摘 要

资产证券化是一种创新，成功完善了世界金融的体系。它不但及时更新了金融资源配置格局，同时督促国家改善自身金融体制，而且以其独具特色的魅力成为世界金融行业的热门话题。

可以通过论文对资产证券化的原理以及在我国发展的状况以及目前资产证券化的运作过程中存在哪些利弊问题进行探讨。就目前而言，资产证券化仍旧面临很多问题。资产证券化作为一种金融创新工具，其本身存在一定的缺陷，它专注于分散风险时，忽略了参与方风险同时出现的可能性。如果风险因素不能得到有效控制，那么我国在推进资产证券化的同时，将会出现更多意想不到的阻碍。只有完善我国金融市场体系建设，弥补政府工作方面的不足，规范多方面因素，才能在一定程度上推动资产证券化在我国的发展。目前，我国资产证券化存在哪些利弊问题以及在我国的发展情况如何，是本文所要探讨的关键。

本文主要结合资产证券化理论和中国实际国情和未来经济走向，将资产证券化应用到经济发展中，希望本文讨论的内容对经济发展有所帮助。希望通过我的努力，通过对资产证券化利弊分析的探讨，能够为我国经济发展提供一些参考。

关键词：资产证券化; 利弊分析; 风险；对策

Asset securitization pros and cons analysis

ABSTRACT

Asset securitization is a kind of innovation, perfect the system of the world's financial success.It is not only to update the financial resource allocation pattern, at the same time urged countries to improve their own financial system, and with its unique charm to become the world's financial industry is a hot topic.
Can be used to paper the principle of asset securitization and the status of the development in our country and the current our country securities operation of the asset-like process problems what are the advantages and disadvantages are discussed.For now, asset securitization still faces many problems.Asset securitization as a financial innovation tool, its itself exists some shortcomings, it focus on the diversification, left out the possibility that the participants risk at the same time.If risk factors do not get effective control, in advance of asset securitization in our country at the same time, there will be more unexpected obstacles.Only perfect our financial market system construction, make up the deficiency of government's work, regulate various factors, to a certain extent, promote the development of asset securitization in our country.At present, the problem what are the pros and cons of asset securitization in our country and the development of in our country, this paper is to explore the key.
In this paper, combining the theory of asset securitization and China's actual situation and the future economy, applying asset securitization to the economic development, hope that this article discuss the content of some help to the economic development.Hope that through my efforts, can for asset securitization in our country better development provide some useful basis and reference.

Keywords：Asset securitization; Analysis of the pros and cons; Risk; countermeasures

目 录

导论 …………………………………………………………………………………………………………1

1.1 研究背景及意义…………………………………………………………………………2

1.1.1 研究背景………………………………………………………………………2

1.1.2 研究意义………………………………………………………………………2

1.2 国内外研究现状……………………………………………………………………3

1.2.1 国外相关研究现状…………………………………………………………………3

1.2.2 国内相关研究现状…………………………………………………………………3

1.3 研究内容及研究方法………………………………………………………4

1.3.1研究内容……………………………………………………………4

1.3.2研究方法……………………………………………………………5

1.3.3论文创新点……………………………………………………………5

2 资产证券化概述………………………………………………………………………………6

2.1 资产证券化的定义……………………………………………………………………6

2.1.1 资产证券化的分类 ………………………………………………………6

2.1.2 资产证券化的特点………………………………………………………7

2.2 资产证券化的作用…………………………………………………………………………7

2.2.1 从发起人角度看…………………………………………………………8

2.2.2 从投资者角度看…………………………………………………………8

2.2.3 从金融市场和整个经济体看………………………………………………9

3 资产证券化的积极作用………………………………………………………………………………10

3.1 对商业银行的积极作用……………………………………………………………………10

3.1.1 有助于促进商业银行业务发展………………………………………………………11

3.1.2 有助于提高资产的流动性，加速信贷流转…………………………………………12

3.1.3 有助于解决商业银行长期资产和短期负债匹配失当的问题…………………………12

3.2 对企业的积极作用…………………………………………………………………………12

3.2.1 有利于促进阿里巴巴在美国顺利上市…………………………………………………13

3.2.2 有利于解决小微企业和个人创业者融资难的问题……………………………………13

3.3 对市场的积极作用…………………………………………………………………………14

3.3.1 有利于风险转移…………………………………………………………………14

3.3.2 有利于风险保护…………………………………………………………………15

4 资产证券化的弊端………………………………………………………………………………15

4.1 不能完全满足资本本市场的有效需求…………………………………………………………15

4.2 容易钻法律空子 ……………………………………………………………………16

4.3 容易产生基础资产风险 ……………………………………………………………………16

4.4容易产生信用风险…………………………………………………………………17

4.5 容易产生利率风险…………………………………………………………………17

5 建立健全我国的资产证券化 ……………………………………………………………………18

5.1 大力发展资本市场，增加资产证券化的市场需求 ………………………………………………18

5.2 加强政府管理制度，健全和完善相关法律制度 ………………………………………………18

5.3 通过调节市场，降低金融市场风险 ………………………………………………19

6 结论 ……………………………………………………………………………………20

7 致谢 …………………………………………………………………………………21

8参考文献 ……………………………………………………………………………22

1 导论