招商银行不良资产证券化问题及对策研究

招商银行不良资产证券化问题及对策研究摘要目前，中国国内商业银行负债比率仍居高不下。而按照2017的业绩来看非正常贷款比率已分别超过了1.74%。同时小企业主体的企业欠款比率也较高，中小企业主体无法及时履行义务，经常拖欠或者违约。仅在2018年上半年，全国就登记了二十余起债务违约案件，金额达到了170多亿元人民币。2014年第一次发生债券违约事件从那时起至现在，全国债券市场上共一百零五家市场主体所发布的二百四十二只债务违约，涉嫌违约的债务主体已达到了1945亿元。不良资产的巨大覆盖力影响着整个国民经济的发展，而商业信用风险的长期影响也导致了金融贬值，这种趋势势在必行。企业不良资产证券化机制已经成为经济研究的重大课题，亟需为存在的问题提供解决方案。正是在这种背景下，本文从招商银行资产证券化的不良产品出发，运用文献研究法和个案研究法，考察了中国商业银行资产证券化产品不良的状况以及招商银行资产证券化的实际状况，总结了相关经验，并指出资金流动性、信用风险、业务发展机制方面存在问题并提出对策，其他商业银行可根据实际业务需要进行采纳从而化解金融风险。关键词：招商银行；资产证券化；金融风险-I-Research on the Problems and Countermeasures of ChinaMerchants Bank's Non-performing Asset SecuritizationAbstractAt present,the debt ratio of domestic commercial banks in China remains high.According to the results of 2017,the abnormal loan ratio has exceeded 1.74%respectively.At the same time,the debt ratio of small business entities is also high,and small andmedium-sized business entities can't fulfill their obligations in time,and often default ordefault.In the first half of 2018 alone,more than 20 cases of debt default were registerednationwide,amounting to more than 17 billion yuan.The first bond default occurred in2014.Since then,242 debts issued by 105 market entities in the national bond market havedefaulted,and the number of debt entities suspected of default has reached 194.5 billionyuan.The huge coverage of non-performing assets affects the development of the wholenational economy,and the long-term impact of commercial credit risk also leads tofinancial devaluation,which is imperative.The securitization mechanism ofnon-performing assets of enterprises has become an important issue in economic research,and it is urgent to provide solutions to the existing problems.Under this background,this paper,based on the bad products of China MerchantsBank's asset securitization,investigated the bad products of China's commercial banks andthe actual situation of China Merchants Bank's asset securitization by using literatureresearch and case study,summed up the relevant experience and pointed out the capitalcontribution.Key Words:China Merchants Bank;Asset Securitization;Financial RiskII-目录摘要Abstract.一、引言(一)研究背景(二)研究目的与意义1.研究目的2.意义.1(三)研究思路与研究内容(四)研究方法与拟创新之处.21.研究方法….22.创新之处2二、理论基础与文献综述….3(一)不良资产证券化理论基础31.现金流分析理论.32.资本资产定价理论….3(二)资产证券化相关文献综述1.国外文献.….32.国内文献.…43.文献述评……4三、招商银行不良资产证券化的现状…。.5(一)商业银行资产证券化总体发展情况5(二)招商银行不良资产证券化的现状6四、招商银行不良资产证券化存在的问题7(一)对资金流动性仍产生不利影响71.参与主体受限….72.加剧期限错配..7(二)债务人与第三方存在信用风险.81.债务人信用风险….82.第三方信用风险10(三)未形成较完善的业务发展机制101.信息披露.…10III2.操作风险….11(四)定价不合理..11五、解决招商银行不良资产证券化的对策444222.2（一）促进其二级市场的发展.12（二)加强内外部信用增级方式.12(三)规范银行自身业务流程13(四)定价技术还待提升.14结论..15参考文献.16IV