我国不良资产证券化探索、风险和改善途径

Research on the Situation of Non-Performing Asset Securitization in China,Risk and Improvement Approach

新冠疫情的冲击导致未来不良资产累积的压力较大,依靠不良资产证券化等市场化方式处置不良资产成为一种选择。我国自2016年重启不良资产证券化业务,不良资产重组支持证券的发行呈现出规模快速扩张、收益较高的特点。不良资产证券化具有较强的理论支撑,关键是实现对其未来现金流的合理定价。不良资产证券化产品存在诸多风险,我国当前不良资产证券化面临配套设施、投资主体以及市场不完善等方面的问题,需要各部门加以重视并有效解决。

Due to the impact of COVID-19,NPL will be under great pressure in the future.Therefore,it is inevitable to rely on NPAS and other market-oriented approaches to dispose NPL.Since the resumption of NPAS in China in 2016,the issuance of NPL backed securities has been expanding rapidly in scale with high returns. NPAS has strong theoretical support,and the key point is to realize the reasonable pricing of future cash flow. This paper summarizes relevant financial theories related to NPL securitization. It also points out many risks of NPAS products.At present,China’s NPAS is faced with the problems of supporting facilities,investors and market imperfections which require targeted improvement measures.