论国有商业银行不良资产证券化技术的运用和推广

Securitization of State-owned Commercial Banks’Non-performing Assets in China:Application and Popularization

不良资产证券化是一种已经被国际经验证明的大规模处置不良资产的技术和手段。商业银行通过实施资产证券化能够将其不良资产以"真实出售"的方式转移到资产负债表外,使其风险加权资产减少,从而在不增加资本的情况下提高资本充足率。在中国,实施不良资产证券化还有助于国有商业银行提高自身的综合经营能力和积累市场化资本运作经验。本文正是从这一角度对不良资产证券化的技术要领进行了深入的探讨,力图从证券化产品的角度分析影响不良资产证券化的主要因素以及如何在不同市场条件下,运用和推广不良资产证券化的核心技术即不良资产证券化交易结构的选择和设计。

Securitization of non-performing assets has been proven to be an international experience and effective way to dispose large-scale non-performing assets.Through securitizing non-performing assets,commercial banks transfer its non-performing assets out of balance sheet by 'true sale'.By doing so,commercial banks reduce its risk-weighted assets and raise the capital adequacy ratios without increasing capital.In addition,securitization also helps state-owned commercial banks raise their comprehensive management capacity and accumulate operational experience.This article is to discuss the basic methods of how to securitize non-performing assets,try to find out main factors which determine the transaction structure of securitization in different market conditions,and analyze how to choose and design the proper transaction structure in the securitization of non-performing assets.