我国资产证券化的供求分析  

Supply-demand Analysis of China's Asset Securitization

作　　者：夏莹[1] 

机构地区：[1]芜湖职业技术学院经济管理系,安徽芜湖241001

出　　处：《湛江师范学院学报》2005年第2期89-92,共4页Journal of Zhanjiang Normal College

摘　　要：作为发达市场成熟融资技术的资产证券化对中国来说还是一项金融创新。尽管我国在推进信贷资产证券化过程中仍有诸多障碍,但已基本具备了实施资产证券化的条件,资产证券化的实践也在悄然而行。目前可供证券化的资产主要是住房抵押贷款、基础设施贷款以及大型公司应收款。为切实起到引导金融创新、提高资产流动性以及融通资金的作用,不应将资产证券化的重点放在银行不良资产基础上。从需求方面看,高收益低风险的资产支撑证券(ABS)必将受到个人投资者青睐,而社会保障基金管理机构、商业保险公司、证券投资基金以及海外的机构投资者可能是ABS市场潜在的需求者。Asset securitization, used as a mature financial instrument in the developed countries, is sort of financial innovation in China. Despite various obstacles in the course of credit asset securitization, the fundamental conditions are available in China for asset securitization, which has, in fact, been going on quietly. The assets available for securitization now consist mainly of the real estate mortgage, the infrastructure loan and the account receivable of large-scale corporations. The asset securitization can push forward the financial innovation, increase the liquidity of assets and supply for fund financing. All these functions can perform soundly if the focus of asset securitization is not placed upon the non-performing loans of the banks. From the viewpoint of demand, the individual investor will surely attracted by the asset-backed securitization(ABS) with a high revenue and a low risk. The social fund management institute, the commercial insurance company, the security investment fund and the overseas institutional investors may become the potential consumers in the ABS market.

关 键 词：资产证券化 供给 需求 资产支撑证券 金融资产 

分 类 号：F830.9[经济管理—金融学]