经济下行背景下资产证券化与商业银行不良资产处置研究

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No text of specified style in document.1经济下行背景下资产证券化与我国商业银行不良资产处置研究摘 要资产证券化的发源地是美国，兴起于 20 世纪 70 年代。作为一种成熟的结构化融资工具，在一些发达国家开展迅速。在其发展过程中，更好的连接了债券市场、货币市场、信贷市场，是一种重要的金融创新。但是，我国资产证券化起步较晚，而且遭受 2008 年金融危机的冲击一度暂停，所以资产证券化在我国还是有很大发展前景的。在直接融资方面，商业银行在我国的直接融资渠道中占据主体地位，信贷与储蓄是其主营业务，债券业务较少，无法与资本市场进行更好的融合。我国的企业经济发展主要依赖于银行融资，过多的金融风险转嫁到银行体系。资产证券化不单联结了资本市场与货币市场，而且可以起到改善银行资产结构、提高资金流动性及分散风险的作用。伴随着 2008 年金融危机的冲击以及我国经济周期的影响，我国经济发展缺乏内需外需的驱动，企业的运营情况不佳，经济出现下滑现象并导致商业银行受到了不小的冲击。根据银监会统计信息显示，商业银行的不良贷款已持续 11 个季度迅速增长。2016 年第二季度的报表显示不良贷款率为 1.75%，已接近发达国家 2%的警戒线。在此背景下，中国银行带头在 2016 年 5 月进行试点工作并于 5 月 19 日公布中誉第一期不良资产支持证券的发行说明书 。这象征着，我国经济下行背景下资产证券化与我国商业银行不良资产处置研究2自 2008 年以来一度暂停的商业银行不良资产证券化将正式重启。与2005 年试点发行的不良资产证券化相比，新一轮的不良资产证券化将面临更大的交易空间。本文通过定性分析法、对比分析法、案例分析法，分析当今中国经济发展趋势，对商业银行不良资产的产生以及现状进行论述。总结资产证券化在我国商业银行不良资产处置中的实践。并从过往实践中，得出新一轮不良资产证券化实行的可行性。并在新一轮重启的背景下，论述不良资产证券化是解决商业银行不良资产有效的市场化途径，证明此阶段重启是十分有必要的。在案例选择方面，主要从具备代表性的建元 2008-1 重整资产证券化为例总结商业银行的不良资产证券化的特点。并对 2016 年重启后第一笔产品- 中誉第一期不良资产证券化产品进行解析，分析其效应。通过案例分析以及我国资产证券化的发展情况，找出商业银行不良资产证券化的处置困境和问题，并对其提出风险防范和政策建议。本文通过总结商业不良资产证券化的实践过往-分析现状- 发现问题-解决问题为整体思路贯穿全文。并侧重对经济下行背景下我国重启的新一轮商业银行不良资产证券化进行了深入的分析探讨和研究。对于重启后，重新探究适合我国国情的不良资产证券化发展道路、化解银行金融风险、解决在经济下行时期的不良资产等问题，具有理论和现实意义。关键词：经济下行；商业银行不良资产证券化；重启；处置分析；Error! No text of specified style in document.3RESEARCH ON SECURITIZATION AND THE DISPOSAL OF NON-PERFORMING ASSETS OF COMMERCIAL BANKS IN CHINA UNDER THE BACKGROUND OF ECONOMIC DOWNTURNABSTRACTThe origin place of asset securitization is the United States, and asset securitization sprang up in the 1970s. As a mature structured financing tool, asset securitization carries out rapidly in some developed countries. During its development process, asset securitization better connects bond market, monetary market, credit market, which is an important finance innovation. However, asset securitization in our country starts relatively late, and suspends for a time due to the impact of financial crisis of 2008, so asset securitization has great development prospect in our country.In the aspect of direct financing, commercial banks occupy dominant position in our countrys direct financing channels. Credit and loan and deposit are the main businesses of commercial banks, bond is relatively less, which leads to commercial banks failing to better integrate with capital market. Our countrys enterprise economic growth mainly depends on bank financing, and too many financial risks transfer to banking system. Asset securitization not only connects capital market and monetary market, but also improves bank asset structure, enhances financial liquidity and decentralizes risks.Accompanied by the impact of 2008s financial crisis and the 经济下行背景下资产证券化与我国商业银行不良资产处置研究4influence of our countrys economic cycle, our countrys economic development lacks the drive of domestic demand and overseas market demand. Therefore, the enterprises state of operation is not good, economic downturn results in that commercial banks suffer great impact. According to the statistical information of China Banking Regulatory Commission, non-performing loan of commercial banks continues to increase rapidly for 11 quarters. The second quarter stamen of 2016 shows that non-performing loan ratio is 1.75%, which is close to 2%, the developed countries warning line. Under this background, Bank of China takes the lead to carry through pilot work in May 2016, and publish Zhongyus first stage Offering Circular of NPA-backed securities, which signifies the once-suspending commercial bank NPA securitization since 2008 will officially restart. Comparing with the experimental insurance of NPA securitization in 2005, the new-round NPA securitization will confront larger transaction space.With qualitative analysis method, comparative analysis method and case analysis method, the thesis analyzes current economic trend in China, and discusses the causes and current conditions of commercial banks non-performing asset, and sums up the practice of asset securitization in our countrys commercial banks disposal of non-performing asset. From the previous practice, the feasibility of executing the new-round asset securitization can be concluded. Under the background of the restart of new-round asset securitization, the analysis of NPA securitization is the effective marketization way to solve commercial banks non-performing assets, which shows that the restart is necessary.In the aspect of case selection, the thesis takes Jianyuan 2008-1 reform Error! No text of specified style in document.5asset securitization as an example to summarize the characteristics of NPA securitization, and analyzes the first production after the restart in 2016: Zhongyu first stage NPA securitization product, and also analyzes its effect. Through case analysis and development situation of our countrys asset securitization, find out the disposal predicament and problem of commercial banks NPA securitization and put forward risk prevention and policy suggestion.The thesis takes “the previous practice of commercial NPA securitization-current status analysis-finding problems-solving problems” as the general idea, and pays attention to the in-depth analysis and study on the new-round commercial banks NPA securitization under the background of economic downturn. It has theoretical and practical significance to re-explore the proper development road for our countrys NPA securitization, resolve bank financial risks and solve non-performing asset in economic downturn.KEYWORDS: economic downturn; commercial banks NPA securitization; restart; disposal analysisError! No text of specified style in document.1目 录摘 要 .1ABSTRACT .3目 录 .1图表目录 .4第一章 绪论 .1一、研究背景和意义 .1（一）研究背景 .1（二）研究意义 .2二、研究目的 .3三、国内外文献研究综述 .3四、研究内容和方法 .6（一）研究内容 .6（二）研究方法 .6（三）本文的创新之处 .7第二章 经济下行背景下商业银行不良资产的现状和处置模式 .8一、我国经济下行的发展趋势 .8二、商业银行不良资产的现状及其原因分析 .10（一）商业银行不良资产的现状 .10经济下行背景下资产证券化与我国商业银行不良资产处置研究2（二）商业银行不良资产的成因 .10三、我国商业银行不良资产处置的若干传统模式 .13第三章 资产证券化在我国的试点和实践 .15一、不良资产证券化在我国的发展历程 .15二、不良资产证券化重启的情况 .16三、新一轮不良资产证券化实施的依据 .17四、资产证券化成为解决不良资产的市场化途径 .19（一）盘活商业银行的不良资产 .20（二）不良资产的准确估值 .20（三）分散商业银行风险 .20第四章 商业银行不良资产证券化的典型案例 .22一、案