关于城市建设贷款证券化的可行性研究

Feasibility Study on Urban Infrastructure Loan Securitization

近年来,城市化进程的加快导致城市基础建设贷款的迅速增长,而不断扩大的贷款规模与有限的地方政府财力之间的矛盾日益突出,其中存在的潜在风险也越来越引起人们的关注。笔者运用国外成熟资产证券化原理,试图探索城市建设贷款证券化(财政—银行—证券)这样一种新型的基础设施投融资方式,建立"政府入口、金融孵化、资本市场出口"的机制,把政府的组织优势与银行的融资优势结合起来,有效地发挥金融机构连接政府和市场的桥梁与纽带作用,为解决我国目前城镇化进程加快与地方政府财力有限的矛盾探索一条合理有效的途径。

In recent years, the urban infrastructure loans have increased rapidly due to the acceleration of urbanization. And as a result the contradiction between the increasing loans and the limited local finance capability become extrusive, and the potential risks are concerned by more and more people.A new infrastructure investment and financing model was discussed and established using the theories of asset securitization in this thesis. This model is the infrastructure loan securitization model （finance-bank-securities）, which can combine the organizing advantages of governments and the financing advantages of banks in the domain of infrastructure project finance. By establishing the mechanism of ＂entry at governments, hatch at financial institutions and exit at capital markets＂, the linking and bridging functions between the governments and markets of the financial institutions can be utilized effectively, and the contradiction problems between the developing urbanization and the limited local finance capability can be solved.