我國開展資產證券化的運作方式及政策設計.pdf

1、浙江大學碩士學位論文我國開展資產證券化的運作方式及政策設計姓名：王偉申請學位級別：碩士專業(yè)：管理科學與工程指導教師：姚錚2001.11.27●’f●tAbstractAssetSecuritizationisoneofthemostimportantfinancialinnovationssince20century70decadesIttransferstheassetthatislackofliquidityintoliquidse

2、curitiesthroughstructuringaseriesoftradesinordertoobtaincapitalandimprovethestructureofassetsandliabilitiesAfter30yearsdevelopingAssetSecuritizationhasbecomeoneofthemostimportantfinancialmeansAtpresent，ourcapitalmarketis

3、notabletomeetwiththeneedofeconomicdevelopment，sothatmanyhighqualityitemsdon’tlaunchbecauseofcapitalshortageAtthesametime，becauseofeconomicsystem，bankhasundertakenmanygovernmentfunctionsthathadresultedinalargenumberofbada

4、ssetsFromAssetSecuritizationviewthispaperputsforwardtheprojectsandpoliciestosolvetheproblemsMortgageisdevelopingfastinChinaTherefore，duetosupplysufficientcapitalformortgage，bankmustfindnewcapitalmediumMortgageSecuritizat

5、ionishelpfultodredgethecanalofhousingfinance，toimproveIiquidityandincreaseadequatancefordomesticbanks，toactivatefinancialinnovationandperfectfinancialinfrastructureInthecourseofsecuritization，itisnecessarytosetupaSpecial

6、PurposeCompanywhichisgovernment—basedandissueCMO(CollateralMortgageObligations)Inthemeanwhile，govemmentshouldgivepreferentialpolitiesandsupportsinlaws，suchasAccounting，TaxationandsoonHowtodisposebadassettransferredfromco

7、mmercialbankisapuzzletofinancialmanagementcompaniesThispaperraisestheproject：financialmanagementcompanieschoosepartnerthatisspecializedindisposingassettoformalimitedcompanyasSPVwhichissuesassetsecuritiesbasedonbadassetth

8、athavegoodcollateralsThrouI曲thiscourse，commercialbankwillobtaincontinuouscapitalsupportDuetomanylimitationsineconomicenvironmentandlaws，therearemanyobstaclestodevelopAssetSecuritizationinChinaInordertosolvetheproblems，th

9、ispaperdiscussestherealisticimportanceofcrossboarderAssetSecuritizationanddesignstheprogramandrelevantpoliciesNowthereareafewsuccessfulcasesofCIOSSbroaderAssetSecuritization，thispaperselectsZhuhaiHighwaySecuritizationand