中国流通经济
中國流通經濟
중국류통경제
China Business and Market
2015年
11期
42-48
,共7页
小额贷款公司%资产证券化%融资约束%民间资本%普惠金融
小額貸款公司%資產證券化%融資約束%民間資本%普惠金融
소액대관공사%자산증권화%융자약속%민간자본%보혜금융
micro loan corporation%asset=backed securitization%financing constraint%private asset%inclusive finance
小额贷款公司自2008年发展至今，融资约束仍然是困扰行业发展的瓶颈，而现有的融资途径都缺乏可持续性。资产证券化作为优化金融资源配置、盘活资产存量的结构化融资模式，是纾解小额贷款公司融资困境的有效路径。然而，我国小额贷款公司运作模式及其资产的特殊性，决定了资产证券化面临基础资产质量差、承担信用风险大、运作成本高等约束因素。为此，必要的纾解策略是：将关注类贷款纳入小额贷款公司基础资产池，制定《资产证券化法》，构建有资产“真实出售”的风险转移机制；拓展小额贷款证券化产品的区域资本市场发行机制；推广小额贷款证券化集合发行模式。
小額貸款公司自2008年髮展至今，融資約束仍然是睏擾行業髮展的瓶頸，而現有的融資途徑都缺乏可持續性。資產證券化作為優化金融資源配置、盤活資產存量的結構化融資模式，是紓解小額貸款公司融資睏境的有效路徑。然而，我國小額貸款公司運作模式及其資產的特殊性，決定瞭資產證券化麵臨基礎資產質量差、承擔信用風險大、運作成本高等約束因素。為此，必要的紓解策略是：將關註類貸款納入小額貸款公司基礎資產池，製定《資產證券化法》，構建有資產“真實齣售”的風險轉移機製；拓展小額貸款證券化產品的區域資本市場髮行機製；推廣小額貸款證券化集閤髮行模式。
소액대관공사자2008년발전지금，융자약속잉연시곤우행업발전적병경，이현유적융자도경도결핍가지속성。자산증권화작위우화금융자원배치、반활자산존량적결구화융자모식，시서해소액대관공사융자곤경적유효로경。연이，아국소액대관공사운작모식급기자산적특수성，결정료자산증권화면림기출자산질량차、승담신용풍험대、운작성본고등약속인소。위차，필요적서해책략시：장관주류대관납입소액대관공사기출자산지，제정《자산증권화법》，구건유자산“진실출수”적풍험전이궤제；탁전소액대관증권화산품적구역자본시장발행궤제；추엄소액대관증권화집합발행모식。
Since the development of micro loan corporation,the financing constraint has always been the bottleneck constraining the development of this industry;but there is the lack of sustainability of all the existing financing methods. Asset-backed securitization,which is one of the financing patterns to optimize financial resources distribution and revitalize stock asset, is the effect way for micro loan corporations to relieve the problem of financing dilemma. However,the operation pattern and the specialty of asset of China’s micro loan corporations determines that the related asset-backed securitization will face such constraint factors as the bad quality of basic asset,the high risk of credit and the high cost of operation. So,the related relieving strategies should be:first,involving the special-mentioned loan into the basic asset pool of micro loan corporation,formulate the Law of Asset-backed Securitization,and construct the risk transformation mechanism involving“real selling”of asset;second, expanding the regional issue mechanism of related products;and third,popularize the collective issue mechanism.
