本文選題：循環(huán)購買 + 資產(chǎn)證券化　； 參考：《上海國家會計學院》2017年碩士論文

【摘要】：自從2012年我國重啟信貸資產(chǎn)證券化以來,這項業(yè)務(wù)在我國資本市場上得到了迅速發(fā)展。資產(chǎn)證券化在盤活存量資產(chǎn)、拓寬企業(yè)融資渠道等方面發(fā)揮著獨特作用,這也吸引著越來越多的企業(yè)和金融機構(gòu)參與到這項業(yè)務(wù)中來。伴隨著我國經(jīng)濟增長方式的轉(zhuǎn)變,消費金融行業(yè)逐漸興起,包括傳統(tǒng)的信用卡業(yè)務(wù)以及當下流行的京東白條、螞蟻花唄等。消費金融資產(chǎn)的重要特征就是單筆金額小、期限短、債務(wù)人分散。傳統(tǒng)的資產(chǎn)證券化交易結(jié)構(gòu)往往不適合于這種類型的基礎(chǔ)資產(chǎn),為解決這一難題,出現(xiàn)了循環(huán)購買型資產(chǎn)證券化產(chǎn)品。這種結(jié)構(gòu)有效地解決了基礎(chǔ)資產(chǎn)與發(fā)行的抵押支持證券的期限錯配問題。從會計的角度來看,最終實現(xiàn)資產(chǎn)的會計“出表”一直也是很多金融機構(gòu)和非金融機構(gòu)開展資產(chǎn)證券化業(yè)務(wù)的原始動力之一。循環(huán)購買結(jié)構(gòu)雖然可以從技術(shù)上解決證券化的難題,但是在現(xiàn)有的會計準則規(guī)定下,發(fā)起人要想在財務(wù)報表層面終止確認該項資產(chǎn),則會面臨著更多的障礙。本文選取招商銀行發(fā)行的和享2016年第一期個人消費信貸資產(chǎn)支持證券進行案例研究。招商銀行近些年來一直在努力向“輕型銀行”戰(zhàn)略轉(zhuǎn)型,發(fā)行了多筆資產(chǎn)證券化產(chǎn)品。和享2016年第一期個人消費信貸資產(chǎn)支持證券是國內(nèi)第一個循環(huán)購買結(jié)構(gòu)的信用卡分期賬單資產(chǎn)證券化產(chǎn)品,并且符合會計準則中關(guān)于金融資產(chǎn)終止確認的規(guī)定。案例研究表明,對于循環(huán)購買結(jié)構(gòu)來說實現(xiàn)出表的關(guān)鍵在于不合并特殊目的實體、讓渡持續(xù)購買權(quán)、有“熔斷”機制、合理的風險自留;其次,在終止確認判斷時我們還應(yīng)該關(guān)注循環(huán)結(jié)構(gòu)的特殊風險,包括混同風險、價格風險等;最后,招商銀行的這款產(chǎn)品作為一次“試水”,并未觸及循環(huán)購買結(jié)構(gòu)“一次設(shè)立信托,多次發(fā)行”的核心。
[Abstract]:Since China restarted the securitization of credit assets in 2012, the business has developed rapidly in China's capital market.Asset securitization plays a unique role in activating stock assets and broadening financing channels of enterprises, which attracts more and more enterprises and financial institutions to participate in this business.Along with the change of our country's economic growth mode, the consumer finance industry is rising gradually, including the traditional credit card business as well as the current popular JingDong white stripes, ant flowers and so on.The important characteristic of consumer financial assets is that the single amount is small, the term is short, and the debtor is scattered.The traditional transaction structure of asset securitization is often not suitable for this kind of basic assets. In order to solve this problem, the circularly purchased asset securitization products appear.This structure effectively solves the maturities mismatch between underlying assets and issued mortgage-backed securities.From the perspective of accounting, the ultimate realization of asset accounting "out of the table" has been one of the original driving forces for many financial institutions and non-financial institutions to carry out asset securitization business.Although the circular purchase structure can solve the problem of securitization technically, under the existing accounting standards, the sponsors will face more obstacles if they want to terminate the recognition of the asset in the financial statement level.This paper selects China Merchants Bank to issue and enjoy the first issue of personal consumer credit asset-backed securities for a case study.In recent years, China Merchants Bank has been trying to "light bank" strategic transformation, issued a number of asset securitization products.The first installment of consumer credit asset backed securities in 2016 is the first credit card installment asset securitization product with a circular purchase structure in China, and complies with the accounting standards on the termination of financial asset recognition.The case study shows that the key to realizing the table for the circular purchase structure lies in not merging special purpose entities, transferring the right of continuous purchase, having a "fuse" mechanism, and keeping reasonable risks; secondly,In terminating the confirmation judgment, we should also pay attention to the special risks of the circular structure, including mixed risks, price risks, etc. Finally, as a "water trial", this product of China Merchants Bank does not touch on the circular purchase structure "a trust set up."The core of multiple issues.
【學位授予單位】：上海國家會計學院
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832.51

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