国证券公司资产证券化产品发展存在的问题.
第四部分对我国证券公司资产证券化产品的设计要素进行分析,重点从产品的交易结构以及参与主体、基础资产的选择、风险隔离、现金流与收益分配设汁、信用增级、信用评级的做法、存在的风险及防范措施等维度进行分析.
第五部分结合我国证券公司资产证券化产品的实际案例一一华能澜沧江t/项资产管理计划进产品设计分析.
第六部分提出了推进我国证券公司资产证券化产品的发展的建议.
关键词:证券公司;资产证券化;产品设计
ABSTRACT
This paper analyzed the existing problems in the development processing of assetssecuritization products in domestic security companies, which was based on thetheory and principle of assets securitization, with drawing on the experientialsecuritization development of American capital market. In addition, the paperprimarily investigated the design of asset securitization via the relative practical casestudy. As a consequence, the paper proposed several recommendations for theprocessing of assets securitization, for the sake of promoting securities industry.
Apart from the introduction and conclusion, the paper consists of six sections.
The first part summarized the literature reviews, which mainly appraised theoverseas and domestic research on the evolution of assets securitization. Moreover,the fundamental concepts and principles of securitization capital was stated in thissection,particular in the theories of "Theory of asset ie-organization"," Theory of riskisolation " and "Theory of credit enhancement".
The second part assessed the developing of capital securitization in America.
There were two stages during this evolution process, in terms of emerging andinnovation with generalizing application. Assets securitization productions have beenplaying an essential role in securities market of America.
The third part performed the retrospect to the history of the internal capitalsecuritization products and profoundly analyzed the features of productsestablishment in aspects of enactive support, supervision system, the differences traitsand so forth, for proposing the current affairs of domestic assets securitizationThe fourth part appraised the product design of internal capital securitization.
Specifically analyzed from the aspects of transaction system of products withparticipants, the selection of basic assets, risk aversion, the allocation of cash flow andrevenue, credit enhancement, the function of credit rating, risk exposure and theprecaution of risks.
The fifth part analyzed the product design based on an experiential case"HUANENG Lantsang River" plan product.
The sixth part advised several suggestions for boosting the development of assetssecuritization products.
Key words: Security companies, Assets securitization, Product design.
目录
1 绪论
1.1研究目的
1.2研究意义
1.3本论文的主要方法
1.4本论文的框架安排及主要内容
1.5本论文的创新之处与不足之处
2文献综述与基本理论
2.1文献综述
2.2资产证券化
2.3资产证券化产品
2.4资产证券化的基本原理
3美国资产证券化市场发展情况及其历史经验
3.1美国资产证券化市场的发展历程
3.2美国资产证券化的产品类型
3.3美国资产证券化市场情况
3.4美国资产证券化发展的历史经验
4我国证券公司资产证券化产品发展现状
4.1证券公司资产证券化产品设立的基本法律依据及监管环境
4.2证券公司资产证券化产品的发展历程
4.3证券公司资产证券化产品与国内其他资产证券化产品的异同
4.4证券公司资产证券化产品与相似融资品种比较
4.5我国证券公司资产证券化产品发展存在的问题
5我国证券公司资产证券化产品设计要素
5.1 产品设计目的
5.2产品设计的基本流程
5.3产品的交易结构以及参与主体
5.4基础资产的选择
5.5风险隔离旳方式及意义
5.6现金流与收益分配设计
5.7信用増级的方式
5.8信用评级的做法
5.9存在旳风险及风险防范措施
5.10产品设计的评价标准
6我国证券公司资产证券化产品的案例分析
6.1专项计划基本情况
6.2交易结构概览
6.3基础资产选择分析
6.4现金流与收益分配分析
6.5风险隔离方式分析
6.6信用増级机制分析
6.7主要风险及防范措施
6.8案例特点及不足分析
7推进我国证券公司资产证券化产品发展的建议
8结论与启示
参考文献
致谢
