军工企业资产证券化的资产选择与SPV模式设计研究

Study on the Asset Selection and the SPV Mode Design on Asset Securitization of Military Enterprises

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。

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 .