CAJ | 학술논문

军工企业开展资产证券化，对其拓宽国防融资渠道、提高企业资产管理能力和深化军民融合发展有重要作用，是金融助力国防经济发展的必然选择。文章从企业认识、政策法规、产权归属等角度系统分析了当前军工企业所面临的特殊障碍。并在此基础上，从军工企业开展资产证券化的可行性角度，提出了如下观点：（1）应收账款和国防专利是目前我国军工企业资产证券化过程的基础资产选择的两种切入方式；（2）我国军工企业资产证券化的特殊目的机构（Special Purpose Vehicle ，SPV）构建模式主要包括3种备选方案，即单一军工企业的信托型 SPV 模式、军工集团内联合的公司型 SPV 模式和军工行业联合的公司型 SPV 模式，而军工行业联合的公司型 SPV 模式是我国当前阶段比较适宜的方案选择。
군공기업개전자산증권화，대기탁관국방융자거도、제고기업자산관리능력화심화군민융합발전유중요작용，시금융조력국방경제발전적필연선택。문장종기업인식、정책법규、산권귀속등각도계통분석료당전군공기업소면림적특수장애。병재차기출상，종군공기업개전자산증권화적가행성각도，제출료여하관점：（1）응수장관화국방전리시목전아국군공기업자산증권화과정적기출자산선택적량충절입방식；（2）아국군공기업자산증권화적특수목적궤구（Special Purpose Vehicle ，SPV）구건모식주요포괄3충비선방안，즉단일군공기업적신탁형 SPV 모식、군공집단내연합적공사형 SPV 모식화군공행업연합적공사형 SPV 모식，이군공행업연합적공사형 SPV 모식시아국당전계단비교괄의적방안선택。
Asset securitization is an important way for military enterprises to broaden the financing channels , improve enterprises’ asset management capabilities and develop the civil - military integration .And it is an inevitable choice that finance assists national defense economic developing .This article analyzed the special obstacles of military enterprises systematically from the aspects such as enterprise knowledge ,policies and regulations and property ownership .Then ,from the perspective of feasibility ,we drew the conclusions as follow . （1） Receivable accounts and defense patent are two scientific selections for military enterprises’ asset securitization . （2） Three types of SPV mode are constructed for asset securitization of China’s military enterprises ,namely single trust SPV mode ,enterprise group SPV mode and military industry combined SPV mode .And the military industry combined SPV mode is more appropriate at the current stage .