公益林补偿收益权质押贷款证券化探讨  

Discussion on Securitization of Pledged Loan for Compensation Income Right of Public Welfare Forests

作　　者：王晓丽 石颖文 石道金 WANG Xiaoli;SHI Yingwen;SHI Daojin(College of Economics and Management,Zhejiang Agriculture and Forestry University,Linan,Zhejiang 311300 China;Linan Branch,People s Bank of China,Linan,Zhejiang 311300 China;Jiyang College of Zhejiang Agriculture and Forestry University,Zhuji,Zhejiang 311300 China)

机构地区：[1]浙江农林大学经济管理学院,浙江临安311300 [2]中国人民银行临安市支行,浙江临安311300 [3]浙江农林大学暨阳学院,浙江诸暨311800

出　　处：《林业经济问题》2018年第4期48-54,106,共8页Issues of Forestry Economics

基　　金：国家社会科学基金项目(09BJY009);浙江省高校重大人文社会科学攻关计划项目(2018GH034)

摘　　要：在对公益林收益权质押贷款可行性进行分析的基础上,依据权益证券化原理,分析了公益林补偿收益权质押贷款证券化的模式设计和要素构成以及证券化过程中参与主体的利益,提出了健全第三方担保机制、加大政府政策手段、丰富资产池和保证现金流、加强相关法律法规和监管等推进公益林收益权质押贷款证券化的对策建议。⑴Background--The securitization of income right of public welfare forests is a new financing mode for issuing public welfare forests bonds under the premise of not changing the ownership of public welfare forests,with the expected profit of public welfare forests as a guarantee.Therefore,as a rural financial system innovation,the pledge loan for compensation income right of public welfare forests cannot only optimize the allocation of forestry resources,solve the fund needs of forestry economy,but also benefit the protection and sustainable development of public welfare forests,so as to provide reference and suggestions for promoting the securitization of pledge loan for compensation income right of China s public welfare forests.⑵Methods--On the basis of the feasibility analysis of the pledge loan for income right of public welfare forests,according to the principle of equity securitization,this paper studies the pattern design and the element composition of the securitization of pledge loan for compensation income right of public welfare forests,further analyzes the interests of the participating entities in the securitization process,and put forward some suggestions and countermeasures to promote the securitization of pledge loan for income right of public welfare forests.⑶Results--According to the principle of equity securitization,a feasible scheme for securitization of pledge loan for income right of public welfare forests is designed.The specific design is as follows:①The holder of the income right applies for the loan from the financial institution with the expected compensation income right of public welfare forests as the pledge guarantee,and the financial institution lends;②The financial institution combines the stable cash flow generated by the pledge loan for income right of public welfare forests in the future,so that an asset pool is formed and packaged,and then sold to the SPV;③Special Purpose Vehicle(SPV)reorganize risks and benefits through internal and external credit enhancements,a

关 键 词：公益林 补偿收益权 质押贷款 权益证券化 

分 类 号：F326.23[经济管理—产业经济]