华能澜沧江电力公司资产化融资研究.pdfVIP

华能澜沧江电力公司资产证券化融资研究 摘 要 融资是企业经营发展和财务管理的永恒话题。无论是日常经营还是扩大再生 产，只要企业面临资金短缺局面时，都需要在选择何种筹资方式问题上做出决策。 现阶段，我国企业多数存在着融资困难，融资手段不多，主要集中在银行借款和 股权融资。这一方面，造成企业贷款占据银行贷款主要份额;另一方面，造成企 业资产负债率不断高升。即使是现有的融资方式，也并不一定适合所有企业，银 行贷款对企业资信审核苛刻，股票融资和债券融资对发行主体的要求严格，这样 许多急需资金而又未达标的企业被排斥在外。资产证券化作为一种金融创新在国 外成熟发展了三十多年，可以为我国企业解决融资难题提供有益帮助，是拓宽融 资渠道的有效补充。不论是对完善金融市场，还是对化解企业融资困境，都具有 重要意义。随着监管当局相应的政策文件和规章制度的出台，企业资产证券化在 我国正不断地规范和健康的发展。本文从资产证券化作为企业一种融资方式的角 度出发，阐述资产证券化的概念特点及发行过程，并通过对云南华能澜沧江电力 公司资产证券化的过程进行分析，研究资产证券化融资方式的优缺点以及在我国 的适用性。针对其存在的缺点和问题提出行之有效的解决方案。以云南华能澜沧 江水电公司为鉴，为其他的企业集团的融资总结经验、探索出适合我国企业的资 产证券化融资方法。 关键词：资产证券化 融资方式 华能 I 华能澜沧江电力公司资产证券化融资研究 Abstract Finance is the business development and the financial management of the eternal topic. Whether daily operation or expansion, as long as the enterprise faces, shortage of funds is needed in the situation of financing mode selection decisions on the problem. At present, our country enterprise most exists, financing means financing difficulty, mainly concentrated in the bank loan and equity financing. On the one hand, occupy the major share loan from the bank loans, On the other hand, enterprise asset-liability ratio rises ceaselessly. Even the existing mode of financing, also must not suitable for all enterprises, bank loans to enterprise credit audit demanding, stock financing and bond issuance of financing for strict, so many much-needed funds and not the enterprise is excluded. The asset securitization is a kind of financial innovation in foreign mature development more than 30 years, and can solve problem for Chinese enterprise financing is helpful to broaden the financing channels, effectively. Whether to improve financial markets,