商业银行不良资产证 券化模式研究-金融学专业论文.docxVIP

内容提要我国商业银行的不良资产是困扰我国银行业的一个金融难题，巨额的不良资 内容提要 我国商业银行的不良资产是困扰我国银行业的一个金融难题，巨额的不良资 产积累了巨大的金融风险，影响了我国银行业、金融业乃至国民经济的持续健康 发展。资产证券化作为一种金融创新工具，可以有效地将缺乏流动性但能够产生 可预见的现金流资产集中起来，创造出在金融市场出售和流通的证券。各国的经 验表明不良资产证券化是快速处置不良资产、化解银行危机的重要工具之一。随 着我国国有商业银行改制、上市进度的加快与资本市场改革的深化，不良资产证 券化已经引起了理论界和实务界的极大关注和重视。 不是资产证券化是一个交易结构复杂的系统工程，它的实施需要多方面主体 的参与，在我国目前的宏观经济和制度环境下，采取怎样的证券化模式成为一个 亟待解决的问题。 本文共分四部分对我国商业银行不良资产证券化的可操作模式问题进行探 讨。第一章首先介绍了资产证券化的一般性问题，包括资产证券化的概念、基本 流程、理论基础，以及对融资技术和融资理论的创新。第二章研究了国内不良资 产证券化的发展现状，接着第三章比较和分析了美国和韩国的证券化操作模式， 第四章在借鉴国外成功经验的基础上，融合我国经济环境和商业银行不良资产的 特点，针对不良资产证券化的关键环节如SPV的构建、证券品种设计、证券利 率和证券定价等作了模式设计，最后提出了对我国不良资产证券化发展的政策建 议。 关键词：不良资产证券化SPV信托模式现金流贴现模型 AbstractThe Abstract The NPA(Non-performing Asset)of commercial banks is a large financial problem which is perplexing the banking system of our country．The huge NPA has accumulated enormous financial risks，and has baffled the lastmg sound development of the banking and financial system and even national economy of our country,As one ofthe innovative financial tools，the NPAS(Non—performing Asset Securitization) Can pool those assets which lack mobility but Can produce foreseeable cash flow,and create securities that Can circulate in the financial market．The related experiences of various countries indicate that the NPAS is one ofthe important tools that Can handle the NPA fast and dissolve the crisis of China’s banking system．With the quickening of liging progress of the state-owned commercial banks and promotion of the capital market reform，the NPAS has already aroused great concem in both theory circle and practice circle． The NPAS is a systemic engineering and its implementation needs participation of various parts．Under current economic environment of Our country,what kind of securitization mode should be adopted becomes an urgent problem to he solved． The paper is divided into four parts．Chapter one introduces the definition，basic flow,and its innovation to the financing technique and theory．Chapter two investigates the domestic NPAS d