中国信贷资产证券化发展的特征与监管改进.docVIP

PAGE PAGE 48 中国信贷资产证券化发展的特征与监管改进 摘要 信贷资产证券化是指将缺乏流动性、但能产生稳定现金流的一批贷款产品集中起来形成资产池，并以此为抵押在金融市场上发行证券，以实现贷款的可流通，使银行能提前收回资金。通过这样的运作方式，借款者所使用的贷款实际上来源于金融市场中的投资者，信贷资产证券化创造了一种新的融资方式，成为直接融资和间接融资的一道桥梁。2008年，由美国资产证券化产品发展过快所造成的次贷危机爆发，引起了人们研究资产证券化的热潮，也使我国仅推进4年的信贷资产证券化业务一直暂停至2012年。 2014年以来，伴随新政推出，中国信贷资产证券化市场飞速发展，年发行量以千亿速度增长，资产证券化市场向常规化迈进。由于信贷资产证券化产品对我国商业银行提高流动性和盈利性具有重要作用，同时也是改善不良贷款率逐年上升现象的最优工具，信贷资产证券化继美国次贷危机后又一次引发国内学者的研究和关注。 本文从法规体系、发行市场、流通市场、主要参与者、产品要素方面详细地分析了中国信贷资产证券化的发展现状，总结出法规环境逐步完善、发行规模稳步上升、二级市场流动性不足、参与者积极性不高、产品设计有待优化等特点和问题。在确定我国发展信贷资产证券化对商业银行有重要意义的基础上，结合美国与巴塞尔委员会的监管改革，对我国如何继续稳健推进信贷资产证券化发展提出了相关的监管建议。 关键词：信贷资产证券化；商业银行；监管建议 ABSTRACT Credit asset securitization is a financial tool that can convert some credit assets which have low liquidity but produce stable cash flow into high-liquidity securities which are exchanged in the capital markets. Commercial banks can use the tool to increase the liquidity of their loans and get the money back early. In this way, the loans of debtors is not from the depositors of banks but from the investors in the securities market. Credit asset securitization builds a bridge between indirect finance and direct finance. The American subprime mortgage crisis broke out in 2008 because its asset securitization developed too fast. It caused a boom that large quantity of scholars studies the asset securitization. It also made a suspense of China’s 4-year pilot work of credit asset securitization from 2008 to 2012. The circulation of China’s credit asset securitization increased rapidly at the speed of 100 billions of RMB per year from 2014 owing to a series of new policies. Its market is becoming regular. Credit asset securitization can improve the liquidity and profitability and reserve the high non-performing loan ratio of China’s commercial banks. So credit asset securitization attract scholars in China to study it again after the subprime mortgage crisis. This paper analyzes the recent development of China’s credit asset securitization based on five