The Research on the Motivation of Commercial Bank's Credit Asset Securitization in China

【摘要 (中文/英文)】 资产证券化被看作是20世纪70年代以来国际金融领域最重要的创新之一。它无论是在宏观还是微观方面,都起着十分巨大的作用。在宏观方面,能够优化资源配置,带来金融效率的提高;在微观方面,能够帮助商业银行改善资金结构,也能够促进投资者投资的多样化。在发达国家的债券融资中,证券化发展十分成熟,资产证券化债券融资规模已经超过公司债券的发行规模。但发达国家的资产证券化也不可避免地存在着一些问题,使证券化产品的实际效应和创造者的最初动机发生了偏离。这些问题导致了次级债危机等金融业危机的出现,给各国金融业都造成了损失。我国作为发展中国家,需要借鉴发达国家金融创新的经验,同时吸取发达国家的教训,不断推进资产证券化的发展。而中国目前的资本市场存在着制度不完善,监管无效等种种缺陷,制约了证券化的发展。如何通过总结国外资产证券化发展的经验教训来解决我国面临的各种困难,是我们需要关注的问题。 本文通过研究商业银行发行信贷资产证券化产品的理论动因和我国的实际动因,对两者作比较分析,找出理论动因和我国实际相偏离的原因,为我国发展资产证券化业务提供理论支持。文章共分五个部分。 第一部分为引言。首先介绍全文的研究背景,即...更多研究的理论意义和实践意义,指出资产证券化作为一种金融工具虽然已经给人们带来诸多好处,但由于金融工具的多样性和风险性,仍有必要对其进行深入研究,以使其更好地发挥融资及调节作用。同时,国内资产证券化市场尚处于起步阶段,相关理论研究也少有较为深入的论述,这也增加了研究的必要性。另外以发表年代为顺序,对中外相关文献进行综述。 第二部分为资产证券化概念及基本理论。此部分首先介绍了一些研究中对资产证券化概念的不同表述及定义。然后介绍了资产证券化的三大基本原理,即资产重组、风险隔离和信用增级原理。这三大原理作为资产证券化产品运作的基础,在整个证券化过程中处于关键地位。另外介绍了资产证券化流程中的相关利益各方,以便为下文从多个利益相关者角度进行论述提供基础。 第三部分从理论上分析商业银行信贷资产证券化的动机。此部分从多角度进行分析。首先分析宏观动因。从技术、市场及政府角色等几方面分析了外部环境对证券化的作用。第二从发起人,即银行角度,从微观方面探讨了银行为何要实施信贷资产的证券化。商业银行实施的资产证券化主要是为了发挥比较优势;为了满足巴塞尔协议所提出的资本充足率要求;同时也为了提高银行资金的流动性,解决资本金期限错配的问题;另外也为了降低资金成本和降低营运风险。第三从投资者角度进行分析,发现证券化的信用增级等特性可使投资人面临的风险得到限制,因此能够吸引更多投资。 第四部分主要对我国银行信贷资产证券化的实际动因进行探讨,与上一部分讨论的理论动因进行对比。与国外理论不同,我国的市场环境等外部动因并未形成。从发起人角度看,金融业分业经营使比较优势无法发挥,监管压力也不能成为证券化动因,国有大银行往往不会为了扭转财务危机而进行证券化,因此上述动因均不能成立。但从整个市场来看,银行面临的风险较高,另外由于市场的有效性很弱,代理成本等各项融资成本都较高,若银行能对证券化在这些方面的功能有所认识,则可成为证券化的发展动因。从投资者角度来看,投资人对证券化产品也缺乏了解,虽然证券化产品本身具有投资价值,但我国证券化产品投资者的投资动机尚不能构成证券化发展的动因。 第五部分对上述部分的结论进行总结归纳,并探讨了我国某些不足动因的根源,如银行资金过剩,融资动力不足;其证券化主要目的在于消化大量不良贷款;国有大银行的垄断使创新动力缺乏;利率还未市场化,使证券化定价存在困难。然后针对我国证券化的现状提出了一些改善的对策和建议。

 Asset Securitization is regarded as one of the most important innovations in the area of international finance since the 1970s. Both in macro or micro level, it plays an enormous role. In macro level, it optimizes the allocation of resources and improves financial efficiency. In micro level, it can help commercial banks improve capital structure, and can also contribute to the diversification of investors. In the bond financing of developed countries, the development of securitization is quite mature, and the scale of asset securitization bond financing have already surpassed the scale of corporate bonds. However, the securitization of developed countries inevitably has some problems, making the actual effect of securitization has deviation from initial motivation of issuers. These problems have led to financial crisis such as the subordinated debt crisis, and have caused loss to the world's financial industry. As a developing country, China needs to draw on the experience of developed countries in financial innovations, learn from the lessons of developed countries and continuously develop asset securitization. At present, China's capital market has many imperfections in the system, such as ineffective monitoring deficiencies, which restricts the development of securitization. We should pay attention to the issue of how to learn from the way of foreign countries’asset securitization development to solve the difficulties faced. By researching on the theoretical motivation and our country’s actual motivation of credit asset securitization product issued by commercial banks, we make comparative analysis with the aim to identify the reason for the deviation from theoretical motivation to our actual motivation, and provide theoretical support for securitization practice. The article is divided into five parts. The first part is introduction. The research background is initially introduced, that is, the theoretical and practical significance of research. It is pointed out that as a financial tool asset securitization has brought many benefits, but due to the diversity and risk of financial instruments, it is still necessary to conduct in-depth studies to enable them to play a better role in financing and regulation. At the same time, domestic securitization market is still in an early stage, and the related theoretical research rarely has in-depth study, which also increased the necessity for research. In addition, domestic and foreign literatures are reviewed by the published sequence. The second part is asset securitization concepts and basic theory. This part firstly introduces some research on the concept and different definitions of asset securitization. Secondly, we introduced the three basic principles of securitization, namely the reorganization of assets, risk isolation and credit enhancement principle. As the foundation of asset securitization product operation, these three principles are in a key position in the entire securities process. Thirdly, we introduced the stakeholders in securitization process, so as to provide basis for the discussion from different stakeholders’perspective. The third part theoretically analyzes the motivation of commercial bank credit asset securitization. Initially, we analyze the macro cause of securitization. From the aspect of technology, market and government, we analyzed the role of environment played to securitization. Following part is based on the issuer, namely, the banks’perspective, discussing from the micro aspect that why the commercial banks implement securitization. Based on the analysis of material, it is concluded that the implementation of securitization by commercial banks is mainly to meet the capital adequacy ratio requirements proposed by Basel Accord, at the same time to improve the liquidity of banks’capital funds and solve the problem of capital mismatch, further more, to reduce the cost and risk of operating capital. Next part is from investor’s perspective. It is found that the characteristic of securitization such as credit enhancement could limit the risk of investor, so it could be more attractive. Part four mainly discusses the actual motivation of securitization, as the comparison to the theoretical motivation discussed above. Different from foreign theory, the external cause of our country such as market environment has not been formed yet. From the perspective of issuer, the divided operation of finance can not bring the comparative advantages. The pressure of supervision could not form the motivation. State-owned large bank would not impose securitization with the aim to improve financial status. Therefore, all the theoretical above can not be seen in China. However, banks are faced with relatively high level of risk. Moreover, the effectiveness of market is quite week, and many cost items such as agency cost are very high. So if banks realize the function of securitization on these aspects, these will become the motivation of banks to securitize their assets. From the perspective of investors, they are lack of understanding to asset-backed securities. Although asset-backed securities are worthy of investing, the incentive of investors still can not be the motivation of securitization. The fifth part summarized the above conclusions and discussed the origin of some certain lacking motivation, such as banks’capital is overflowing and lack of financing incentive; the main motivation of Chinese banks is digesting their nonperforming loans; monopoly by state-owned large banks weakened the creativeness; there is still no marketization of interest rate, causing difficulty of the pricing of securitization. Based on a clear understanding of the main difficulties we propose necessary countermeasures need to take.

【关键词 (中文/英文)】 商业银行; 信贷资产; 证券化; 动因

Commercial bank; Credit Asset; Securitization; Motivation