论资产证券化在处理我国商业银行不良资产中的运用
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摘要
资产证券化(Asset Securitization)，是20世纪金融工具的重要创新之一。它以完善的创新设计促进了金融市场的发展，并在优化银行信贷资产结构方面表现出独特的功能，使其在国际金融市场中展示了巨大的发展优势和潜力，以至于有人提出“资产证券化的范围仅受想象力的限制”。我国目前正处于加入WTO前夕，处理我国商业银行的不良资产任务迫切，意义重大。本文试图较为全面地介绍资产证券化的运作过程，并结合我国各方面的现状，探讨在我国如何运用适当的信用提高的手段，使资产证券化能够成为处理我国商业银行不良资产的有效手段。本文共分为五个部分：
第一部分介绍资产证券化的概念、内涵，资产证券化的起源以及在国内外发展的最新情况。
第二部分主要探讨资产证券化的当事人、交易流程，以及特设交易载体(SPV)的相关问题——正是通过SPV，实现了证券化资产组合的风险与收益和发起人本身的资信相隔离，并提高该项目的信用级别。其次，本部分对资产证券化这一金融创新同时也是融资工具的独特之处：财产隔离、信用隔离以及信用提高进行了专门的探讨。最后，介绍了资产证券化的几种主要形式：过手证券、资产支持证券以及转付证券以及在过手证券中发展起来的剥离式担保证券。
第三部分介绍了国外运用资产证券化来处理银行不良资产的成功经验，并探讨了他们的经验对我国的借鉴意义。同时，剖析了我国商业银行不良资产的现状，并对理论界与实际工作部门提出的许多解决方案进行了比较分析。在此基础上，提出了“资产证券化是处理银行不良资产的有效方式”的观点。
第四部分是本文的主要部分，主要说明资产证券化在我国金融机构不良资产处理中的方案设计。首先，笔者探讨了如何构造我国商业银行不良资产证券化的资产池，然后在资产池的基础上如何进行信用提高，并进行现金流的重组以及贷款的出售。提出了通过财政还款储备、风险损失储备以及采用担保抵押证券(CMO)的多层次的债券发行结构等多种信用提高的方式，使我国商业银行不良资产为基础所组成的资产池的未来现金流保持稳定的构想，并对此进行了详细的论证。最后分别探讨了在债务人能够以及不能按照还款协议落实还款义务的情况下，如何实现所发行的资产化证券的还本付息等具体问题。
应该说明的是，目前在我国大规模实施资产证券化的土壤仍有待培植，因此第五部分主要分析我国目前实施资产证券化所需考虑的宏观配套条件，包括如何完善法律法规体系、税收制度，如何培养发展证券化资产的投资群体、规范中介结构、建立监管协调体系以及加强人才培养等。
Asset Securitization is developed as one of the most important innovations in financial instruments during the 20th century period, with its perfectly-designed structure largely prospering
the financial market. The distinctive function in optimizing the structure of bank credit loans has proved it so many advantages and prospects in international financial market that even some scholars contend that "the spectrum of Asset Securitization virtually extends to the edge of people's imagination." Moreover under current situations at the eve of China's join into WTO, it seems especially urgent and of great significance for our nation to cope with inferior credit assets now insisting in many banks. This paper attempts first to introduce how Asset Securitization processes, and then discuss how to employ appropriate approaches in credit improving according to status in quo in China to make use of Asset Securitization more effectively and efficiently in handling with inferior assets in commercial banks. The paper includes following five sections.
The first section aims to introduce the definition, implication and originality of Assets Securitization, also its latest development in domestic and overseas field.
The second section emphasizes on the parties and transaction procedures applicable to Asset Securitization and some questions related to the special purpose vehicle (SPV), which separates the risk and profit of Assets Securitization from the initiator's own credit and simultaneously improves this project's rating. Furthermore, this section also means to discuss several distinctive characteristics of Asset Securitization such as property isolation, credit isolation, credit improving etc. In the end several most popular forms of Asset Securitization will be presented, such as Asset-based Security, Pay-through Security, Pass-through Security and Strip Debenture Bond developed from it.
The third section gives successful examples mat Assets Securitization is broadly applied to handle with inferior bank assets abroad. Subsequently the author analyzes the conditions in which inferior credit assets in our nation's banks lie and compares among a few solving alternatives proposed by theorists and practical divisions. Basing on that, the author maintains "Asset Securitization is definitely an effective way to solve inferior bank assets problem."
The fourth section is a crucial part of the thesis, with its order to debate an efficient way to apply Asset Secuntization to practically handle with inferior bank assets in China. The author investigates how to construct an asset pool for die use of inferior assets Securitization, then how to improve credit based on that pool and how to re-construct cashflows and sell the credit loans thereafter The author argues that future cashflows coming from the asset pool can be kept stable by several credit improving methods such as fiscal compensation reserve, risk loss reserve and multi-strata issuing structure of CMO etc. Then an integrated analysis quickly follows. Finally some more detailed questions are listed, including how to realize the payback of both principals and interests of such securities under different conditions that the debtor can or cannot claim payment responsibility according to corresponding clauses.
It should be yet pointed out that soil of large-scaled application of asset Securitization in China is still to be cultivated further. Therefore, the fifth, also the last section is designated to analyze macroeconomic circumstances needed for its application, which includes how to supplement legislature and tax system, how to develop a specific investing group, how to regulate mediatory institutions, how to set up an supervision organization and how to strengthen elite trainings.
第一部分介绍资产证券化的概念、内涵，资产证券化的起源以及在国内外发展的最新情况。
第二部分主要探讨资产证券化的当事人、交易流程，以及特设交易载体(SPV)的相关问题——正是通过SPV，实现了证券化资产组合的风险与收益和发起人本身的资信相隔离，并提高该项目的信用级别。其次，本部分对资产证券化这一金融创新同时也是融资工具的独特之处：财产隔离、信用隔离以及信用提高进行了专门的探讨。最后，介绍了资产证券化的几种主要形式：过手证券、资产支持证券以及转付证券以及在过手证券中发展起来的剥离式担保证券。
第三部分介绍了国外运用资产证券化来处理银行不良资产的成功经验，并探讨了他们的经验对我国的借鉴意义。同时，剖析了我国商业银行不良资产的现状，并对理论界与实际工作部门提出的许多解决方案进行了比较分析。在此基础上，提出了“资产证券化是处理银行不良资产的有效方式”的观点。
第四部分是本文的主要部分，主要说明资产证券化在我国金融机构不良资产处理中的方案设计。首先，笔者探讨了如何构造我国商业银行不良资产证券化的资产池，然后在资产池的基础上如何进行信用提高，并进行现金流的重组以及贷款的出售。提出了通过财政还款储备、风险损失储备以及采用担保抵押证券(CMO)的多层次的债券发行结构等多种信用提高的方式，使我国商业银行不良资产为基础所组成的资产池的未来现金流保持稳定的构想，并对此进行了详细的论证。最后分别探讨了在债务人能够以及不能按照还款协议落实还款义务的情况下，如何实现所发行的资产化证券的还本付息等具体问题。
应该说明的是，目前在我国大规模实施资产证券化的土壤仍有待培植，因此第五部分主要分析我国目前实施资产证券化所需考虑的宏观配套条件，包括如何完善法律法规体系、税收制度，如何培养发展证券化资产的投资群体、规范中介结构、建立监管协调体系以及加强人才培养等。
Asset Securitization is developed as one of the most important innovations in financial instruments during the 20th century period, with its perfectly-designed structure largely prospering
the financial market. The distinctive function in optimizing the structure of bank credit loans has proved it so many advantages and prospects in international financial market that even some scholars contend that "the spectrum of Asset Securitization virtually extends to the edge of people's imagination." Moreover under current situations at the eve of China's join into WTO, it seems especially urgent and of great significance for our nation to cope with inferior credit assets now insisting in many banks. This paper attempts first to introduce how Asset Securitization processes, and then discuss how to employ appropriate approaches in credit improving according to status in quo in China to make use of Asset Securitization more effectively and efficiently in handling with inferior assets in commercial banks. The paper includes following five sections.
The first section aims to introduce the definition, implication and originality of Assets Securitization, also its latest development in domestic and overseas field.
The second section emphasizes on the parties and transaction procedures applicable to Asset Securitization and some questions related to the special purpose vehicle (SPV), which separates the risk and profit of Assets Securitization from the initiator's own credit and simultaneously improves this project's rating. Furthermore, this section also means to discuss several distinctive characteristics of Asset Securitization such as property isolation, credit isolation, credit improving etc. In the end several most popular forms of Asset Securitization will be presented, such as Asset-based Security, Pay-through Security, Pass-through Security and Strip Debenture Bond developed from it.
The third section gives successful examples mat Assets Securitization is broadly applied to handle with inferior bank assets abroad. Subsequently the author analyzes the conditions in which inferior credit assets in our nation's banks lie and compares among a few solving alternatives proposed by theorists and practical divisions. Basing on that, the author maintains "Asset Securitization is definitely an effective way to solve inferior bank assets problem."
The fourth section is a crucial part of the thesis, with its order to debate an efficient way to apply Asset Secuntization to practically handle with inferior bank assets in China. The author investigates how to construct an asset pool for die use of inferior assets Securitization, then how to improve credit based on that pool and how to re-construct cashflows and sell the credit loans thereafter The author argues that future cashflows coming from the asset pool can be kept stable by several credit improving methods such as fiscal compensation reserve, risk loss reserve and multi-strata issuing structure of CMO etc. Then an integrated analysis quickly follows. Finally some more detailed questions are listed, including how to realize the payback of both principals and interests of such securities under different conditions that the debtor can or cannot claim payment responsibility according to corresponding clauses.
It should be yet pointed out that soil of large-scaled application of asset Securitization in China is still to be cultivated further. Therefore, the fifth, also the last section is designated to analyze macroeconomic circumstances needed for its application, which includes how to supplement legislature and tax system, how to develop a specific investing group, how to regulate mediatory institutions, how to set up an supervision organization and how to strengthen elite trainings.
引文
1、王开国：《资产证券化论》，上海财经大学出版社，1999年版。
2、沈沛、许均华，刘敏：《信贷资产证券化——原理与操作技巧》，中国金融出版社，1998年版。
3、张超英、瞿祥辉：《资产证券化——原理·实务·案例》，经济科学出版社1998年版．
4、(美)弗兰克·J·法博齐：《资本市场：机构与工具》，经济科学出版社1998年版．
5、傅斌：“我国银行资产证券化的关键环节及制度条件”，《投资研究》，2000年第4期。
6、楼远，胡旭阳、郑一新、徐函：“与‘关于我国开展资产证券化的两种观点’商榷”，《投资研究》，2000年第6期。
7、罗中秀：“我国商业银行贷款证券化运行机制与制度安排”，《投资研究》，2000年第10期。
8、沈沛，许均华，刘敏：“资产证券化的实务与操作”，《中国证券报》，1998年7月2日。
9、余坚，王剑铭：“论资产证券化的法规监管”，《金融研究》1999年第2期。
10、汪翔：“资产证券化及相关会计问题研究”，www.18e.com, 2000年8月．
11、吴青：“浅议商业银行资产证券化与我国的金融改革”，《国际金融研究》，1998年第10期．
12、朱军勇：“论资产证券化”，《上海投资》，1999年第1期。
13、陈云贤、王紫伟：“不良资产证券化解决方案”，《资本市场》1999年第3期。
14、邵敏、马宁：“资产证券化在我国金融机构不良资产中的运用”，《国际金融研究》1999年第2期。
15、王海军：“从操作的角度看不良资产的处理”，《国际经济评论》，1999年第9期。
16、王多毅：“银行不良资产证券化的效用及实施方案分析”，《城市金融论坛》，1999年第7期。
17、尹龙：“资产证券化：动力、约束与制度安排”，《金融研究》1999年第2期。
18、李俊杰：“论银行不良资产剥离和资产管理公司的运作”，《北京大学中国经济中心简报》，1999年第5期。
19、刘文龙，杜修立：“我国发展资产证券化的意义”，《金融早报》，2000年11月29日。
20、涂永红：“不良资产证券化：现实选择与操作思路’，《金融时报》，2000年11月28日。
21、剑华：“为不良资产寻找证券化对策”，www.158china. com, 2000年11月24日。
22、范国英：“化解不良资产的新思路”，www.ibmaster. com, 2000年12月3日。
2、沈沛、许均华，刘敏：《信贷资产证券化——原理与操作技巧》，中国金融出版社，1998年版。
3、张超英、瞿祥辉：《资产证券化——原理·实务·案例》，经济科学出版社1998年版．
4、(美)弗兰克·J·法博齐：《资本市场：机构与工具》，经济科学出版社1998年版．
5、傅斌：“我国银行资产证券化的关键环节及制度条件”，《投资研究》，2000年第4期。
6、楼远，胡旭阳、郑一新、徐函：“与‘关于我国开展资产证券化的两种观点’商榷”，《投资研究》，2000年第6期。
7、罗中秀：“我国商业银行贷款证券化运行机制与制度安排”，《投资研究》，2000年第10期。
8、沈沛，许均华，刘敏：“资产证券化的实务与操作”，《中国证券报》，1998年7月2日。
9、余坚，王剑铭：“论资产证券化的法规监管”，《金融研究》1999年第2期。
10、汪翔：“资产证券化及相关会计问题研究”，www.18e.com, 2000年8月．
11、吴青：“浅议商业银行资产证券化与我国的金融改革”，《国际金融研究》，1998年第10期．
12、朱军勇：“论资产证券化”，《上海投资》，1999年第1期。
13、陈云贤、王紫伟：“不良资产证券化解决方案”，《资本市场》1999年第3期。
14、邵敏、马宁：“资产证券化在我国金融机构不良资产中的运用”，《国际金融研究》1999年第2期。
15、王海军：“从操作的角度看不良资产的处理”，《国际经济评论》，1999年第9期。
16、王多毅：“银行不良资产证券化的效用及实施方案分析”，《城市金融论坛》，1999年第7期。
17、尹龙：“资产证券化：动力、约束与制度安排”，《金融研究》1999年第2期。
18、李俊杰：“论银行不良资产剥离和资产管理公司的运作”，《北京大学中国经济中心简报》，1999年第5期。
19、刘文龙，杜修立：“我国发展资产证券化的意义”，《金融早报》，2000年11月29日。
20、涂永红：“不良资产证券化：现实选择与操作思路’，《金融时报》，2000年11月28日。
21、剑华：“为不良资产寻找证券化对策”，www.158china. com, 2000年11月24日。
22、范国英：“化解不良资产的新思路”，www.ibmaster. com, 2000年12月3日。
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