促进绿色信贷资产证券化发展的制度研究  

Research on the System of Promoting the Development of Green Credit Asset Securitization

作　　者：鲁政委[1,2] 方琦 钱立华 LU Zhengwei;FANG Qi;QIAN Lihua(Industrial Bank CO.,LTD.,Shanghai 200120,China;Huafu Securities CO.,LTD.,Shanghai 200120,China;Macro Research Department,CIB Research CO.,LTD.,Shanghai 200120,China)

机构地区：[1]兴业银行,上海200120 [2]华福证券,上海200120 [3]兴业经济研究公司宏观研究部,上海200120

出　　处：《西安交通大学学报（社会科学版）》2020年第3期1-6,共6页Journal of Xi'an Jiaotong University：Social Sciences

摘　　要：近年来,中国的绿色金融发展成果全球瞩目,但相对于经济的绿色发展需要,仍然存在巨大资金缺口,迫切需要通过制度创新激励更多资金投向绿色发展领域。考虑到绿色信贷提供了中国90%以上的绿色融资,将绿色信贷资产证券化,不仅可以释放银行资本金,更能借此吸引大量非银行机构投资者为绿色发展提供资金。然而,在中国绿色信贷、绿色债券、普通资产证券化三者均飞速发展的情况下,绿色信贷资产证券化发展却异常缓慢。基于此,本文从供、需两端深入分析了制约中国绿色信贷资产证券化发展的原因,并从这些制约因素出发,系统地提出了激励中国绿色信贷资产证券化发展的制度创新建议:一是免除绿色信贷资产证券化的风险自留要求;二是允许主动管理型绿色贷款抵押债券的发展。The rapid development of China’s green finance has attracted worldwide attention for years recently. However, compared with the needs of the green development of China’s economy, there is still a huge funding gap. It is necessary to encourage more funds to be invested in green fields through system innovation. Considering that green credit provides over 90% of China’s green financing, securitization of green credit assets can not only release bank’s capital, but also attract a large number of non-bank institutional investors to provide funds for green development. However, with the rapid development of China’s green credit, green bonds, and general asset securitization, the development of green credit asset securitization has been extremely slow. Based on this fact, this article analyzes the reasons restricting the development of China’s green credit asset securitization from both the supply and demand sides, and based on these constraints, it systematically proposes system innovation suggestions to stimulate the development of China’s green credit asset securitization: The first is to eliminate the risk retention requirement of green credit asset securitization;the second is to allow the development of actively managed green collateralized loan.

关 键 词：绿色信贷 绿色金融 绿色债券 资产证券化 风险自留 绿色贷款抵押债券 

分 类 号：F832.4[经济管理—金融学]